Probe Mines Announces Additional Assay Results for Its Borden Lake Gold Project: Expansion and Infill Drilling on the Main Mineralized Zone Returning Excellent Values
Highlights:- Continued improvement in the higher-grade core with numerous intercepts above 1.5 g/t Au, including 29 metres averaging 1.7 g/t Au and 29.2 metres grading 1.6 g/t Au;
- Main zone mineralization still open in all directions
- Gold-bearing intervals continue to be identified in the Hanging Wall zone, including high-grade intercepts of up to 9 g/t Au over 4 metres;
- Infill drilling continues to improve main zone mineralization with intervals of up to 95.6 metres averaging 1.4 g/t Au
TORONTO, ONTARIO -- (Marketwire) -- 12/18/12 -- 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 BL12-272 to BL12-296 were received and continue to expand the Borden Lake gold zone to depth, identify new mineralization to the hanging wall side (northeast) of the main zone and confirming the main zone through infill drilling. These results continue to show improvement in the Borden Lake deposit outside the area of the recently announced high-grade mineralization (see News Release dated December 12, 2012), particularly with respect to the higher-grade core. Follow-up drilling is now being planned for the high-grade mineralization identified at the southeast end of the deposit, which will be a focus in 2013.
Of the twenty-five (25) new holes, seven (7) represent expansion of the main zone mineralization to depth; seven (7) represent drilling in the immediate hanging wall of the main zone testing for parallel gold zones; and the remaining eleven (11) were drilled as infill to previous drilling of the main zone.
As with previous expansion and infill drilling on the main mineralized zone, results show a consistent improvement in overall grades with all significant intersections reported here returning values at or above the 0.6 g/t gold ("Au") cut-off used to define the Updated Resource (see news release dated April 2, 2012). The higher-grade core, which has become an integral feature of the mineralized zone, also shows continued improvement with a number of intersections averaging above 1.5 g/t over appreciable widths. Highlights from this drilling include 29 metres grading 1.7 g/t Au and 29.2 metres averaging 1.6 g/t Au in drill holes BL12-272 (Section 100m SE) and BL12-274 (Section 0m), respectively, with a number of high-grade zones including 12 metres of 3.9 g/t Au (BL12-294) and 6 metres of 6.3 g/t Au (BL12-293) on sections 450m SE and 1000m SE, respectively. Hole BL12-294 also returned an impressive intercept averaging 1.4 g/t Au over 95.6 metres.
The Hanging Wall drilling program remains successful in delineating gold mineralization above the main deposit to the northeast. Four of the reported holes contain significant intersections with respect to both width and grade, including a 4 metre interval grading 9.1 g/t Au (BL12-288) and a 35 metre-wide intercept averaging 0.6 g/t Au (BL12-286). The Company will now begin evaluating the results on the Hanging Wall program to direct future drilling on these gold zones.
The following tables show selected results from Depth Extension, Hanging Wall and Infill drilling programs. For the majority of holes, drill width approximates true width. For holes BL12-282 and -293 true width is approximately 90% of drilled width.
Updated plan and section maps are available on the Company's website at http://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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BL12-273 600m NW 167 178 11 1.5
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BL12-273 523 545.5 22.5 0.7
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including 535 544 9 1.1
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BL12-275 1100m SE 407.2 460 52.8 0.8
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including 450 457 7 1.3
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BL12-279 600m NW 713 726 13 0.7
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BL12-281 1100m SE 388.3 399.4 11.1 1.6
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BL12-281 447 459.7 12.7 0.8
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BL12-285 700m NW 513 525 12 1.0
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BL12-287 1000m SE 435.5 462 26.5 0.8
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BL12-293 1000m SE 361 367 6 6.3
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BL12-293 384 394 10 1.0
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BL12-293 426 460 34 0.6
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Hanging Wall Drilling
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From To Width Au
DDH Section (m) (m) (m) (g/t)
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BL12-284 550m SE 142.1 155.8 13.7 0.8
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BL12-286 550m SE 128 163 35 0.6
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BL12-288 650m SE 74 78 4 9.1
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BL12-289 650m SE --- --- --- NSA
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BL12-291 750m NW --- --- --- NSA
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BL12-292 750m NW --- --- --- NSA
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BL12-296 650m NW 191 200 9 1.6
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(i)NSA - no significant assays
Infill Drilling
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From To Width Au
DDH Section (m) (m) (m) (g/t)
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BL12-272 100m SE 48 56 8 1.4
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BL12-272 104 160 56 1.1
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including 118 147 29 1.7
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BL12-272 171.4 190 18.6 0.8
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BL12-274 0m 88.8 187 98.2 1.0
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including 115.8 145 29.2 1.6
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also including 153 167 14 1.8
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BL12-274 240.6 246 5.4 3.9
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BL12-276 550m SE 213 225 12 1.0
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BL12-276 262 294 32 0.7
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BL12-277 750m NW 281.9 332.7 50.8 0.6
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BL12-278 550m SE 208 296 88 1.3
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including 222 224 2 21.9
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also including 244 248.8 4.8 1.5
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also including 252 256 4 3.1
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BL12-280 750m NW 335 339 4 1.1
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BL12-280 343 369.3 26.3 0.7
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BL12-282 550m SE 213 241 28 0.7
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BL12-282 250 304.8 54.8 1.1
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including 279.4 300.2 20.8 1.4
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BL12-282 308.6 316.8 8.2 0.7
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BL12-283 750m NW 409.5 429 20.5 0.7
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BL12-290 450m SE 186.5 222 35.5 0.7
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BL12-290 244 267 23 1.2
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including 247 251 4 2.2
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BL12-294 450m SE 208.4 304 95.6 1.4
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including 214 226 12 3.9
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also including 259 286 27 1.7
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BL12-295 550m NW --- --- --- NSA
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(i)NSA - no significant assays
Dr. David Palmer, President and CEO of Probe, states, "We are extremely pleased with the results that continue to come out of the project. Not only have we recently shown the potential for much higher grades at Borden, but we are also seeing improvement within the previously reported resource area. Borden displays a potential that isn't seen in many of the more advanced projects and we are looking forward to continuing this success in 2013.
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 Canadian precious metals exploration company whose key asset is the Borden Lake Gold project in Ontario, Canada. As of July 31, 2012, the Company had approximately $27 million in treasury and a portfolio of highly prospective mineral properties. In addition, Probe disposed of its Goldex royalty on November 29, 2012 and received $14 million with the possibility of receiving up to an additional $4 million based on production milestones. The Company is actively exploring a significant new gold resource on its Borden Lake project near Chapleau, Ontario and has 100% interest in the Black Creek chromite deposit located in Northern Ontario. 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.
On behalf of Probe Mines Limited,
Dr. David Palmer, President & Chief Executive Officer
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: 65,391,491
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
Karen Willoughby
Director of Corporate Communications
(866) 936-6766
info@probemines.com
Probe Mines Limited
Patrick Langlois
Vice President, Corporate Development
(416) 777-6703
patrick@probemines.com
www.probemines.com