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
News release via Canada NewsWire, Toronto 416-863-9350
Attention Business/Financial Editors:
TORONTO, Oct. 22 /CNW/ - The Directors of PROBE MINES LIMITED (TSX-V: PRB) are pleased to announce positive assay results from the recently completed McFauld's Lake Project diamond drilling program in the James Bay Lowlands. Four of the five drill holes intersected favourable volcanic horizons containing base metal sulphide mineralization. Preliminary assay results of diamond drill core confirm the presence of highly anomalous, though sub-economic, levels of Cu, Zn and Ag in sulphide mineralization in the four drill holes. Over 1m of massive to semi-massive sulphides were intersected in diamond drill hole MCF04-02 grading over 10,000 ppm combined Cu-Pb-Zn and up to 3.4 g/ton Ag. The mineralization is hosted in highly siliceous volcanic fragmental rocks, and represents an ideal setting for VMS deposits. This horizon was also identified in hole MCF04-04, while a second parallel horizon of similarly mineralized felsic fragmental rocks was delineated by hole MCF04-03 approximately 300m to the east. Hole MCF04-05 intersected volcanic fragmental rocks containing zones of anomalous Cu-Zn-Ag sulphide mineralization, one kilometer further to the east of MCF04-03. To date, Probe has identified three favourable horizons on its property, all of which contain highly anomalous Cu-Zn-Ag sulphide mineralization and have an excellent potential for the discovery of economic VMS deposits. Current ground geophysical coverage represents only a fraction of the potential strike length of the two favourable horizons, interpreted from airborne geophysics. Plans are underway to expand the area of coverage in the next phase of exploration.
On the Bristol property in the Timmins area, final results for the mobile metal ion (MMI(R)) soil geochemical program have been received and represent the highest concentrations of Au observed to date. The samples, which returned values of over 20 times background, are associated with a set of three en-echelon IP conductors near the volcanic-metasedimentary contact less than 2km north of the Holmer gold deposit, which has an announced estimated resource of 724,000 oz Au. A drilling program has commenced, comprising ten holes totaling approximately 1250m, targeting selected geophysical/geochemical anomalies. The property contains all of the key elements of gold mineralization observed on the Holmer/Lakeshore Gold Property to the south and west, and Tom Exploration's property to the east. Drilling results will be announced as they are received.
The directors are pleased to announce that Mr. Patrick Reid has been appointed Chairman of the board of directors and Mr. Roy Lacey has been appointed Honorary Chairman. Mr. Reid, as outgoing President of the Ontario Mining Association, and former Ontario MPP, brings a wealth of knowledge and experience in the mining industry, which is vital to the Company's commitment to future growth. Mr. Lacey is a long serving director and valued supporter of the Company.
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 11:55e 22-OCT-04
You can view the Next News Releases item: Wed Dec 15, 2004, PROBE MINES LIMITED to Begin 2nd Phase Drilling on Bristol Gold Discoveries, January 2005
You can view the Previous News Releases item: Tue Oct 5, 2004, PROBE MINES LIMITED To Commence Diamond Drilling on Timmins Gold Project, Following Strong Geophysical and Geochemical Results
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