Sep 20, 2005
Probe Mines Commences Second Phase Drilling Program on Victory Project, Ontario High Resolution Helicopter-borne Geophysical Survey Delineates Additional High-Priority Conductors; Assays Received for Phase I Drilling
Toronto, [September 20, 2005] -- Probe Mines Limited (TSX-V:PRB), is pleased to announce that a second phase of drilling is currently underway on the Victory Project, following a recently completed highresolution, detailed helicopter-borne geophysical survey.
Based on results from the initial diamond drilling program (see below), an AEROTEM helicopter-borne survey was flown by Aeroquest Ltd. over an area of the property believed to represent favourable volcanic vent facies lithologies. These rocks consist of sulphide-bearing, coarse fragmental volcanic units, and are similar to those typically associated with base metal VMS deposits. In addition to better delineation of known conductors, the survey has also identified three conductors that were not evident in initial geophysical data, two of which represent the highest priority drill targets in the survey area. The second phase drill program will begin on September 21, 2005. As with the first program, Norex Drilling of Porcupine Ontario will be responsible for drilling operations.
Assay results have just been received for diamond drill core from the first program and indicate highly anomalous values of copper and zinc in 8 of the 13 mineralized zones. This suggests that the Victory volcanic mineralizing systems are fertile and have the potential to generate base/precious metal-rich VMS deposits similar to those in the nearby McFauld's Lake belt. Drill Holes V2A-1, V2B-1, V3-1, V6-1, V10-1, V11-1, V14-1 and V15-1 all contained intersections of highly anomalous base metal mineralization, with values reaching up to 1700ppm combined Cu-Zn. The highest and most consistent values tend to occur in holes proximal to the recent AEROTEM survey, which provides additional evidence for the presence of a mineralized vent structure in this area.
Dr. David Palmer, President & CEO of Probe Mines Limited states, "Probe's work represents the first exploration ever to be undertaken in the area and we have gathered a great deal of information on the Victory Belt in a very short time. Our results indicate we are getting closer to one or more volcanic centers. The current drilling program will focus on this area, which we believe has excellent potential to host economic base and precious metal deposits."
On September 19, 2005 options in respect of an aggregate of 1,000,000 common shares exercisable at $0.45 per share for a five year term were granted to directors. Directors and officers are not paid any salaries or fees for acting as such. The options are subject to shareholder and regulatory approval.
This press release is available on the Probe Mines IR HUB for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/IR/ProbeMines . Alternatively, investors are asked to e-mail all questions and correspondence to [email protected] where they can also request addition to the investor e-mail list to receive all future press releases and correspondence directly.
About the Company:
Probe Mines Limited is a well-funded base and precious metal exploration company with a portfolio of highly prospective mineral properties. In addition to Victory, Probe maintains a 5% royalty interest in claims covering part of Agnico-Eagle Mines Limited (TSX: AGE) Goldex Mine property in Val d'Or, Quebec, which is slated to begin production in 2008. As well, Probe has identified three separate base metal-enriched horizons on its McFauld's Lake property, while gold mineralization has been discovered on its Bristol Township property in the new West Timmins gold camp. 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 (TSX-V: PRB), visit our website at www.probemines.com or contact: AGORA Investor Relations http://www.agoracom.com/IR/ProbeMines [email protected]
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.
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