Oct 03, 2006
Probe Mines to Commence Drilling on Greenlaw Base and Precious Metal Project, Chapleau, Ontario - Planning Phase II Drilling on Norway Lake Project, Northwestern Ontario
Toronto, October 3, 2006 -- The Directors of Probe Mines Limited (TSX-V: PRB) are pleased to announce that diamond drilling will commence shortly on the Greenlaw base and precious metal project near Chapleau, Ontario in the Shunsby Volcanic Belt. Norex Drilling of Porcupine, Ontario has been awarded the contract, and will begin mobilizing immediately after Thanksgiving. The Greenlaw property is host to at least two known sulphide occurrences, with drill intersections of up to 0.27% Cu, 5.73% Zn, 2.17% Pb and 0.32 oz/t Ag over 4.8m. A second sulphide zone, exposed on surface, occurs to the north of the drill discovery and has never been tested. The drilling program will focus on these two mineralized zones as well as a number of strong geophysical targets identified in recently completed surveys by Probe Mines. The conductors range from 200 to 800 metres in length, and occur along several volcanic horizons that host the known base metal mineralization. The combination of strong geophysics and known base metal mineralization suggest a high potential for the property to host significant base metal deposits.
Given the positive results received from Probe's recently completed diamond drill program on the Norway Lake Project in the Atikokan area of Northwestern Ontario, a second phase of drilling is now being planned. Results indicate that zinc-rich sulphide mineralization, with significant gold and silver values, is thickening to the west and at depth, along strike, and indicates a strong potential for economic mineralization. The second phase program will focus on the western strike extension of the horizon identified in Phase I, and will also be used to test other parallel induced polaraization (IP) targets in the area.
Probe Mines is very encouraged by the recent positive results from both the Greenlaw and Norway Lake programs, and will continue to pursue an aggressive campaign of exploration on both properties. Dr. David Palmer, President of Probe, states; "Probe's board of directors, which has a solid background in exploration, development, and production of VMS-type polymetallic ore deposits, firmly believes that the Norway Lake and Greenlaw properties represent early stage projects with exceptional potential to develop into substantial economic deposits".
About the Company:
Probe Mines Limited is a Canadian base and precious metal exploration company with a portfolio of highly prospective mineral properties. Probe has only recently acquired the Greenlaw and Norway Lake base metal projects, which both host numerous base metal occurrences and untested conductors. Probe also owns the Tamarack project in the James Bay Lowlands, Ontario, site of a significant copper VMS discovery, and a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, slated for production in 2008. In addition, Probe has signed a joint venture agreement on its Bristol Township project located in the new Timmins West gold camp and adjacent to the Timmins West deposit of Lake Shore Gold Corp. Probe'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:
David Palmer, Ph.D.
Tel: (416) 777-6703
Harry J. Hodge, P.Eng., Director
Tel: (416) 363-4376
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". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Probe, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from Probe's expectations are exploration risks detailed herein and from time to time in the filings made by Probe with securities regulators.
You can view the Next News Releases item: Tue Oct 10, 2006, Probe Mines Enters into Joint Venture Agreement with Avenue Financial
You can view the Previous News Releases item: Tue Sep 26, 2006, Probe Mines Intersects Zinc-Rich Base and Precious Metal Mineralization on The Norway Lake Project, Northwestern Ontario
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