Probe Mines Provides Update on its Borden Lake Project Drilling Program
Tuesday 12/21/2010 1:10 PM ET - Marketwire
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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
