Veteran, Very Conservative
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knock knock knocking on 7s door
Yes sir, thats why I am in and out of it so often, waiting on the shake to go away and after the first of the year something should happen. Probes, Black Creek mine is in between 2 mines owned by Cliffs Natural Resources and an obstacle for open pit mining.
Yes it is, thats why I think Probe is going to split the company, Probe AU and Probe CU and then sell the Chromite for about 3-4 bucks a share.
LSG also has a JV with Probe adjacent to the Thunder Creek Property. Very good DD Surf
there is a shot load of gold there and Lake Shore Gold is mining there. Good Morning Surf
Probe Mines Provides Update on its Borden Lake Project Drilling Program
Tuesday 12/21/2010 1:10 PM ET - Marketwire
Related Companies
Symbol Last %Chg
PROBF 1.80 -9.85%
As of 3:25 PM ET 12/21/10
The Directors of Probe Mines Limited (TSX VENTURE: PRB) (Probe) are pleased to announce that the Company has completed seven holes, totaling 1,684 metres, of a 5,000 metre drilling program on its Borden Lake project near Chapleau, Ontario. Drilling operations have been suspended over the holiday season and will resume on January 12th, 2011.
The seven holes drilled to date represent four individual setups spaced 100 metres apart and are designed to test the width of the zone at two depths. Visual results suggest that all seven holes have intersected the Borden Lake gold zone for an additional 300 metre strike extension from the discovery hole. The zone is still open in both directions along strike and at depth, and when combined with the Phase I program represents a potential 550 metre-long section of mineralization. These thick mineralized sections of the host Timiskaming sediments range between 180 metres and 200 metres in width (true width) and contain similar sulphide concentrations and assemblages as observed in the Phase I drilling program.
The Phase I program comprised eight holes testing a surface gold showing on the property. Thick zones of continuous gold mineralization were intersected in holes BL10-02 to BL10-07 representing 250 metres of potential strike length along the gold zone. Hole BL10-02 intersected 91 metres averaging 2 g/t Au while Hole BL10-04 returned a 78 metre interval averaging 0.7 g/t Au and Hole BL10-05 returned an 86 metre intercept grading 1 g/t Au. Within all of these broad mineralized intercepts at least two significant higher-grade zones were identified with intervals returning up to 5.3 g/t Au over 5 metres including samples of up to 15.5 g/t Au over one metre. All holes in the Phase I program ended while still in mineralization and the full width of the zone had not been known until the start of the Phase II drilling.
Over 1,500 samples have been submitted to Accurassay Laboratories in Thunder Bay from the Phase II drilling and results are expected by mid-January. Probe has instituted a strict quality control and quality assurance ("QA-QC") program for the Borden Lake sampling, consisting of the insertion of sample standards, blanks and sample duplicates in predetermined batches. Quality control guidelines have been set out by Independent Qualified Person ("IQP") Ms. Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc.
Results of the program will be released as soon as they have been received and reviewed.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $3.0MM in treasury and a portfolio of highly prospective mineral properties. In addition to its Borden Lake Gold project the Company is also actively exploring in the McFauld's Lake area, where it owns 875 claims covering approximately 14,000 hectares, including a 100% interest in the Black Creek chromite deposit. Probe also maintains a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds its Timmins Mine project and 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 has only 37,380,915 shares issued and outstanding, which 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: 37,380,915
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts:
Probe Mines Limited
David Palmer
President
(416) 777-6703
Probe Mines Limited
Karen Willoughby
Investor Relations
(866) 936-6766
www.probemines.com
Probe Mines Provides Update on its Borden Lake Project Drilling Program
Tuesday 12/21/2010 1:10 PM ET - Marketwire
Related Companies
Symbol Last %Chg
PROBF 1.80 -9.85%
As of 3:25 PM ET 12/21/10
The Directors of Probe Mines Limited (TSX VENTURE: PRB) (Probe) are pleased to announce that the Company has completed seven holes, totaling 1,684 metres, of a 5,000 metre drilling program on its Borden Lake project near Chapleau, Ontario. Drilling operations have been suspended over the holiday season and will resume on January 12th, 2011.
The seven holes drilled to date represent four individual setups spaced 100 metres apart and are designed to test the width of the zone at two depths. Visual results suggest that all seven holes have intersected the Borden Lake gold zone for an additional 300 metre strike extension from the discovery hole. The zone is still open in both directions along strike and at depth, and when combined with the Phase I program represents a potential 550 metre-long section of mineralization. These thick mineralized sections of the host Timiskaming sediments range between 180 metres and 200 metres in width (true width) and contain similar sulphide concentrations and assemblages as observed in the Phase I drilling program.
The Phase I program comprised eight holes testing a surface gold showing on the property. Thick zones of continuous gold mineralization were intersected in holes BL10-02 to BL10-07 representing 250 metres of potential strike length along the gold zone. Hole BL10-02 intersected 91 metres averaging 2 g/t Au while Hole BL10-04 returned a 78 metre interval averaging 0.7 g/t Au and Hole BL10-05 returned an 86 metre intercept grading 1 g/t Au. Within all of these broad mineralized intercepts at least two significant higher-grade zones were identified with intervals returning up to 5.3 g/t Au over 5 metres including samples of up to 15.5 g/t Au over one metre. All holes in the Phase I program ended while still in mineralization and the full width of the zone had not been known until the start of the Phase II drilling.
Over 1,500 samples have been submitted to Accurassay Laboratories in Thunder Bay from the Phase II drilling and results are expected by mid-January. Probe has instituted a strict quality control and quality assurance ("QA-QC") program for the Borden Lake sampling, consisting of the insertion of sample standards, blanks and sample duplicates in predetermined batches. Quality control guidelines have been set out by Independent Qualified Person ("IQP") Ms. Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc.
Results of the program will be released as soon as they have been received and reviewed.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $3.0MM in treasury and a portfolio of highly prospective mineral properties. In addition to its Borden Lake Gold project the Company is also actively exploring in the McFauld's Lake area, where it owns 875 claims covering approximately 14,000 hectares, including a 100% interest in the Black Creek chromite deposit. Probe also maintains a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds its Timmins Mine project and 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 has only 37,380,915 shares issued and outstanding, which 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: 37,380,915
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts:
Probe Mines Limited
David Palmer
President
(416) 777-6703
Probe Mines Limited
Karen Willoughby
Investor Relations
(866) 936-6766
www.probemines.com
Probe Mines Provides Update on its Borden Lake Project Drilling Program
Tuesday 12/21/2010 1:10 PM ET - Marketwire
Related Companies
Symbol Last %Chg
PROBF 1.80 -9.85%
As of 3:25 PM ET 12/21/10
The Directors of Probe Mines Limited (TSX VENTURE: PRB) (Probe) are pleased to announce that the Company has completed seven holes, totaling 1,684 metres, of a 5,000 metre drilling program on its Borden Lake project near Chapleau, Ontario. Drilling operations have been suspended over the holiday season and will resume on January 12th, 2011.
The seven holes drilled to date represent four individual setups spaced 100 metres apart and are designed to test the width of the zone at two depths. Visual results suggest that all seven holes have intersected the Borden Lake gold zone for an additional 300 metre strike extension from the discovery hole. The zone is still open in both directions along strike and at depth, and when combined with the Phase I program represents a potential 550 metre-long section of mineralization. These thick mineralized sections of the host Timiskaming sediments range between 180 metres and 200 metres in width (true width) and contain similar sulphide concentrations and assemblages as observed in the Phase I drilling program.
The Phase I program comprised eight holes testing a surface gold showing on the property. Thick zones of continuous gold mineralization were intersected in holes BL10-02 to BL10-07 representing 250 metres of potential strike length along the gold zone. Hole BL10-02 intersected 91 metres averaging 2 g/t Au while Hole BL10-04 returned a 78 metre interval averaging 0.7 g/t Au and Hole BL10-05 returned an 86 metre intercept grading 1 g/t Au. Within all of these broad mineralized intercepts at least two significant higher-grade zones were identified with intervals returning up to 5.3 g/t Au over 5 metres including samples of up to 15.5 g/t Au over one metre. All holes in the Phase I program ended while still in mineralization and the full width of the zone had not been known until the start of the Phase II drilling.
Over 1,500 samples have been submitted to Accurassay Laboratories in Thunder Bay from the Phase II drilling and results are expected by mid-January. Probe has instituted a strict quality control and quality assurance ("QA-QC") program for the Borden Lake sampling, consisting of the insertion of sample standards, blanks and sample duplicates in predetermined batches. Quality control guidelines have been set out by Independent Qualified Person ("IQP") Ms. Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc.
Results of the program will be released as soon as they have been received and reviewed.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $3.0MM in treasury and a portfolio of highly prospective mineral properties. In addition to its Borden Lake Gold project the Company is also actively exploring in the McFauld's Lake area, where it owns 875 claims covering approximately 14,000 hectares, including a 100% interest in the Black Creek chromite deposit. Probe also maintains a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds its Timmins Mine project and 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 has only 37,380,915 shares issued and outstanding, which 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: 37,380,915
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts:
Probe Mines Limited
David Palmer
President
(416) 777-6703
Probe Mines Limited
Karen Willoughby
Investor Relations
(866) 936-6766
www.probemines.com
Probe Mines Announces Updated Resource Estimate for Its Black Creek Chromite Deposit
9 minutes ago - Marketwire
Related Companies
Symbol Last %Chg
PROBF 1.99 0.00%
As of 2:18 PM ET 12/20/10
The Directors of Probe Mines Limited (TSX VENTURE: PRB) (Probe) are pleased to announce that the Company has received the updated mineral resource estimate for its 100%-owned Black Creek chromite deposit from Micon International Limited ("Micon"). The updated resource estimate, which meets the guidelines for reporting mineral exploration programs as set out in National Instrument 43-101, was based on an initial 15 diamond drill holes that tested the chromite horizon along approximately 200 metres (m) of strike length and to a vertical depth of approximately 175 m as well as an additional 10 holes drilled during the Phase III program. The Phase III drilling was successful in upgrading a portion of the Inferred Resources in the initial resource estimate to Measured and Indicated categories as well as extending the zone along strike and at depth. The program delineated an additional 115 m of strike length and identified chromite mineralization to 320 m depth. The Phase III drilling confirmed that the chromite zone is found at surface and, in places, is under less than 4 m of overburden, indicating it would be a likely candidate for open-pit extraction. Mineralization at Black Creek is dominated by three massive chromite layers, with subordinate amounts of banded, semi-massive and disseminated chromite found between and below the massive layers. The cumulative thickness of the mineralized zone averages approximately 65 m.
Dr. David Palmer, President of Probe states, "We are very pleased with the results of the updated resource estimate. The Phase III program was successful in not only upgrading much of our previous Inferred resources into the Measured and Indicated categories, but also added to these categories and generated additional inferred mineralization. Drilling has shown the deposit to be of significant size and also of high quality and we have added considerable value to Black Creek with this updated resource estimate."
The following table summarizes the Black Creek chromite mineral resource estimate at a cut-off grade of 20% Cr2O3 including internal waste:
Summary of Black Creek Chromite Resources
---------------------------------------------------------------------------
Category Tonnes Avg. Cr2O3 (%) Cr:Fe Ratio
---------------------------------------------------------------------------
Measured (M) 5,256,000 37.00 1.8
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Indicated (I) 3,389,000 38.04 1.8
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total M & I 8,645,000 37.41 1.8
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Inferred 1,610,000 37.78 1.7
---------------------------------------------------------------------------
Note: All tonnages have been rounded to the nearest thousand.
Mineral resources do not have demonstrated economic viability. The estimate of mineral resources may also be materially affected by other relevant factors or issues. There is no guarantee that the project will be placed into production. Micon is currently in the process of completing the updated NI 43-101 Technical Report supporting the estimate and the Technical Report will be filed within 45 days of this press release with SEDAR.
The mineralized material was classified into the Measured, Indicated or Inferred mineral resource category on the basis of a combination of the following factors: (a) confidence in the geological and mineralization continuity, (b) position of blocks in relation to the range of influence as defined by the variographic analysis and (c) and the search ellipse ranges.
The Black Creek deposit Measured and Indicated resources have been categorized taking into account the search parameters in relation to variographic results, and the observed geological and mineralization continuity based on sectional interpretation. The known mineralization in the entire McFaulds Lake sill has been considered in the process of resource categorization.
Micon International Limited
Ing. Alan San Martin, MAusIMM and Charley Murahwi, M.Sc., P.Geo, MAusIMM of Micon were responsible for the preparation of this resource estimate. They are Qualified Persons as defined in NI 43-101, and are independent of Probe. Micon acknowledges that it has read this press release and there are no errors contained herein. Micon has provided consulting services to the international mining industry since 1988, with particular focus upon mineral resource estimations, metallurgical services, mine design and production scheduling, preparation of pre-feasibility and feasibility studies, independent reviews of mining and mineral properties, project monitoring, independent engineer roles, financial analysis and litigation support. Additional information about Micon can be found at www.micon-international.com.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $3.0MM in treasury and a portfolio of highly prospective mineral properties. In addition to the McFauld's Lake area, which comprises 875 claims covering approximately 14,000 hectares, including a 100% interest in the Black Creek chromite deposit, the Company is also actively exploring its Borden Lake Gold project, where a first-phase drilling program intersected a 91-metre interval grading 2 g/t Au. Probe also maintains a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds its Timmins Mine project and 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 has only 37,380,915 shares issued and outstanding, which trade on the TSX Venture Exchange under the symbol PRB.
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: 37,380,915
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts:
Probe Mines Limited
David Palmer
President
(416) 777-6703
Probe Mines Limited
Karen Willoughby
Investor Relations
(866) 936-6766
www.probemines.com
Probe Mines Announces Updated Resource Estimate for Its Black Creek Chromite Deposit
9 minutes ago - Marketwire
Related Companies
Symbol Last %Chg
PROBF 1.99 0.00%
As of 2:18 PM ET 12/20/10
The Directors of Probe Mines Limited (TSX VENTURE: PRB) (Probe) are pleased to announce that the Company has received the updated mineral resource estimate for its 100%-owned Black Creek chromite deposit from Micon International Limited ("Micon"). The updated resource estimate, which meets the guidelines for reporting mineral exploration programs as set out in National Instrument 43-101, was based on an initial 15 diamond drill holes that tested the chromite horizon along approximately 200 metres (m) of strike length and to a vertical depth of approximately 175 m as well as an additional 10 holes drilled during the Phase III program. The Phase III drilling was successful in upgrading a portion of the Inferred Resources in the initial resource estimate to Measured and Indicated categories as well as extending the zone along strike and at depth. The program delineated an additional 115 m of strike length and identified chromite mineralization to 320 m depth. The Phase III drilling confirmed that the chromite zone is found at surface and, in places, is under less than 4 m of overburden, indicating it would be a likely candidate for open-pit extraction. Mineralization at Black Creek is dominated by three massive chromite layers, with subordinate amounts of banded, semi-massive and disseminated chromite found between and below the massive layers. The cumulative thickness of the mineralized zone averages approximately 65 m.
Dr. David Palmer, President of Probe states, "We are very pleased with the results of the updated resource estimate. The Phase III program was successful in not only upgrading much of our previous Inferred resources into the Measured and Indicated categories, but also added to these categories and generated additional inferred mineralization. Drilling has shown the deposit to be of significant size and also of high quality and we have added considerable value to Black Creek with this updated resource estimate."
The following table summarizes the Black Creek chromite mineral resource estimate at a cut-off grade of 20% Cr2O3 including internal waste:
Summary of Black Creek Chromite Resources
---------------------------------------------------------------------------
Category Tonnes Avg. Cr2O3 (%) Cr:Fe Ratio
---------------------------------------------------------------------------
Measured (M) 5,256,000 37.00 1.8
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Indicated (I) 3,389,000 38.04 1.8
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total M & I 8,645,000 37.41 1.8
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Inferred 1,610,000 37.78 1.7
---------------------------------------------------------------------------
Note: All tonnages have been rounded to the nearest thousand.
Mineral resources do not have demonstrated economic viability. The estimate of mineral resources may also be materially affected by other relevant factors or issues. There is no guarantee that the project will be placed into production. Micon is currently in the process of completing the updated NI 43-101 Technical Report supporting the estimate and the Technical Report will be filed within 45 days of this press release with SEDAR.
The mineralized material was classified into the Measured, Indicated or Inferred mineral resource category on the basis of a combination of the following factors: (a) confidence in the geological and mineralization continuity, (b) position of blocks in relation to the range of influence as defined by the variographic analysis and (c) and the search ellipse ranges.
The Black Creek deposit Measured and Indicated resources have been categorized taking into account the search parameters in relation to variographic results, and the observed geological and mineralization continuity based on sectional interpretation. The known mineralization in the entire McFaulds Lake sill has been considered in the process of resource categorization.
Micon International Limited
Ing. Alan San Martin, MAusIMM and Charley Murahwi, M.Sc., P.Geo, MAusIMM of Micon were responsible for the preparation of this resource estimate. They are Qualified Persons as defined in NI 43-101, and are independent of Probe. Micon acknowledges that it has read this press release and there are no errors contained herein. Micon has provided consulting services to the international mining industry since 1988, with particular focus upon mineral resource estimations, metallurgical services, mine design and production scheduling, preparation of pre-feasibility and feasibility studies, independent reviews of mining and mineral properties, project monitoring, independent engineer roles, financial analysis and litigation support. Additional information about Micon can be found at www.micon-international.com.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $3.0MM in treasury and a portfolio of highly prospective mineral properties. In addition to the McFauld's Lake area, which comprises 875 claims covering approximately 14,000 hectares, including a 100% interest in the Black Creek chromite deposit, the Company is also actively exploring its Borden Lake Gold project, where a first-phase drilling program intersected a 91-metre interval grading 2 g/t Au. Probe also maintains a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds its Timmins Mine project and 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 has only 37,380,915 shares issued and outstanding, which trade on the TSX Venture Exchange under the symbol PRB.
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: 37,380,915
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts:
Probe Mines Limited
David Palmer
President
(416) 777-6703
Probe Mines Limited
Karen Willoughby
Investor Relations
(866) 936-6766
www.probemines.com
Ok, I just want to get this right, there is going to be a 16 billion share float lock down. Ok that's a good one!!!! To F-ing funny!!!!! Wish I could string some smiley face that say I am ROLLING ON THE FLOOR LAUGHING MY A$$ OFF.
Probe Mines Announces Updated Resource Estimate for Its Black Creek Chromite Deposit
9 minutes ago - Marketwire
Related Companies
Symbol Last %Chg
PROBF 1.99 0.00%
As of 2:18 PM ET 12/20/10
The Directors of Probe Mines Limited (TSX VENTURE: PRB) (Probe) are pleased to announce that the Company has received the updated mineral resource estimate for its 100%-owned Black Creek chromite deposit from Micon International Limited ("Micon"). The updated resource estimate, which meets the guidelines for reporting mineral exploration programs as set out in National Instrument 43-101, was based on an initial 15 diamond drill holes that tested the chromite horizon along approximately 200 metres (m) of strike length and to a vertical depth of approximately 175 m as well as an additional 10 holes drilled during the Phase III program. The Phase III drilling was successful in upgrading a portion of the Inferred Resources in the initial resource estimate to Measured and Indicated categories as well as extending the zone along strike and at depth. The program delineated an additional 115 m of strike length and identified chromite mineralization to 320 m depth. The Phase III drilling confirmed that the chromite zone is found at surface and, in places, is under less than 4 m of overburden, indicating it would be a likely candidate for open-pit extraction. Mineralization at Black Creek is dominated by three massive chromite layers, with subordinate amounts of banded, semi-massive and disseminated chromite found between and below the massive layers. The cumulative thickness of the mineralized zone averages approximately 65 m.
Dr. David Palmer, President of Probe states, "We are very pleased with the results of the updated resource estimate. The Phase III program was successful in not only upgrading much of our previous Inferred resources into the Measured and Indicated categories, but also added to these categories and generated additional inferred mineralization. Drilling has shown the deposit to be of significant size and also of high quality and we have added considerable value to Black Creek with this updated resource estimate."
The following table summarizes the Black Creek chromite mineral resource estimate at a cut-off grade of 20% Cr2O3 including internal waste:
Summary of Black Creek Chromite Resources
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Category Tonnes Avg. Cr2O3 (%) Cr:Fe Ratio
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Measured (M) 5,256,000 37.00 1.8
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Indicated (I) 3,389,000 38.04 1.8
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Total M & I 8,645,000 37.41 1.8
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Inferred 1,610,000 37.78 1.7
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Note: All tonnages have been rounded to the nearest thousand.
Mineral resources do not have demonstrated economic viability. The estimate of mineral resources may also be materially affected by other relevant factors or issues. There is no guarantee that the project will be placed into production. Micon is currently in the process of completing the updated NI 43-101 Technical Report supporting the estimate and the Technical Report will be filed within 45 days of this press release with SEDAR.
The mineralized material was classified into the Measured, Indicated or Inferred mineral resource category on the basis of a combination of the following factors: (a) confidence in the geological and mineralization continuity, (b) position of blocks in relation to the range of influence as defined by the variographic analysis and (c) and the search ellipse ranges.
The Black Creek deposit Measured and Indicated resources have been categorized taking into account the search parameters in relation to variographic results, and the observed geological and mineralization continuity based on sectional interpretation. The known mineralization in the entire McFaulds Lake sill has been considered in the process of resource categorization.
Micon International Limited
Ing. Alan San Martin, MAusIMM and Charley Murahwi, M.Sc., P.Geo, MAusIMM of Micon were responsible for the preparation of this resource estimate. They are Qualified Persons as defined in NI 43-101, and are independent of Probe. Micon acknowledges that it has read this press release and there are no errors contained herein. Micon has provided consulting services to the international mining industry since 1988, with particular focus upon mineral resource estimations, metallurgical services, mine design and production scheduling, preparation of pre-feasibility and feasibility studies, independent reviews of mining and mineral properties, project monitoring, independent engineer roles, financial analysis and litigation support. Additional information about Micon can be found at www.micon-international.com.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $3.0MM in treasury and a portfolio of highly prospective mineral properties. In addition to the McFauld's Lake area, which comprises 875 claims covering approximately 14,000 hectares, including a 100% interest in the Black Creek chromite deposit, the Company is also actively exploring its Borden Lake Gold project, where a first-phase drilling program intersected a 91-metre interval grading 2 g/t Au. Probe also maintains a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds its Timmins Mine project and 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 has only 37,380,915 shares issued and outstanding, which trade on the TSX Venture Exchange under the symbol PRB.
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: 37,380,915
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.
Contacts:
Probe Mines Limited
David Palmer
President
(416) 777-6703
Probe Mines Limited
Karen Willoughby
Investor Relations
(866) 936-6766
www.probemines.com
I should consider that another lesson learned. Thanks maybe I should have gotten out earlier.
GAPS
Borrowed for Lowtrade
! I love trading gaps !!
Had a PM question;
Why do gaps need to be filled?
Gaps don't need to fill, they normally do!
You have to think about what causes the gaps in price!
Emotion ! That's why you often see the term emotion gap, in books. When some news event or big guy manipulation happens, the price swings to extreme, leaving gaps in the candle pattern from the previous day close, to the next mornings open.
There are 4 types of gaps,
Common Gaps
Breakaway Gaps
Runaway Gaps
Exhaustion Gaps
Keep one thing in mind! I want to stress, my opinion on what a gap pattern looks like.
A gap is seen when the day before's close price, is lower then the next mornings open price! or vice versa (the candle body only) If you look at your trade screen, & list the previous days close & new days open, you'll note PREV&OPEN PPs, they are the numbers!
Many look at the candle chart and see the candle spikes lines touching the day before's EOD PPS or the day before's candle, has a top tail, reaching the next mornings open PPs.
Because the tales seem to cover the gap, many say there is not a gap! WRONG!!! The spike tail, could have happened any time during the day. And the candle body is the actual final or first Price in each days trading. Only use candle body.
Daily SPIKE TAILS don't count!
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I say 90% of all gaps fill, others may say 80% or 75% or 98%. I have no way to prove this, and double anyone can! Just let it be a concessions, that gaps fill most all the time! So they are reasonably low risk trades.
Now back to the 4 types;
Common are always closed.
They occur with a one day pop, usually, and the lack of a second day continuation, shows why they fill! There is NO real emotion.
Breakaway are usually closed, You see them in a multiday emotion run, where the stock price is fluxing around the same level over several months. They normally occur during chart pattern moves. (like triangles, double bottoms & the like) And the following retail mindset returns to logic, and fills the gap with the retrace.
Runaway are often the "few" that don't fill. Or if they do, it takes so long for them to fill, you don't look back that far to see the gap fill at all! LOL The difference with these and Breakaway gaps are, these are seen in climbing stock patterns, not fluxing. Retail is continuously positive or negative in a climb or walkdown. And a one day emotion spike doesn't warrant a price correction, because the mindset would get the PPs there anyway! Basically every thing just continues!
Exhaustion Gaps are rarely seen. They happen at the end of a move. And show the retail mindset has reached a enough is enough point.
Worriers have been expecting a turn too long, they have a concerned trigger finger, creating a rush out the door on the first sign of any weakness, and sell momo takes over. The next day others, which weren't worried, see this and can't decide to agree or not. The PPs swings large. Then everyone just gives up.
So, to recap;
MOST all gaps fill. They are caused by retail emotion and when emotion leaves, the long share holders, bring the stock price back to a reasonable, average new price level.
If you see a gap; expect the price to come back & correct the emotion!
Common, Breakaway, & Exhaustion gaps
Are the ones that fill most of the time.
Runaway gaps rarely fill, over a short period of time, may take months to a year or more and should not be played
LowTrade, just wanted to say that I use your GAPs Sticky all the time matter of fact I have it stickied on my board.
You theory on Assending triangles also interest me and I was wondering if you would consider VYGO an assending triangle? Thanks, I did a lot of searching to find your board again.
looks like assending triangles to me which is a good thing
I sold the last of mine for another loss, I would have to wait till I could get cnex for 00005 before I would consider reentering.
I sold the last of mine for another loss, I would have to wait till I could get cnex for 00005 before I would consider reentering.
DOLPHY did you ever recover from DF good luck in voyager, I picked up a few here this AM
No Problem and Thanks, I try to keep things real. I'm a 2 time loser in that divorce arena. You can catch me most days at stockitution the link below my post. Merry Christmas.
Your Welcome, good luck with TTDZ
GAPs my friend, GAPS always fill and I am referring to the candlestick bodies. Never buy on a GAP!!!
Did that other GAP fill?
A pull back beats a GAP any day
Good Morning Bubba, Yes it does, I have been looking at this and another since Friday and this one looks promicing.
Good evening my friend, I know what you mean about diving back in to cess pools. I have been looking at this one quite a bit this weekend along with a couple others. This one looks to be setting up for a nice run.
So sharky does that mean you are getting back in tomorrow?
Thanks for the chart MOMO, what's your thought on VYGO?
Thanks GetSum, I have to have some powder in the future CNEX took me to the cleaners and I am attempting a recovery at this point. Several people are coming to this board and that was an excellant post.
It's an easy game to deal but learning all the different things you have to know instinctively is the process. Fortunately I have a great teacher.
just doing my thing, started dealer school Wednesday and it is really challenging.
fotog are you in this one. I'm just trolling around looking at the Breakout boards this morning.
Exactly it is all about making money.
The phone # is a Sunnyvale, CA with an answering service. I'm just looking for something substantial
Has anyone confirmed the info with Advanced Gold Technology
Yea, I only told a few of you guys, did not want to start a rumor but at 15 Bil A/S even shares bought at 0001 are worthless after R/S
That really looks nice, and that is some really nice DD GetSum, BANG you get a person mark.
will do, Canstar has maybe a month before the real action begins. A favorable ruling is expected but there remains the 30 day period of appeal of which they have just about appealed this to death. The risk takers might jump in right away, some others might wait the 30 days. The company I am sure is not going to jump before the 30 days but have stated they are prepared to move on a drilling program.
CSRNF, not in play till January. I'm still trying to put together the model for Stockitution. I'm thinking 6 month plays and start a little friendly competition each month that runs 6 months and that would be 12 plays a year.