Feb 24, 2004
PROBE MINES LIMITED Acquires New Ground in McFauld's Lake Area, James Bay Lowlands, Ontario
The Directors of PROBE MINES LIMITED (TSX-V: PRB) are pleased to announce that an additional fifty-six claims, containing numerous multi-channel conductors, have been added to its McFauld's Lake Project in Northern Ontario. The geophysical anomalies were interpreted from recently acquired airborne surveys, and many are coincident with magnetic features. These are similar to conductors associated with the recent massive sulphide discoveries of Spider Resources (TSX-V: SPQ), which are located less than 3 kilometers from Probe's project boundary.
The new claims comprise two blocks, one tying on to the southeastern corner of the companies existing claims and the other tying on to the southwest of the Spider discoveries. This block is the subject of a 50/50 joint venture with Candor Ventures Corp, which holds adjacent claims. These new conductors are in addition to the five clusters of anomalies previously reported by Probe for its main claim blocks (see press release 03- 2004). The acquisition of these claims brings the total area of the project to 5312 hectares from 4416 hectares.
The Spider discoveries are considered to be Volcanogenic Massive Sulphide (VMS) deposits (Dr. J. Franklin, report, Spider website), and are similar to deposits in the Noranda, Timmins and Bathurst camps. Stratabound base-metal deposits of this type are one of the most important sources of copper, lead and zinc in Canada and typically occur in clusters along one or more volcanic horizons. The management of Probe believes that the McFauld's Lake discoveries may represent the very early stage of the development of a new and important base/precious metal mining camp.
An exploration program is currently being planned for the properties and consists of ground geophysical surveys, to further delineate the airborne results, followed by a first phase of diamond drilling to test priority EM conductors. The work program will commence shortly, and will be completed prior to the Spring break-up.
Dr. David Palmer, Ph.D., P.Geo., is the qualified person responsible for the technical information in this news release.
Probe Mines Limited is a base and precious metal exploration company with a portfolio of high-quality mineral properties. In addition to the McFauld's Lake property, Probe also maintains 100% ownership of its Bristol Township property, situated in the prolific Timmins mining camp. The property is strategically located between the Holmer gold deposit (Holmer Gold Mines Limited (TSX-V: HGM) /Lakeshore Gold Corp (TSX-V: LSG)) and Tom Exploration's (TSX-V: TUM) recent gold discovery. As well, Probe Mines maintains a royalty interest in claims covering part of Agnico-Eagle Mines Limited (TSX: AGE) Goldex Mine property in Val d'Or, Quebec. Probe's shares trade on the TSX Venture Exchange under the symbol PRB.
To find out more about Probe Mines Limited (TSX-V: PRB), visit our website at www.probemines.com, or contact:
Probe Mines Limited
Harry J. Hodge
Probe Mines Limited
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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