Jan 24, 2005
PROBE MINES LIMITED Completes 2nd Phase Drilling on Bristol Gold Zones, Timmins, Ontario with positive results
The Directors of PROBE MINES LIMITED (TSX-V: PRB) are pleased to announce that the second phase diamond drill program on its two newly discovered gold zones on the Bristol Township Gold Project has been completed. The program, comprising six holes totaling 770m of drilling, successfully tested the two zones in both directions along strike, and at depth, from the original discoveries.
Visual results from the three holes on the eastern gold discovery, referred to as the "A" zone (see map), are very encouraging with all three intersecting sulphide mineralization similar to that in the discovery hole (BT-05). In addition, the rocks associated with the mineralized zone appear to be thickening to the east of the original discovery and indicate potential for more substantial mineralization in this direction. A very significant new zone of parallel sulphide mineralization, the "C" zone, was identified in core samples in two of the three drill holes, and consists of approximately 1m of 10% pyrite-pyrrhotitesphalerite- galena-chalcopyrite hosted in quartz veining capping up to 5m of intensely altered and silicified volcanics with up to 5% sulphides. The presence of base metal sulphides is generally an excellent indicator of gold.
To the west, gold bearing horizons in the "B" zone were intersected in two of the three drill holes. Sulphide contents appear lower than in the discovery hole, and occur over narrower widths. However, several parallel horizons were encountered in the deeper of the two successful drill holes, which are geologically similar to the known mineralization, and indicate potential for additional gold mineralization. All drill core sections from the six holes have been sampled and sent to Expert Laboratories in Rouyn- Noranda, Quebec, where they will be analysed for gold. Analytical results will be released as soon as they are received by Probe.
Probe believes the Bristol gold discoveries have a high potential for developing into economically significant gold bodies, occurring less than two kilometers along strike of the Holmer Gold Deposit owned by Lakeshore Gold (TSX-V: LSG) and displaying many similarities to this mineralization. Probe Mines will continue to pursue an active exploration program on the Bristol property, and given these encouraging drill results, is currently designing a phase three program to further expand known mineralization and test related exploration targets.
Probe Mines Limited is a base and precious metal exploration company with a portfolio of highly prospective mineral properties. In addition to the positive results from the Bristol Gold Project, Probe has identified three separate base metal-enriched horizons on the McFauld's Lake property, with a total potential strike length of more than 10km. As well, Probe Mines maintains a 5% net smelter 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 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:
President, Probe Mines Limited
Tel: 416-777-6703, Fax: (6705)
Harry J. Hodge
Director, Probe Mines Limited
Tel: 416-363-4376, Fax: (4606)
Agora Investor Relations
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 forwardlooking 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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