Probe Mines Announces High Grade Intercepts and Exploration Update
TORONTO, ONTARIO -- (Marketwire) -- 02/21/13 -- Probe Mines Limited (TSX VENTURE: PRB) ("Probe" or the "Company")
Highlights:
-- Continued improvement in the higher-grade core in southeast infill
drilling, including intercepts of 36.5 metres grading 4.5 g/t Au and
42.9 metres averaging 3.4 g/t Au;
-- Infill drilling continues to improve central area of mineralization with
intersections of up to 53.7 metres averaging 1.6 g/t Au, including 25.2
metres grading 2.5 g/t Au
-- Highest gold value from a single sample, to date, of 102 g/t Au over 1
metre
-- Gold-bearing intervals continue to be identified in the Hanging Wall
zone
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 Gold project near Chapleau, Ontario. Results for 52 diamond drill holes, BL12-314 to BL13-365, were received and continue to improve grade in the southeast, identify new mineralization to the hanging wall side (northeast) of the main zone and improve the quality and consistency of the main zone through infill drilling. These results include drilling in the area of the new high-grade discovery, which returned a 51-metre intersection (true width) averaging 10.3 g/t Au in Hole BL12-256 (see News Release dated December 12, 2013). As part of the evaluation of this new high-grade zone, infill section, 1150m SE, was drilled to assess the continuity of the mineralization between previous sections. All holes on Section 1150 returned significant values of gold with highlights of 42.9 metres grading 3.4 g/t Au in Hole BL13-362, including a 31-metre interval averaging 4.3 g/t Au and a 26.7-metre intersection in Hole BL13-359 averaging 3.2 g/t Au, including a 12.6-metre interval grading 5.9 g/t Au. The following table shows selected results from Section 1150m SE drilling, with all intervals approximating true width. Updated plan and section maps are available on the Company's website at http://www.probemines.com/s/Borden_Lake.asp?ReportID=489901&_Type=Borden-Gold-Project&_Title=2D-Borden-Lake-Drill-Plan-and-Section-Maps:
Section 1150m SE Drilling
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From To Width Au
DDH Section (m) (m) (m) (g/t)
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BL12-353 1150m SE 320.7 350.4 29.7 1.8
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including 335 343.8 8.8 3.8
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BL13-359 1150m SE 335.5 362.2 26.7 3.2
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including 349.6 362.2 12.6 5.9
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BL13-362 1150m SE 334.1 377 42.9 3.4
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including 344 375 31.0 4.3
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including 364.4 369.1 4.7 14.1
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BL13-365 1150m SE 345 387.8 42.8 1.3
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including 354 375 21.0 1.7
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including 369.1 375 5.9 2.7
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also including 380 383.6 3.6 2.5
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The Company is currently drilling step-out holes in the southeast to test the extent of the High-Grade Zone further along strike. Results from previous drilling suggest that the high-grade mineralization is an integral part of the horizon and is improving along strike. An analysis of the higher-grade core mineralization on Sections 1000m SE, 1050m SE, 1100m SE, 1150m SE and 1200m SE indicate a continual improvement in thickness and grade, and it is expected that this trend could continue with further drilling. The following table shows selected results from current and previously reported intersections on these sections illustrating the consistent improvement of the higher-grade core along strike to the southeast:
Higher-Grade Zone Intercepts
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From To Width Au
DDH Section (m) (m) (m) (g/t)
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BL12-215 1000m SE 321.4 355.4 34.0 1.3
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BL12-340 1050m SE 341.3 374 32.7 1.7
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BL12-233 1100m SE 338.9 376 37.1 1.9
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BL13-362 1150m SE 334.1 377 42.9 3.4
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BL12-256 1200m SE 328 379 51.0 10.3
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Infill Drilling
Of the fifty-two (52) new holes, a further forty-five (45) in-fill holes are presented, which confirm the internal consistency of the main zone mineralization and, in a number of cases, an improvement in grade. Hole BL12-327 returned a significant interval of 53.7 metres averaging 1.6 g/t Au, including 25.2 metres of 2.5 g/t on Section 250m NW, confirming that the infill program on previous sections in the northwest portion of the deposit is still being successful in defining higher-grade gold values. On Section 900m SE, Hole BL13-358 intersected a thick zone of higher-grade mineralization averaging 4.5 g/t Au over 36.5 metres, containing 11.7 metres grading 11.9 g/t Au and includes the highest value returned to date from the property of 102 g/t over one metre. Multiple high-grade samples were returned from other infill holes, including one metre of 83.6 g/t Au in Hole BL12-336 and one metre of 72 g/t gold in hole BL12-344, on Sections 50m SE and 250m SE, respectively. Overall the results from the infill drilling are encouraging, with over 80% of the intervals and sub-intervals returning greater than 1 g/t Au average grades. Please refer to the end of this News Release for a table of drilling results.
Hangingwall Drilling
Only two holes of the 52 were drilled to test for hangingwall zones, with both successful identifying narrow zones of higher grade material, including 7 metres averaging 1.3 g/t Au in Hole BL12-328, and a shallow intersection of 3.5 metres grading 1.4 g/t Au in Hole BL12-354, on Sections 150m NW and 500m SE, respectively.
The following table shows the selected highlights from the Hangingwall drilling. Drill width approximates true width for both holes:
Hangingwall Drilling Results
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From To Width Au
DDH Section (m) (m) (m) (g/t)
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BL12-328 150m NW 181 188 7.0 1.3
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BL12-354 500m SE 2.3 5.8 3.5 1.4
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Depth Extension Drilling
Only one hole targeted depth extensions to the mineralized zone. Hole BL12-316 was drilled on Section 800m SE and identified the gold zone to approximately 400 metres vertical depth.
The following table shows the selected highlights from Hole BL12-316. Drill width approximates true width for this hole:
Depth Extension Drilling Results
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From To Width Au
DDH Section (m) (m) (m) (g/t)
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BL12-316 800m SE 355.3 360 4.7 4.4
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BL12-316 383 412 29.0 0.7
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including 403 409 6.0 1.4
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Exploration Update
Owing to the encouraging results on the Borden Gold Project, Probe Mines plans a minimum of 80,000 metres of drilling in 2013, with a budget allocation of $15 million. The majority of this drilling will be focused on further delineation of the Borden Gold Deposit, with much of this centered on the expansion and definition of the new high-grade zone. Drills have now been mobilized to test the area around the high-grade intersections. In order to take advantage of winter ice conditions drilling is now focused on testing the mineralized zone 500 metres along strike to the southeast of the high-grade intersection identified in Hole BL12-256 (Section 1200m SE). It is anticipated that high-grade gold mineralization, if present, would exist at greater depths and potentially be amenable to underground mining methods.
In addition to drilling on the Borden Gold Deposit, up to 25% of the 2013 drill budget will be allocated towards testing regional targets on the Borden Gold and new East Limb properties. These areas have seen almost no previous exploration and the Company believes that the potential for additional discoveries is high. Drilling will commence on new regional targets once they have been identified and prioritized.
There are presently four drills operating on the deposit.
Dr. David Palmer, President and CEO of Probe, states "The results from the Borden Gold deposit drilling include some of the best intersections we have seen to date and indicate a coherent transition into higher grade gold values to the southeast. Our priority now is to continue defining and evaluating this high-grade mineralization and drilling is now underway to begin accomplishing this task. The Borden Gold project continues to distinguish itself and evolve into what might become one of Ontario's most significant gold deposits. With over $30 million in treasury, we are well-funded through 2014 and able to advance the Borden Gold project and continue building value for our shareholders."
Infill Drilling Results
The following tables show selected results from the Infill Holes. For the majority of holes, drill width approximates true width. For holes BL12-314, -318, -331, -338, -344, -345, -351, -352, -356 and -366 true width is approximately 90% of drilled width:
Infill Drilling Results
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From To Width Au
DDH Section (m) (m) (m) (g/t)
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BL12-314 250m NW 373.9 382.5 8.6 0.7
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BL12-315 450m SE 353.2 379.6 26.4 1.2
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including 353.2 366 12.8 1.9
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including 362 366 4.0 3.1
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BL12-317 450m NW 313 318 5.0 0.9
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BL12-318 450m SE 344 347.9 3.9 0.7
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BL12-318 355 360 5.0 1.0
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BL12-318 369 376 7.0 0.7
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BL12-318 382 398 16.0 0.7
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BL12-319 150m NW 286 306 20.0 1.5
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including 296 297 1.0 12.3
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BL12-320 950m SE 240 244 4.0 1.4
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BL12-320 330.1 355 24.9 1.3
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including 348 353.7 5.7 2.6
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BL12-321 350m NW NSI
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BL12-322 350m NW 100 103 3.0 1.1
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BL12-322 139 174.6 35.6 0.8
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BL12-323 300m NW 211 220 9.0 0.7
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BL12-324 350m SE 319.6 337 17.4 0.8
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including 322 328 6.0 1.1
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BL12-324 348 372.1 24.1 1.0
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BL12-325 950m SE 315.3 327 11.7 1.4
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BL12-325 337.2 360 22.8 1.1
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BL12-326 150m NW 189.6 199 9.4 1.7
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BL12-327 250m NW 94 108.3 14.3 0.7
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BL12-327 125.3 179 53.7 1.6
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including 135.8 161 25.2 2.5
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BL12-329 150m NW 141 206 65.0 1.1
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including 157 171 14.0 1.9
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also including 191 199 8.0 2.2
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BL12-330 950m SE 304.9 312.6 7.7 0.9
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BL12-330 344 354 10.0 1.0
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BL12-330 364 379 15.0 1.3
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BL12-331 350m SE 360.4 363 2.6 6.3
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BL12-331 393 400 7.0 0.7
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BL12-331 403.3 410.2 6.9 0.9
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BL12-332 50m NW 104 171 67.0 1.3
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including 104 129 25.0 1.6
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including 123.5 129 5.5 3.4
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BL12-333 50m SE 97.6 162 64.4 1.2
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including 112 128 16.0 1.6
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also including 145 162 17.0 1.5
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BL12-334 L330250 213 235.2 22.2 1.5
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including 229 233 4.0 2.9
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BL12-334 239 261 22.0 0.8
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BL12-335 1050m SE 335 340.1 5.1 0.9
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BL12-335 351 372.3 21.3 2.5
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BL12-336 50m SE 88.3 92 3.7 25.0
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including 89 90 1.0 83.6
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BL12-336 179.8 230 50.2 1.0
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including 186 201 15.0 1.6
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also including 203.5 226 22.5 1.0
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BL12-337 350m SE 201.5 272 70.5 1.1
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including 217 255 38.0 1.4
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including 233 238 5.0 2.5
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BL12-338 L330250 315 326 11.0 1.7
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including 323 324 1.0 10.9
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BL12-338 348.7 360 11.3 0.7
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BL12-339 50m SE 232 253.8 21.8 1.0
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including 249 253 4.0 2.2
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BL12-340 1050m SE 317 321 4.0 3.2
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BL12-340 341.3 374 32.7 1.7
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including 350 370 20.0 2.0
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BL12-341 300m SE 298 308 10.0 0.7
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BL12-341 337 371 34.0 1.2
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including 348 358 10.0 2.2
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BL12-342 50m NW 195.1 223.4 28.3 1.0
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BL12-343 250m SE 166 237.6 71.6 1.0
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including 173 197 24.0 1.5
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also including 226 237.6 11.6 1.5
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BL12-344 250m SE 212 213 1.0 72.0
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BL12-344 228.7 261 32.3 1.2
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BL12-344 266.4 288 21.6 0.6
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BL12-345 50m NW 279 312 33.0 1.3
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including 291 309 18.0 1.8
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BL12-346 316.3 326.5 10.2 1.0
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BL12-346 1050m SE 346 392.2 46.2 0.9
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including 347.3 356 8.7 1.3
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also including 374 392.2 18.2 1.2
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BL12-347 450m SE 196 201.1 5.1 1.3
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BL12-347 205 234 29.0 0.7
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BL12-347 247.9 280 32.1 1.0
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BL12-348 150m SE 174 239 65.0 1.2
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including 190 208 18.0 1.4
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also including 213 237.9 24.9 1.6
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BL12-348 284.4 288 3.6 5.0
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including 286.1 286.9 0.8 19.8
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BL12-349 400m SE 253.1 327 73.9 1.1
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including 279 314 35.0 1.6
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BL12-350 1100m SE 371.2 428.6 57.4 0.8
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including 393 417.4 24.4 1.2
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including 414 417.4 3.4 2.2
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BL12-351 150m SE 246 311 65.0 1.0
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including 246 252.2 6.2 1.7
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also including 259 271 12.0 1.1
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also including 278 294 16.0 1.4
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BL12-352 450m SE 267.7 281 13.3 8.2
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including 271 278.7 7.7 13.8
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BL12-352 295.9 323 27.1 1.0
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including 301.5 306 4.5 1.4
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also including 314 319.2 5.2 1.4
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BL12-355 150m SE 116.6 178 61.4 1.4
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including 127 150 23.0 2.5
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also including 150 178 28.0 0.7
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BL12-356 277 295 18.0 4.8
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including 280 281 1.0 55.3
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also including 289 291 2.0 7.7
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BL12-356 500m SE 300 342 42.0 1.2
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including 306 326.7 20.7 1.7
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BL13-357 750m SE 358.7 388.2 29.5 1.4
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BL13-358 900m SE 249.5 286 36.5 4.5
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including 262 273.7 11.7 11.9
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including 263 264 1.0 102.0
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BL13-360 750m SE 296 322.9 26.9 1.1
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BL13-360 349 357.2 8.2 1.2
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BL13-361 850m SE 257.5 294.7 37.2 1.1
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including 260 275 15.0 1.8
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including 260 267 7.0 2.1
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also including 282.3 288 5.7 1.3
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BL13-363 850m SE 248 280.5 32.5 2.4
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including 259.4 268.4 9.0 5.1
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BL13-364 750m SE 327 335 8.0 2.4
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BL13-364 361 391.9 30.9 1.0
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including 362 367 5.0 1.7
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(i)NSI - no significant intervals
Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Gold 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 Gold Zone in Ontario, Canada. As of January 31, 2013, the Company had approximately $32 million in treasury and a portfolio of highly prospective mineral properties. The Company is actively exploring a significant new gold resource on its Borden Gold Zone 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: 67,196,927
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