Probe Mines Announces Additional Assay Results for Its Borden Lake Gold Project and Exploration Update
TORONTO, ONTARIO -- (Marketwire) -- 06/05/12 -- Probe Mines Limited (TSX VENTURE: PRB) ("Probe" or the "Company") is pleased to announce that it has received further assays from its ongoing drilling program at the Company's Borden Lake Gold Project near Chapleau, Ontario. Results for diamond drill holes BL12-160 to BL12-196 were received and continue to expand the Borden Lake gold zone to depth and confirm its continuity through infill drilling. Highlights from the drilling include intersections of up to 82 metres averaging 1.1 g/t gold ("Au") in Hole BL12-193 (Section 600mSE) to a vertical depth of 392 metres and a 72 metre intersection averaging 1 g/t Au, containing a 21 metre interval grading 1.4 g/t Au, starting from surface on Section 250m NW in Hole BL12-179. The majority of intersections also contain higher-grade intervals, confirming the continuity of the higher-grade core identified in the mineralized zone and highlighted by the recent updated NI 43-101 Resource Estimate (see release dated April 2, 2012) which delineated an Indicated Resource of 1,498,000 ounces of gold averaging 1.46 g/t gold and an additional Inferred Resource of 407,000 ounces of gold averaging 1.30 g/t gold, at a 1.0 g/t cut-off grade, within a larger pit-constrained Resource of 2,735,000 ounces of gold averaging 1.04 g/t gold in the Indicated category and an additional Inferred Resource of 683,000 ounces of gold averaging 0.93 g/t gold, at a 0.6 g/t cut-off grade.
Of the 37 holes announced, 16 represent step-out holes to depth and indicate extensions of the mineralized zone of up to 203 metres deeper (vertical depth) than previously reported for these sections. Nineteen holes were drilled on 50 metre-spaced infill to previous shallow drill holes and confirmed the continuity of mineralization between surface and 138 metres depth. One hole, BL12-194, was drilled to complete deeper infill drilling on section 650m NW, while another, BL12-162, was drilled down-dip on Section 600m NW to assist in waste modeling.
The following tables show selected results from Depth Extension, Shallow Infill, Deep Infill and Waste Modelling drill holes. For the majority of holes, drill width approximates true width. For holes BL12-165, -170, -172, -180, -182, -186, -193 and -195 true width is approximately 80% of drilled width, and Hole BL12-162 was drilled down-dip.
Updated plan and section maps are available on the Company's website at www.probemines.com.
Depth Extension Drilling
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From To Width Au
DDH Section (m) (m) (m) (g/t)
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BL12-165 200m SE 371.5 396 24.5 0.8
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BL12-167 300m SE 362 376.3 14.3 0.5
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BL12-167 388 423 35.0 0.6
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Including 405.3 412 6.7 1.3
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BL12-169 100m SE 339 342 3.0 0.9
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BL12-169 349.9 370.9 21.0 0.7
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BL12-169 379.5 389 9.5 0.5
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BL12-170 300m SE 419.4 451 31.6 0.5
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BL12-172 100m SE 394 410 16.0 0.6
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BL12-172 432 442.5 10.5 0.5
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BL12-175 400m SE 315 374.4 59.4 0.6
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Including 349 356 7.0 1.6
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BL12-177 0m 390 396 6.0 1.9
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BL12-177 419.4 425 5.6 0.6
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BL12-180 400m SE 344 412 68.0 0.5
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Including 344 350 6.0 1.5
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BL12-182 0m 335 337 2.0 1.1
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BL12-183 500m SE 300.6 378.2 77.6 0.7
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Including 349 376 27.0 1.0
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BL12-186 500m SE 326 396 70.0 0.6
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Including 374 391 17.0 1.4
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BL12-188 100m NW 446 448 2.0 2.5
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BL12-190 600m SE 301 328 27.0 0.6
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BL12-190 346 382 36.0 0.9
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Including 357.1 370 12.9 1.8
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BL12-193 600m SE 311 393 82.0 1.1
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Including 350.1 352 1.9 17.5
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Also including 372 385 13.0 2.3
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BL12-195 100m NW 364 365 1.0 2.7
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BL12-195 404 405 1.0 1.9
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BL12-196 700m SE 296.0 323 27.0 0.6
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BL12-196 340.0 383 43.0 0.9
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Including 349.0 357 8.0 2.2
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Shallow Infill Drilling
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From To Width Au
DDH Section (m) (m) (m) (g/t)
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BL12-160 700m SE 88 89 1.0 1.5
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BL12-161 650m SE 61.4 84.4 23.0 0.6
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Including 71 77 6.0 1.0
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BL12-163 550m SE 41 58 17.0 1.4
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BL12-164 600m NW 14.5 86.5 72.0 0.5
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Including 48.3 59 10.7 1.0
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BL12-166 450m SE 53 85.5 32.5 0.6
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Including 54 59.3 5.3 1.2
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BL12-168 350m SE 80.8 115 34.2 0.6
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BL12-168 130 135 5.0 1.0
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BL12-171 250m SE 27 28 1.0 1.1
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BL12-173 150m SE 31.5 110 78.5 0.6
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Including 67.5 86 18.5 1.4
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BL12-174 50m SE 4 95 91.0 0.8
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Including 4 12.3 8.3 2.6
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BL12-176 50m NW 3.2 72 68.8 0.8
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Including 25 33.7 8.7 1.2
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BL12-176 130.1 160 29.9 0.6
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BL12-178 150m NW 4 69 65.0 1.0
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Including 40 51 11.0 2.1
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Also including 56 64 8.0 1.5
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BL12-179 250m NW 4 76 72.0 1.0
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Including 28.8 49.8 21.0 1.4
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BL12-179 130 143 13.0 0.6
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BL12-181 350m NW 12.5 74 61.5 0.7
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Including 47 50 3.0 2.2
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BL12-184 450m NW 26 89 63.0 0.7
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Including 47 62 15.0 1.0
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Also including 83.2 89 5.8 2.0
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BL12-185 550m NW 15 61.3 46.3 0.7
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BL12-187 650m NW 33 42 9.0 0.9
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BL12-187 61 117 56.0 0.6
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Including 107 114 7.0 1.2
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BL12-189 700m NW 48 132 84.0 0.5
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BL12-191 750m NW 25 28.5 3.5 1.2
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BL12-191 121.8 158 36.2 0.6
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BL12-192 800m NW 107 180 73.0 0.6
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Including 164 168.5 4.5 1.2
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Deep Infill Drilling
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From To Width Au
DDH Section (m) (m) (m) (g/t)
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BL12-194 650m NW 218 233 15.0 0.5
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BL12-194 279 326 47.0 0.5
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BL12-194 370.4 373.9 3.5 1.1
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Waste Modelling (Down Dip)
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From To Width Au
DDH Section (m) (m) (m) (g/t)
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BL12-162 600m NW 33 59.4 26.4 0.5
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BL12-162 89.9 133.4 43.5 0.5
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Including 92 103 11.0 0.9
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BL12-162 149.1 190 40.9 0.5
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BL12-162 200 213 13.0 1.0
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BL12-162 226.9 235 8.1 0.5
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Exploration Update
Exploration programs continue to expand at the Borden Lake Project, with four drills currently turning on the property, a geochemical orientation survey in progress, local and regional geological mapping programs being initiated, advanced metallurgical testing underway and environmental testing continuing. The Company plans to utilize the 2012 field season to build its knowledge base for the Borden Lake-style gold mineralization in order to apply this to regional exploration programs targeting potential similar zones on the rest of the property as well as gaining a better understanding of the deposit itself. Probe currently has over 17 kilometres of previously unexplored strike length within the Borden Lake Belt to investigate.
Drilling on the Borden Lake Zone is continuing, utilising three of the four drill rigs with one testing further depth extensions (greater than 500 metre depth); one testing for, and further delineating, parallel satellite gold zones on the hanging wall side (northeast) of the main mineralized zone; and one continuing to delineate mineralization at the southeastern end of the gold zone.
A fourth drill rig has recently been mobilized back to the "Fold Nose" area and is testing ground and airborne geophysical targets, after completing exploration drilling on the Borden Lake South Option property of Reliant Gold Corp.
The Company has also just completed a soil geochemical orientation survey over the Borden Lake property, which is designed to evaluate the effectiveness of several geochemical techniques in identifying Borden-style gold mineralization. The results of the orientation survey will be used to design regional soil surveys in other areas of the project to help identify and prioritize future drill targets.
Local and regional geological mapping programs have also begun on the project, and will focus on the Borden, Borden North and Borden South areas. The goal of the mapping is to develop a geological model for this relatively unknown area to apply to local and regional exploration.
As part of the continuing evaluation of the Borden Lake deposit, over 500 samples have now been submitted for metallurgical test work. This is compared to only 36 samples that were used in the original Scoping Metallurgical Study (see release dated November 28, 2012) which generated two metallurgical composites. The current testwork will evaluate a much broader spectrum of grades and cover a more extensive area of the deposit.
The Project's Environmental Baseline Study, which commenced in late summer 2011, is also continuing and 2012 programs are currently being planned and implemented by AECOM under the supervision of Dr. Nicola Lower, Senior Fisheries Biologist. The environmental characterization of the site will be used to assist in project planning and to enhance the efficiency of the project permitting process.
Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Lake drill core sampling, with each fire assay furnace batch of 40 samples including two certified reference materials (standards), one blank sample and one core duplicate sample. Quality control guidelines and ongoing QAQC monitoring are being carried out by Probe personnel.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $33MM in treasury and a portfolio of highly prospective mineral properties. The Company is actively exploring a significant new gold resource 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 also 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, and a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds Lake Shore's Timmins Mine project. 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: 65,021,533
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