Probe Mines Announces Additional Assay Results for Its Borden Lake Gold Project and Continued Expansion of Gold Mineralized Zones Including Up to 17 Metres of 3.0 g/t Au
TORONTO, ONTARIO -- (Marketwire) -- 09/18/12 -- Highlights:
-- Results also include 87.6 metres @ 1.1 g/t Au and 37.4 metres @ 1.5 g/t
Au
-- Main zone mineralization still open in all directions; expanded to
depths greater than 500 metres
-- Above average gold-bearing intervals continue to be identified in the
Hanging Wall zone
-- Infill drilling confirms continuity of main zone mineralization
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 BL12-227 to BL12-246 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 of mineralization and confirm the main zone continuity through infill drilling. Of the twenty new holes, four represent expansion of the main zone mineralization to depth; nine represent drilling in the immediate hanging wall of the main zone testing for parallel gold zones; five were drilled as a fence in the far hanging wall side of the main gold zone to test stratigraphy in this area; and the remaining two were drilled as infill to previous drilling of the main zone.
As with previous depth expansion drilling on the main mineralized zone, results suggest that gold grades are improving, with all significant intersections reported here returning values over the 0.6 g/t gold ("Au") cut-off used to define the Updated Resource (see news release dated April 2, 2012). Results also show that many of the intersections are well above 1 g/t Au, including Hole BL12-239 which returned a 37.4 metre interval grading 1.5 g/t Au within an 87.6 metre intercept averaging 1.1 g/t Au and Hole BL12-233 which contained a 17 metre intercept grading 3 g/t Au within a 37.1 metre interval averaging 1.9 g/t Au (Section 1100m SE). Drilling has now expanded gold mineralization to below the 500-metre vertical depth (Section 300m NW), and will continue on all sections to extend the zone.
The Hanging Wall drilling program is continuing to identify and delineate parallel gold zones to the northeast of the main mineralized horizon. The majority of the holes reported here have intersected gold-bearing intervals above the main zone, which are typically narrower than the main zone, but can also contain above average grades. Highlights include a 5.6 metre intercept averaging 1.0 g/t Au in Hole BL12-234 (Section 500m NW) and a 22.9 metre interval grading 0.6 g/t Au in BL12-246 (Section 700m SE), which also includes a 5.6 metre intersection averaging 1.0 g/t Au. Continued drilling on this program will be required to further delineate gold mineralization that could potentially be added to future Resource updates. The hanging wall zones could be important to further evaluation of the deposit as they can potentially add new gold resources in an area that already falls within the postulated pit outline generated by the most recent Resource Estimate.
Part of the summer drilling program also included a new fence of five holes drilled 400 metres to the northeast of previous drilling on the Main and Hanging Wall, which tested a 400 metre section of stratigraphy in a previously untested area. Of the five holes, one returned a significant, higher-grade intercept represented by a 1-metre interval in Hole BL12-235 averaging 3.0 g/t gold. The presence of gold in the area is encouraging and will require further follow-up.
Only two infill holes are reported in these results and were drilled on Sections 400m NW and 500m NW, both of which confirmed the continuity of mineralization. The highlight of the infill drilling was hole BL12-240, returning an interval of 33.4 metres averaging 1.0 g/t Au, which was at a higher-grade than the intercepts immediately surrounding it.
The following tables show selected results from Depth Extension, Hanging Wall, Fence and Infill drilling programs. For the majority of holes, drill width approximates true width. For holes BL12-230, -231 and -239 true width is approximately 85-90% of drilled width.
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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BL12-230 300m NW 363.8 367.1 3.3 1.4
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BL12-230 481 492 11 0.8
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BL12-230 517.9 525 7.1 0.8
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BL12-233 1100m SE 298 326.3 28.3 0.6
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BL12-233 338.9 376 37.1 1.9
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including 353 370 17 3.0
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BL12-237 400m NW 180.5 183 2.5 1.4
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BL12-237 257 274 17 0.8
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BL12-237 342 345 3 1.3
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BL12-239 1100m SE 302.8 390.4 87.6 1.1
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including 353 390.4 37.4 1.5
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including 377 380 3 4.3
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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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BL12-228 600 NW (HW) NSA
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BL12-231 600 NW (HW) NSA
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BL12-234 500 NW (HW) 78.8 84.4 5.6 1.0
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BL12-241 800 SE (HW) NSA
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BL12-242 800 SE (HW) NSA
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BL12-243 700 SE (HW) 74 76 2 1.1
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BL12-243 89.5 91 1.5 4.5
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BL12-243 156 158 2 3.1
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BL12-244 400 NW (HW) 240 247 7 0.7
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BL12-244 278 285.9 7.9 1.7
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BL12-245 700 SE (HW) 100 101 1 2.2
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BL12-246 700 SE (HW) 97 119.9 22.9 0.6
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including 98.4 104 5.6 1.0
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(i)NSA - no
significant
assays
Fence Drilling
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From To Width Au
DDH Section (m) (m) (m) (g/t)
----------------------------------------------------------------------------
BL12-227 BL Fence 1 NSA
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BL12-229 BL Fence 2 NSA
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BL12-232 BL Fence 3 NSA
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BL12-235 BL Fence 4 16 17 1 3.0
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BL12-238 BL Fence 5 NSA
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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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BL12-236 500 NW 222 269 47 0.6
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including 251.2 253.5 2.3 1.9
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BL12-236 301 308 7 1.1
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BL12-240 400 NW 134 139.5 5.5 0.7
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BL12-240 149.6 183 33.4 1.0
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including 168 172 4 3.4
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Dr. David Palmer, President and CEO of Probe, states "The Borden Lake project continues to produce impressive results and increases our confidence in this expanding gold zone. After 246 drill holes we are still open in all directions on the deposit and continue to find new gold mineralization in the surrounding area. We strongly believe that Borden still has a lot to offer and will continue our aggressive pace to advance the project through the Fall. Our summer exploration programs have helped us considerably in understanding the area and we will apply this knowledge to upcoming drilling programs on the deposit and our regional exploration. We currently have four drills turning on the deposit, with one expected to move back to testing exploration targets in other areas of the property, and will keep investors well-informed as results from the drilling become available."
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 $27MM 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 840 claims covering approximately 13,440 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 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
Tel: (416) 777-6703
Probe Mines Limited
Karen Willoughby
Investor Relations
Tel: (866) 936-6766
www.probemines.com
