Jan 30, 2012
Probe Mines Announces Additional Assay Results for its
Borden Lake Gold Project: Infill Drilling Returns up to 111
metres grading 1.1 g/t Au; Exploration Drilling Update
Toronto, January 30, 2012 -- PROBE MINES LIMITED (TSX-V:
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 BL11-115 to BL11-122 were received
with intersections of up to 111 metres averaging 1.1 g/t
gold ("Au") in the infill drilling. Results are
also announced for the first six exploration holes testing
targets along-trend of the Borden Lake Zone in the area of
the fold hinge. Holes BN11-01 to BN11-06 returned intervals
of up to 13 metres averaging 0.5 g/t Au, with individual
samples of up to 3.2 g/t Au.
Borden Lake Zone
Drilling results confirm the continuity of the mineralized
zone within the previously announced Initial Resource
Estimate and are also successfully extending the deposit to
depth. Hole BL11-121 identified higher grade mineralization
down to a vertical depth of approximately 306 metres,
including a 50 metre-wide interval averaging 1.9 g/t Au,
while hole BL11-119 identified gold mineralization down to
a vertical depth of approximately 416 metres, the deepest
intersection to date on the Borden Lake Zone. Hole BL11-115
was stopped while entering a higher-grade mineralized zone
at approximately 400 metres depth and will have to be
lengthened or re-drilled. Updated plans and sections will
be available on the Company's website at
www.probemines.com. Highlights of the current results are
presented in the following table. Drill widths represent
approximate true widths for all holes:
DDH
|
Section
|
From (m)
|
To (m)
|
Width (m)
|
Au (g/t)
|
BL11-115
|
700m NW
|
55.5
|
109.0
|
53.5
|
0.4
|
including
| |
93.0
|
105.0
|
12.0
|
1.1
|
Drill holes BL11-115 to BL11-122 represent infill holes between
previously announced sections and demonstrate the continuity of
the Borden Lake Zone. Mineralization remains open in both
directions along strike of the Zone and at depth. The goal of
the infill program is to upgrade the classification categories
of the previously announced gold Resource; expand the Resource
to depth; and further delineate the "satellite zones"
identified in the Resource Estimate for inclusion in a NI
43-101-compliant resource update. The Company is planning to
commence an update of its previously reported NI
43-101-compliant Initial Resource Estimate for the Borden Lake
gold deposit (see News Release dated July 23, 2011) this week.
The updated resource estimate will provide a more rigorous
evaluation of the gold grade distribution and focus on
upgrading much of the Initial Resource Estimate classification
as well as expanding the resource. The Initial Resource
Estimate was calculated using holes BL11-01 to BL11-77, while
the Updated Resource is expected to include up to Hole
BL11-140, representing an additional 18,000 metres of drilling.
Micon International Limited ("Micon") will be
responsible for preparing the updated resource estimate. It is
expected that the Updated Resource Estimate, which should take
approximately four to six weeks to complete, will form the
basis for a NI 43-101-compliant Preliminary Economic Assessment
("PEA") to begin soon after the Updated Resource
Estimate is ready. The Borden Lake gold resource was initially
estimated by Micon along approximately 1,600 metres of strike
length from surface to vertical depths of up to 340 metres. The
Company reported a NI 43-101 Initial Resource Estimate for the
Borden Lake gold zone, at a cut-off grade of 0.3 g/t Au, of
11,607,000 tonnes averaging 0.8 g/t gold for 305,000 ounces of
gold in an Indicated Resource and an additional Inferred
Resource of 169,322,000 tonnes averaging 0.69 g/t gold for
3,755,000 ounces of gold. The Company has commenced a
systematic, long-term evaluation of the numerous regional
targets currently identified along the 17 kilometres of strike
length within its Borden Lake property. Early results are
encouraging, with the similarity in lithologies, encountered to
date, to those of the main Borden Lake gold zone and the
presence of gold suggesting that the Borden Lake Belt has the
potential to host multiple mineralized zones. The Company
currently has one drill testing geophysical targets along the
projected trend of the Borden Lake Gold Zone to the northwest
in the area of the fold hinge and north limb of the Borden Lake
Belt. Results for the first six holes, testing two targets,
have been received and indicate the presence of gold zones
similar to those identified within the Borden Lake Zone. Hole
BN11-04 returned a narrow zone gold, grading 1.2 g/t over 0.8
metres, while Hole BN11-06 returned a thicker zone of 13 metres
averaging 0.5 g/t Au, including a 1 metre sample containing 3.2
g/t Au. Plans and sections for the current holes are provided
on the Company's website (see link above). True thicknesses
have yet to be determined. Holes BN11-01 to -03 tested a strong
ground geophysical target and encountered a thick zone of
ultramafic rock, representing the first occurrence of this unit
in the Belt. The holes were drilled at an acute angle to
bedding and the target is currently being re-drilled in the
opposite direction. Ultramafic rocks are frequently associated
with gold mineralization in other Temiskaming-hosted deposits
elsewhere in Ontario and Quebec. Their presence at Borden Lake
underlines the previously unrecognized geological similarities
between these gold bearing belts. Holes BN11-04 to -06 tested a
parallel zone to that tested by Holes -01 to -03 and
intersected repeating sequences of amphibolites and
metsedimentary gneisses similar to those observed to the south.
A 13-metre wide gold zone was identified in Hole BN11-06, and
was associated with an amphibolite layer. The exploration drill
program is currently on Hole BN11-17 and results will be
released as they are received. Dr. David Palmer, President of
Probe, states "We are very encouraged by results from the
project to date. The Borden Lake gold discovery is continuing
to distinguish itself in infill and expansion drilling and has
quickly grown to a stage where more rigorous evaluation is
warranted, while the exploration drilling further along trend
has indicated a geological setting similar to the Borden Lake
gold zone with the potential to host related mineralization.
Owing to this potential, the positive early results and the
large number of targets that remain to be tested, we will
continue to expand the exploration drilling program outside of
the main zone area." 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. The contents of this
press release have been reviewed and approved by Micon
International Limited for the section announcing the
commencement of the NI 43-101-compliant Updated Resource
Estimate. 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, or contact: 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.
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.
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