Probe Mines Announces Assay Results for its Borden Lake Gold Project near Chapleau, Ontario; Gold Zone Extended to 1.2 km Strike Length
TORONTO, ONTARIO -- (Marketwire) -- 06/07/11 -- Probe Mines Limited (TSX VENTURE: PRB) ('Probe' or the 'Company') is pleased to announce that it has received further assays from the ongoing drilling program at the Company's Borden Lake Gold Project near Chapleau, Ontario. Results for diamond drill holes BL11-29 to BL11-36 were received and have successfully extended the Borden Lake gold zone mineralization to approximately 1.2 kilometres in strike length. The mineralized zone remains open in both directions along strike and to depth. The Company is very encouraged by these results and the open-pit size potential of the Borden Lake Gold Zone and has contracted a second drill to increase drill capacity on the project in order to prepare for the initiation of an NI 43-101-compliant resource estimate report, which is expected to commence this summer.
Significant widths of gold mineralization were returned from all holes, including: a 127 metre interval averaging 0.8 g/t Au, containing a 21.6 metre section grading 1.4 g/t Au in Hole BL10-30; a 126.7 metre interval grading 0.8 g/t Au, including two sections of 15.4 and 14.7 metres averaging 1.4 g/t and 2.0 g/t Au, respectively in Hole BL11-32; and a 96.7 metre zone grading 0.8 g/t Au including 31.6 metres averaging 1.2 g/t Au in Hole BL11-36. The following table presents the highlights from the drilling. Reported drill widths approximate true widths in these sections:
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From To width Au
DDH section (m) (m) (m) (g/t)
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BL11-29 200m SE 65.4 185.9 120.5 0.8
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including 106.3 156.0 49.7 1.0
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BL11-30 200m SE 70 197 127 0.8
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including 88.5 157.6 69.1 0.9
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including 136.0 157.6 21.6 1.4
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BL11-31 300m SE 81 128.6 47.6 0.5
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including 81 104.5 23.5 0.6
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BL11-31 300m SE 195 200 5 0.8
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BL11-32 300m SE 73 199.7 126.7 0.8
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including 104.6 120 15.4 1.4
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also including 149 163.7 14.7 2.0
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BL11-33 400m SE 71.5 76 4.5 0.9
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BL11-33 400m SE 123.5 206 82.5 0.6
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including 123.5 188 64.5 0.7
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including 144.7 151 6.3 1.0
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BL11-34 400m SE 111 200 89 0.8
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including 111 187 76 0.9
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including 131.1 136.2 5.1 1.8
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also including 151 171.6 20.6 1.4
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BL11-36 500m SE 109 205.7 96.7 0.8
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including 149.4 181 31.6 1.2
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including 159 170.6 11.6 1.8
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Gold mineralization is hosted predominantly by an overlooked segment of Timiskaming-age metasediments, and is comprised of broad zones of disseminated sulphides. Timiskaming-age metasediments are associated with all the major gold camps in Ontario, including Timmins, Kirkland Lake and Red Lake.
Hole BL11-29 was drilled approximately 200 metres southeast of the discovery section and intersected gold mineralization down to a vertical depth of 142 metres, while Hole BL11-30 was drilled underneath BL11-29 and successfully identified gold mineralization to 185 metres vertical depth. Holes BL11-31 and 32 were drilled 300 metres southeast of the discovery section and intersected gold mineralization to 188 metres vertical depth. Holes BL11-33 and 34 also intersected gold to a vertical depth of 188 metres 400 metres to the southeast of the discovery section, while Hole BL11-36 identified gold down to 193 metres vertical depth on a section 500 metres southeast of the discovery. Hole BL11-35, drilled on the same section as BL11-36, was collared in a diabase dyke and stopped with no samples being taken.
The second phase program has now drilled over 14,000 metres in 62 holes (BL10-09 to BL11-70) and to date has tested approximately 1.6 kilometres of strike length along the zone, which remains open in all directions. Drilling will continue testing the strike and depth extents of the gold zone until the full limits of the mineralized horizon have been tested. Core samples have been submitted for Holes BL11-37 to BL11-66 and assay results will be released as they are received.
Updated plan and section maps are available on the Company's website at www.probemines.com.
Probe has instituted a strict quality assurance and quality control ('QA-QC') program for the Borden Lake drill core sampling, with each batch of samples including two certified reference materials (standards), one blank sample and one core duplicate sample in predetermined batches comprising 40 samples. Quality control guidelines have been set out by independent Qualified Person ('QP') Ms. Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $25MM in treasury and a portfolio of highly prospective mineral properties. The Company is actively exploring a significant new gold discovery on its Borden Lake project near Chapleau, Ontario and owns 875 claims covering approximately 14,000 hectares in the McFauld's Lake area, including a 100% interest in the Black Creek chromite deposit. Probe is also exploring its Cree Lake gold project in Ontario's Swayze Belt, under option from Mantis Mineral Corp, and maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, which began production in 2008. The Company's shares trade on the TSX Venture Exchange under the symbol PRB.
David Palmer, Ph.D., P.Geo., is the qualified person for all technical information in this release. To find out more about Probe Mines Limited, visit our website at www.probemines.com.
Forward-Looking Statements
This News Release includes certain 'forward-looking statements'. These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as 'believes', 'anticipates', 'expects', 'estimates', 'may', 'could', 'would', 'will', or 'plan'. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Shares Issued: 56,340,915
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Probe Mines Limited
David Palmer
President
(416) 777-6703
Probe Mines Limited
Karen Willoughby
Investor Relations
(866) 936-6766
www.probemines.com