Jun 18, 2013
Probe Mines Continues to Intersect High-Grade Gold on its Borden Gold Project, Ontario
• High-grade zone extended an additional 200 metres southeast and showing improving grade with intercepts of 27.1 metres grading 6.4 g/t Au, including 9.2 metres averaging 11.1 g/t Au (Section 1800m SE); and 39 metres grading 5.0 g/t Au, including 13.0 metres averaging 11.2 g/t Au (Section 1900m SE);
• Step-out drilling from high-grade discovery section (1200m SE) confirms continuity of high-grade zone with intersections of up to 26.1 metres grading 8.5 g/t Au, including 17.7 metres averaging 12.2 g/t Au; and 20.4 metres of 6.7 g/t Au, including 6.1 metres averaging 17.5 g/t Au (Section 1250m SE)
• Infill drilling in the northwest return significant intersections of shallow mineralization, including Hole BL13-409 (Section 950m NW), which returned a 49-metre intersection averaging 1.8 g/t gold, including 6.7 metres of 5.3 g/t Au, starting at a vertical depth of 120 metres.
Toronto, June 18, 2013 -- PROBE MINES LIMITED (TSX-V: PRB) ("Probe" or the "Company") is pleased to announce that it has received further assays from its ongoing drilling program at the Company's Borden Gold project near Chapleau, Ontario. Results for 25 diamond drill holes, BL12-385 to BL13-409, were received and were successful in identifying high-grade gold mineralization up to 700 metres from the initial high-grade discovery on Section 1200m SE; continued high-grade intercepts in the southeast High-Grade Zone, including very high-grade intercepts on the new step-out section 1250m SE; and expansion of the near surface mineralization to the northwest. Results include the remaining five holes from the winter ice drilling program on Borden Lake, which have extended the high-grade gold zone an additional 200 metres in strike length. Infill drilling also returned some important results confirming the continuity of strong, near-surface mineralization in the northwest on sections 900m and 950m NW.
The deposit still remains open in both directions along strike.
Results continue to confirm that, in addition to a dramatic improvement in gold grades in the southeast extension of the deposit, the high-grade zone also appears to extend over a significant strike length with the potential for continued expansion. Owing to the new scope of the mineralization, the Company is now re-classifying the deposit as a more traditional high-grade, Archean lode gold system, amenable to underground recovery, which is also bounded by significant ancillary lower-grade mineralization, the latter ideally suited to potential open pit mining techniques.
Results from the high-grade gold zone continue to show thick intersections of high-grade gold mineralization in both infill and expansion drilling. The zone has now been identified over a potential strike length of 700 metres and is still open to the southeast.
Winter Drilling Program:
The five remaining drill holes from the Winter drill program have successfully extended the high-grade mineralization an additional 200 metres to the southeast on Sections 1800m and 1900m SE. Results from the two new sections, 1800m SE and 1900m SE, show strong mineralized intercepts that are thicker and higher grade than those previously reported from Section 1700m SE, indicating a robust system with the potential to continue well to the southeast.
Intercepts include 27.1 metres grading 6.4 g/t Au, including 9.2 metres averaging 11.1 g/t Au in Hole BL13-402 on Section 1800m SE; and 39 metres grading 5.0 g/t Au, including 13.0 metres averaging 11.2 g/t Au in Hole BL13-403 on Section 1900m SE. Drilling is now focused on better delineating the high-grade gold zone in this area in order to bring the mineralization into an upcoming NI 43-101-compliant Resource Update.
The following table shows selected results from the expansion drilling of the high-grade gold zone, with all intervals approximating true width. Depths of the mineralized zones are between 255 and 431 metres vertical depth. Updated plan and section maps for all holes are available on the Company's website at http://www.probemines.com/s/Borden_Lake.asp?ReportID=585318&_Type=Borden-Gold:
High Grade Zone Expansion Drilling Results
High Grade Infill:
Drill results are also available for the first step-out holes made from the initial high-grade discovery on Section 1200m SE. As expected, Section 1250m SE returned significant intervals of high-grade gold mineralization including an impressive 26.1 metres grading 8.5 g/t Au, including 17.7 metres averaging 12.0 g/t Au in Hole BL13-399; and 20.4 metres of 6.7 g/t Au, including 6.1 metres averaging 17.5 g/t Au within a broader interval of 36.3m averaging 4.2 g/t Au in Hole BL13-401. These first step-out holes confirm the continuity of the high-grade zone, and in conjunction with the expansion holes, indicate that the high-grade mineralization is extensive and is quickly becoming a dominant feature of the deposit.
The following table shows selected results from the infill drilling of the high-grade zone on Section 1250m SE, with all intervals approximating true width. Depths of the mineralized zones are between 252 and 343 metres vertical depth:
High-Grade Zone Infill Drill Results
Infill drilling between Sections 950m NW and 1200m SE was successful in further delineating the gold deposit, particularly for the shallow (less than 200 metre vertical depth) mineralization. Results for Sections 900m NW and 950m NW confirmed the continuity of the gold zone between previous sections 1100m NW (winter program) and 800m NW, and returned impressive intersections at shallow depths. Hole BL13-409 (Section 950m NW) returned a 49-metre intersection averaging 1.8 g/t Au, including 6.7 metres of 5.3 g/t Au, starting at a vertical depth of 120 metres, while Hole BL13-400 (Section 900m NW) returned a 10 metre wide intercept of 1.5 g/t Au starting at only 74 metres vertical depth. These results indicate that the deposit continues to show robust shallow mineralization at its northwest end in the area of the potential open pit operations. Gold mineralization still remains open in the northwest direction.
The following table shows selected results from the infill drilling, with all intervals approximating true width. Depths of the mineralized zones are between 60 and 413 metres vertical depth:
Infill Drill Results
Dr. David Palmer, President and CEO of Probe, states "Once again the new drill results highlight the improving quality of the Borden Gold deposit. Owing to these encouraging results our focus has now shifted entirely to the high-grade gold zone, with all four drills mobilized to the southeast to begin work on expansion and infill drilling. Our goal is to include as much of the new high-grade gold mineralization into an updated NI 43-101 Resource Estimate later this year. The evolution of this deposit has been remarkable, going from a grass-roots discovery to a continuous gold horizon over three kilometers in strike length, in under 3 years, and we see much more potential ahead as we continue our technical program."
Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Gold drill core sampling, with each fire assay furnace batch of 40 samples including two certified reference materials (standards), one blank sample and one core duplicate sample. Quality control guidelines and ongoing QAQC monitoring are being carried out by Probe personnel.
About Probe Mines:
Probe Mines Limited is a Canadian precious metals exploration company whose key asset is the Borden Gold Zone in Ontario, Canada. As of January 31, 2013, the Company had approximately $32 million in treasury and a portfolio of highly prospective mineral properties. In May 2013, the Company closed a private placement of $15 million. As a result of the financing, Agnico Eagle Mines Limited now owns 9.9% of the Company on a non-diluted basis. The Company is actively exploring a significant new gold resource on its Borden Gold Zone near Chapleau, Ontario and has 100% interest in the Black Creek chromite deposit located in Northern Ontario. The Company's shares 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.
On behalf of Probe Mines Limited,
Dr. David Palmer,
President & Chief Executive Officer
For further information, please contact:
Karen Willoughby, Director of Corporate Communications
Tel: (866) 936-6766
Email: [email protected]
Patrick Langlois, Vice President, Corporate Development
Tel: (416) 777-6703
Email: [email protected]
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
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