Nov 02, 2010
Probe Mines Announces Significant Gold Discovery on its Borden Lake Project near Chapleau, Ontario, Including 91 metres of 2.0 g/t Au.
• 91m intersection averaging 2.0 g/t Au in Hole BL10-02, hole ended in mineralization
• At least two higher grade zones within a broad envelope of lower grade gold, with samples returning values up to 15.5 g/t Au in higher grade zones
• Grades appear to be increasing with depth
• Gold mineralization intersected from surface
• All holes drilled in the discovery zone ended in mineralization, total width of zone unknown
• Zone is still open in all three directions, length, depth and width
• Airborne geophysics indicates zone continues for over one kilometre
• Only one kilometre from major highway, close to well-developed local infrastructure
Toronto, November 2, 2010 -- The Directors of PROBE MINES LIMITED (TSX-V: PRB) ("Probe") are very pleased to announce that the Company has received assay results from its first-phase drilling program on the Borden Lake Project near Chapleau Ontario. A total of eight holes were drilled testing a surface gold showing on the property. Thick zones of continuous gold mineralization were intersected in holes BL10-02 to BL10-07 and represent 250 metres of potential strike length along the gold zone. All six holes ended in mineralization and the true width of the mineralization is still unknown. Hole BL10-02 intersected 91 metres averaging 2 g/t Au while Hole BL10-04 was collared at the same setup as BL10-02 but drilled in the opposite direction to BL10-02 and returned a 78 metre interval averaging 0.7 g/t Au. This fanned setup has identified continuous gold mineralization over 133 metres in width (plan view) and failed to pierce the hangingwall (upper) or footwall (lower) contacts of the gold zone. Sixty metres to the southeast, Hole BL10-05 returned an 86 metre intercept grading 1 g/t Au and BL10-06 contained a 78 metre interval averaging 0.9 g/t Au. Within all of these broad mineralized intercepts at least two significant higher-grade zones were identified with intervals returning up to 5.3 g/t Au over 5 metres including samples of up to 15.5 g/t Au over one metre.
Gold mineralization in the discovery area appears to be associated with a broad zone of disseminated sulphide, and is characterized by a lack of quartz veining. The horizon can be traced from airborne geophysics over approximately 1.2 kilometres within Probe's property and has been identified from surface to a vertical depth of 117 metres. The zone remains open in both directions along strike and at depth and these preliminary drill results indicate that gold grades may be increasing with depth. Perhaps more importantly, the full thickness of the zone has not been determined and there exists excellent potential for expanding the zone in every direction. A plan view of the drilling can be viewed at (Borden Lake Sections PlanView).
The following table presents the highlights from the drilling program:
Drillhole BL10-01 was stopped at 38m, before intersecting the gold zone, due to concerns over drill placement and drillhole orientation. In light of the assay results, Hole BL10-01 will be re-drilled in the second phase program to identify the hangingwall contact of the mineralization on this section.
Drillhole BL10-02 was drilled in a northeast direction, on the same section as holes BL10-01, -03 and -04 and intersected the mineralized zone through its entire 128 metre length.
This hole was drilled from the same setup as BL10-02, but at a shallower angle and intersected the gold mineralized zone over its entire length of 92 metres.
This hole was also drilled from the same setup as BL10-02 but drilled to the southwest, the opposite direction to BL10-02, in order to identify the southwesterly limits of the mineralized zone. The hole remained in mineralization to its end at 95 metres depth, and failed to identify the full width of the mineralized zone. The combined plan-view length of holes BL10-02 and BL10-04 is 133 metres with both remaining in mineralization for their entire widths.
Hole 5 was drilled approximately 60 metres southeast along strike from holes 2, 3 and 4 and was drilled in a southwest direction. The hole remained in the mineralized zone through its entire length of 97 metres.
Hole 6 was drilled in a southwest direction along the same section and approximately 60 metres northeast of Hole 5. The hole appears to have gone through mostly barren country rock before intersecting the upper (hanging wall) contact of the gold zone at 58.6 metres depth. The hole remained in the mineralized zone from 58.6 metres to its end at 134 metres.
Hole 7 was drilled approximately 250 metres southeast along strike of Hole BL10-02. Sulphide mineralization with anomalous gold values (0.2 g/t -- 0.4 g/t Au) occurs from surface to approximately 34m depth, and increases significantly in grade to 58m averaging 1.2 g/t Au over the 23 metre interval. The mineralized zone is interrupted between 58 metres and 92 metres by a diabase dyke, then continues to the end of the hole at 101 metres while still in mineralization.
Hole 8 was drilled on a parallel structure to the discovery zone and intersected a 0.7 metre-wide quartz vein that returned an assay of 2.4 g/t Au.
The gold discovery was made within one kilometre of Highway 101, which links the towns of Chapleau and Timmins, and is approximately 15 kilometres from well-developed infrastructure in the Town of Chapleau itself. The Chapleau area has seen historic gold exploration and development activity, however, no significant work has been done in the Borden Lake area and the zone represents a significant new gold discovery in a previously unexplored area.
The Company is currently reviewing all of its exploration results for the property and organizing a follow-up drilling program to further test the horizon. The initial focus of the drilling will be to determine the full width of the zone followed by further testing along strike and at depth. The Company will begin the second-phase drilling as soon as a drill is available. In addition to drilling, the Company is also planning further airborne and ground geophysical surveys on the rest of the property, with an initial focus on untested airborne targets already identified from the first VTEM program. Drill testing of satellite targets will begin once ground geophysical results have been received.
Dr. David Palmer, President of Probe states "to say we are encouraged by the results of the drilling would be an understatement. For a first phase program, located only one kilometre from a major highway, to identify potentially economic gold grades starting at surface and extending over significant thicknesses with all holes ending in mineralization is exceptional. Although this is only the first program on Borden Lake, the results indicate that the discovery has the potential of hosting a significant gold resource and we will be focused on evaluating this potential."
Probe has the right to earn a 100% interest in the Borden Lake property by making cash and share payments over a three year period.
A quality control and quality assurance ("QA-QC") program was implemented by the Company for its exploration work at Borden Lake. Norex Drilling of South Porcupine, Ontario was contracted to do the first-phase drilling on the property and utilized a rig which retrieved NQ-sized core. The core was delivered to a secure Core Shack facility by Probe personnel, where it was logged and sampled. The sampling procedure consisted of dividing the core into appropriate sample intervals based on lithology, mineralization, alteration and any other feature which may potentially control the distribution of gold. The sample interval was typically taken as one metre, unless the presence of a particular feature dictated otherwise. Prior to and subsequent to splitting all core was photographed. Core splitting was done with a diamond core saw and half of the drill core was submitted for assay. The samples were shipped from the core facility by bonded courier to Accurassay Laboratories ("Accurassay"), a certified laboratory in Thunder Bay, Ontario, where the samples entered into the lab's chain of custody. The remainder of the core is stored at the core facility in Chapleau, Ontario. The samples were submitted for conventional fire assay with an atomic absorption finish for gold as well as a multi element package using a multi-acid digestion and ICP-OES analysis.
Accurassay employs an internal QA-QC program whereby every load of samples processed contains one standard (either certified reference material or material produced in-house traceable to certified reference materials), one blank and two duplicate samples. A duplicate is generated every 10th sample. Every 60th sample generates a replicate. In addition, Probe implemented a check assay program on selected samples utilizing either fire assay with a gravimetric finish or pulp metallic assays. A gravimetric finish allows for accurate determination of gold concentrations in higher-grade samples (greater than 2 g/t Au) while pulp metallic assays provide a more comprehensive analysis of gold in rock/core than the fire assay procedure. Pulp metallics is able to overcome the "nugget effect" of gold by increasing the sub-sample size to 1,000g and physically collecting the free gold within the system using a 150 mesh (106μ) sieve. The sub-sample is pulverized to ~90% -150 mesh (106μ) and subsequently sieved through a 150-mesh (106μ) screen. The entire +150 metallics portion is assayed along with two duplicate sub-samples of the -150 pulp portion. Results are reported as a weighted average of gold in the entire sample.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $4.0MM in treasury and a portfolio of highly prospective mineral properties. In addition to Borden Lake, the Company is focused on the McFauld's Lake area where it owns 875 claims covering approximately 14,000 hectares, including a 100% interest in the Black Creek chromite deposit. The Company also has an option on the Cree Lake gold property in the Swayze Belt of Ontario, which shows good potential. Probe currently has an option-joint venture agreement with Lake Shore Gold Corp on its Bristol Township gold project adjacent to Lake Shore's million-plus ounce gold deposit. Recent exploration results from Lake Shore include an 83.4m intersection grading 12.75 g/t gold less than one kilometre from Probe's claims. 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. The Company has only 36,602,581 shares issued and outstanding, which 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:
Tel: (416) 777-6703
Tel: (866) 936-6766
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. 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.
You can view the Next News Releases item: Tue Nov 9, 2010, Probe Mines Continues to Intersect High Grade Chromite at Black Creek Deposit, James Bay Lowlands, Ontario
You can view the Previous News Releases item: Fri Oct 22, 2010, Probe Mines Acquires Claim on its Borden Lake Project, Ontario
You can return to the main News Releases page, or press the Back button on your browser.