Apr 26, 2010
Probe Mines to Acquire the Borden Lake Gold Project, Chapleau, Ontario
Toronto, April 26, 2010 -- The Directors of PROBE MINES LIMITED (TSX-V: PRB) ("Probe") are pleased to announce that an agreement has been reached to option the Borden Lake Gold property in Cochrane Township near Chapleau, Ontario, subject to regulatory approval. The Borden Lake property represents a new gold discovery associated with Timiskaming-age sediments in an underexplored part of the Kapuskasing Structural Zone. Timiskaming sediments often show a spatial association with large-scale Archean lode gold deposits such as those found in the Timmins, Kirkland Lake, Hemlo and Red Lake gold camps and thus represent an important geological indicator for the gold potential of an area.
The Borden Lake showing represents a surface gold discovery, identified over an area 150 metres long by up to 45 metres wide, hosted by a highly altered and metamorphosed suite of rocks within the volcano-sedimentary horizon. Grab samples from selected outcrop returned values of up to 3.4 g/t gold, and the property is considered to have excellent potential to host a low-grade, bulk tonnage-type of gold deposit. Limited exploration work investigating the base metal potential of the volcanic horizon was previously undertaken by Noranda. Sulphide mineralized felsic fragmental units were identified which returned anomalous base metal concentrations, suggesting good potential for hosting volcanogenic massive sulphide ("VMS") deposits.
Probe is currently in the process of contracting a high-resolution VTEM airborne survey over the property in order to identify potential electromagnetic anomalies and assist in the geological and structural interpretation of the gold mineralization. Ground geophysical programs utilizing Induced Polarization and follow-up drilling are also planned once airborne data has been received and interpreted.
Probe has the right to earn a 100% interest in the property by making cash payments totaling $55,000 and issuing 300,000 shares over the four-year term of the agreement. The vendors maintain a 2% Net Smelter Royalty (NSR) interest, while Probe retains an option to buy back 1% of the NSR for $1,000,000.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $4MM in treasury and 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, including joint venture properties with Noront Resources covering 87 of these claims. Probe currently has an option-joint venture agreement with Lake Shore Gold Corp on its Bristol Township gold project adjacent to Lake Shore's million-plus ounce gold deposit. Recent exploration results from Lake Shore include an 83.4m intersection grading 12.75 g/t gold less than one kilometre from Probe's claims. Probe also maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, which began production in 2008. The Company has only 34,066,472 shares issued and outstanding, which 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, visit our website at www.probemines.com, or contact:
Tel: (416) 777-6703
Tel: (866) 365-4724
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.
You can view the Next News Releases item: Tue Apr 27, 2010, Probe Mines Limited Announces $1,000,000 Non-Brokered Private Placement with MineralFields Group
You can view the Previous News Releases item: Wed Apr 21, 2010, Probe Mines to Option the Cree Lake Gold Project, Swayze Belt, Ontario from Mantis Mineral Corp
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