Oct 01, 2008
Probe Mines Receives Assays Results for McFauld's West Drilling Program: Significant Values for Platinum and Palladium Identified in Peridotite
Toronto, October 1, 2008 -- The Directors of PROBE MINES LIMITED (TSX-V: PRB) ("Probe") are pleased to announce that assay results have been received for core samples from the recently completed drilling program on the Company's 100%-owned McFauld's West property. Although only representative sampling of the peridotite was undertaken during the program, three of nine samples from the 60m intersection in hole MW08-08 returned significant and highly anomalous values in platinum, palladium and gold. A one metre section of peridotite at 136 metres depth returned the highest values with a combined 2.1g/t of platinum, palladium and gold. In addition, a 1.9m section of peridotite starting at 142m depth returned an average grade of 0.36 g/t combined platinum, palladium and gold. Nickel values in the PGE mineralized zones were also anomalous returning values of up to 416ppm. The following table shows precious metal results for the two anomalous intervals:
These intervals were taken as representative samples and therefore the core on either side was not split for assay. In response to these significant precious metal results in only a limited number of samples, the Company will now prioritize the sampling of the remaining 51 metres of peridotite core in order to better evaluate the potential of the body as a platinum group element (PGE) host. Additional sampling will also be undertaken on drill hole MW08-02, which intersected a similar interval of peridotite in the same intrusive body.
The preliminary assay results for the McFauld's West core samples are very encouraging and suggest that the peridotite on the McFauld's West property has the potential to host PGE mineralization. The Company is encouraged by these metal results from only a limited sampling of the peridotite and, owing to the difficulty in identifying PGE mineralization through visual observation, believes there is a strong possibility that the PGE mineralization is more widespread. The presence of PGE also provides encouragement for other metals, such as nickel and copper, in the host peridotite. It is important to note that the peridotite has only been drilled to a maximum vertical depth of 120m, and the potential for additional mineralization at depth remains high. The discovery was made approximately one kilometre northwest of the Eagle One high-grade nickel-copper PGE sulphide deposit which has a reported estimated resource (indicated) of 1,834,000 tonnes averaging 1.96% Ni, 1.18% Cu and 5.1g/t combined platinum, palladium and gold.
Probe is continuing exploration on its McFauld's Lake properties, which includes follow-up drilling on the sulphide mineralized ultramafic intrusive discovered on the Victory Project, and additional drilling of ground geophysical targets and peridotite on the McFauld's West property. Shareholders will be updated as soon as an exploration schedule has been determined.
About Probe Mines:
Probe Mines Limited is a Canadian base and precious metal exploration company with a portfolio of highly prospective mineral properties. The Company is currently focused on the McFauld's Lake area where it owns 931 claims covering almost 15,000 hectares. This includes a 100% interest in the McFauld's West Project, comprised of 12 claims (192 hectares) situated less than 450 metres from the site of Noront's significant new nickel-copper discovery, representing one of the closest properties to the discovery. Probe currently has joint venture agreements on its Bristol Township gold project (West Timmins Mining Inc.) and Tamarack base metal project (Mantis Mineral Corp.). The Bristol Project is adjacent to the million-plus ounce gold deposit owned by Lake Shore Gold Corp., which has recently announced a positive pre-feasibility study for the project. Probe also maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, slated for production in 2008. The company's shares trade on the TSX Venture Exchange under the symbol PRB.
Investors are invited to visit the Probe Mines IR Hub at http://www.agoracom.com/IR/Probemines where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to [email protected] where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
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
Tel: (866) 365-4724
You can view the Next News Releases item: Fri Oct 17, 2008, Probe Mines Exploration Update
You can view the Previous News Releases item: Tue Aug 5, 2008, Probe Mines Intersects Peridotite on McFauld's West; Geochemical Results for Victory Project Received, Exploration Planned for Additional McFauld's Lake Properties
You can return to the main News Releases page, or press the Back button on your browser.