Oct 05, 2004
PROBE MINES LIMITED To Commence Diamond Drilling on Timmins Gold Project, Following Strong Geophysical and Geochemical Results
News release via Canada NewsWire, Toronto 416-863-9350
Attention Business Editors:
TORONTO, Oct. 5 /CNW/ - The Directors of PROBE MINES LIMITED (TSX-V: PRB) are pleased to announce that positive geophysical and geochemical results have been received for their 100% owned Bristol Gold Project, and the Company will commence the first phase of diamond drilling. Numerous induced polarization geophysical anomalies were obtained on the properties, with a high proportion being distinguished by significant geochemical responses in gold, silver and pathfinder elements such as copper and zinc. Conductors with coincident geochemical anomalies will comprise the first priority drill targets, of which eight have already been selected and others expected pending additional geochemical results. The properties are located in the Timmins mining camp, and are tied on directly to the Holmer Gold Mines (TSX-V: HGM)/ Lakeshore Gold (TSX-V: LSG) joint venture property, which has recently released an expanded estimated resource of 724,000 oz/t Au.
The geophysical program was carried out by Exsics Geophysics of Timmins, who have completed numerous surveys in the Bristol area and are familiar with the geophysical characteristics of the gold mineralization. Six separate grids were surveyed on the property totaling 40 line kilometers. Numerous strong to subtle conductors were identified on each grid, many of which were associated with linear structural and lithological features, identified through magnetic surveys, which are ideal locations for gold mineralization. In addition, 209 soil samples were taken over selected geophysical targets on each grid and analysed using the mobile metal ion (MMI(R)) method, which has proven successful in identifying "buried" gold deposits. Significant Au, Ag, Cu and Zn anomalies were identified both associated with IP conductors and as isolated occurrences. Both anomaly types represent prime drilling targets and a drill program is expected to start within two weeks. The majority of the property area still remains virtually unexplored and, given the positive preliminary results of this program, warrants further comprehensive exploration.
On the 100% owned McFauld's Lake Project assay results for the drilling are expected within the next ten days and will be released as soon as they are received. The property, located in the James Bay Lowlands, is in the heart of one of Canada's most important base metal exploration plays, and was initiated by the high-grade base metal massive sulphide (VMS) discoveries of Spider Resources (TSX-V: SPQ). Core samples are currently being analysed by SGS laboratories in Toronto.
Probe Mines Limited is a base and precious metal exploration company with a portfolio of high-quality mineral properties. 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, which is currently undergoing feasibility studies. Probe's shares trade on the TSX Venture Exchange under the symbol PRB.
Dr. David Palmer, P.Geo. is the qualified person responsible for the technical information in this release.
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 from 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.
/For further information: To find out more about Probe Mines Limited
(TSX-V: PRB), visit our website at www.probemines.com or contact: David
Palmer, President, Probe Mines Limited, Tel: (416) 777-6703, Fax: (6705),
dpalmer(at)probemines.com; Harry J. Hodge, Director, Probe Mines Limited,
Tel: (416) 363-4376, Fax: (4606), hjhodge(at)geocanex.com; Tim German,
Ensign Corporate Communications, Tel: (416) 214-3655/
CO: Probe Mines Limited
CNW 10:10e 05-OCT-04
You can view the Next News Releases item: Fri Oct 22, 2004, PROBE MINES LIMITED Identifies Three Highly Anomalous Base Metal Horizons at McFauld's Lake, James Bay Lowlands; Receives Strongest Au Anomaly to Date from MMI Geochemical Program on Bristol Property, Timmins; Announces New Chairman and Honourary Chairman
You can view the Previous News Releases item: Mon Jul 26, 2004, PROBE MINES LIMITED Commences Diamond Drilling Program on McFauld's Lake VMS Project Following Positive Ground Geophysical Results
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