Oct 15, 2013
Probe Mines Continues to Intersect High-Grade Gold on its Borden Gold Project, Ontario
• Zone expanded a further 100 metres to the southeast with Section 2000m SE intersecting intervals of up to 24.2 metres averaging 4.1 g/t Au;
• Infill drilling within High-Grade Zone ("HGZ") continues to intersect thick, high-grade gold mineralization, with intervals of 12.4 metres averaging 10.9 g/t Au (Section 1750m SE); 31.3 metres grading 4.0 g/t Au, including 23.2 metres averaging 5.5 g/t Au (Section 1800m SE); and 42.0 metres grading 3.1 g/t Au, including 9.2 metres averaging 7.0 g/t Au (Section 1650m SE);
• 25-metre infill drilling program near original discovery section successful in demonstrating higher grades for bulk tonnage-style mineralization with intercepts of 95.8 metres averaging 2.0 g/t Au, including 8.6 metres grading 6.5 g/t Au (Section 25m SE); 53.0 metres averaging 1.5 g/t Au, including 17.8 metres of 3.1 g/t Au (Section 75m SE); and 76 metres grading 1.3 g/t Au, including 20.0 metres of 2.8 g/t Au (Section 125m SE)
Toronto, October 15, 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 53 diamond drill holes, BL13-465 to BL13-517, were received and were successful in expanding and confirming the continuity of the high-grade gold mineralization between Sections 1550m SE and 2000m SE. The program also included results for a small infill program drilled at 25-metre spacing near the original discovery section (0m SE). The program was successful in delineating higher-grade mineralization within the bulk tonnage zone.
Drilling is continuing on the high-grade zone and results will be released as soon as they are received. The Company is also planning a winter drilling program designed to continue the expansion of the High-Grade Zone ("HGZ") to the southeast.
Results from thirty-three (33) infill drill holes in the high-grade gold zone returned significant intersections of thick, high-grade gold mineralization. Included in these results are the first holes from Section 2000m SE, which has successfully expanded the HGZ an additional 100 metres to the southeast. Hole BL13-485 on section 2000m SE returned a 24.2-metre wide interval averaging 4.1 g/t Au, including one sample which graded 58.6 g/t Au over 0.9 metres. In addition to the expansion holes, the infill drilling was successful in further defining the HGZ. Diamond drill hole BL13-478 on Section 1750m SE returned an interval of 12.4 metres averaging 10.9 g/t Au; while hole BL13-477 returned 31.3 metres grading 4.0 g/t Au, including 23.2 metres averaging 5.5 g/t Au and 6.2 metres of 11.3 g/t Au from Section 1800m SE. Hole BL13-488 intersected 42.0 metres grading 3.1 g/t Au, including 9.2 metres averaging 7.0 g/t Au on Section 1650m SE.
The current drilling continues to be successful in defining the HGZ, confirming its lateral continuity and displaying its potential as a possible underground resource. The mineralization still remains open along strike and drilling will be focused on further definition of the deposit through the fall and expansion during the winter, weather permitting.
The following table shows selected drill results for the HGZ, with all intervals approximating true width. Depths of the mineralized zones are between 300 and 560 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=569319:
High-Grade Zone Drill Results
*NSA -- no significant assays - Hole BL13-483 was drilled up-dip of the main zone
**Hole BL13-484 deviated off section and did not reach the zone
25-Metre Infill Drilling
A 25m-spaced drilling program was implemented during the summer drilling program in order to investigate grade variability and the potential to increase grade in the bulk tonnage zone through tighter spaced sections. The 11-hole program was successful, returning numerous thick intersections of higher grade mineralization between sections 0m SE and 150m SE. Results include 95.8 metres averaging 2.0 g/t Au, including 8.6 metres grading 6.5 g/t Au in hole BL13-497 on Section 25m SE; 53.0 metres averaging 1.5 g/t Au, including 17.8 metres of 3.1 g/t Au in Hole BL13-491 on Section 75m SE; and 76 metres grading 1.3 g/t Au, including 20.0 metres of 2.8 g/t Au from Hole BL13-503 on Section 125m SE.
It is expected that the results from this program will enhance future resource estimates with respect to the bulk tonnage, lower-grade mineralization in a potential open pit environment. Given the success of this program, further 25-metre infill drilling will be contemplated for other areas of the deposit in the future, however, drilling on the HGZ will remain the priority of the current program.
The following table shows selected results from the infill drilling, with all intervals approximating true width. Depths of the mineralized zones are between 20 and 200 metres vertical depth:
25-Metre Infill Drill Results
General Infill Drilling
Further results from infill drilling to the northwest of the HGZ were successful in further defining the gold mineralization. A number of significant gold intervals were identified, including 15.1 metres averaging 2.0 g/t Au in hole BL13-515 on Section 150m SE and 5.0 metres grading 4.6 g/t Au in hole BL13-514 on Section 250m SE. Results also include three holes drilled in the footwall to the mineralized horizon, which returned negligible results and a deeper hole on Section 250m NW which also returned grades below cut-off. 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 10 and 270 metres vertical depth:
General Infill Drill Results
*NSA -- no significant assays
Dr. David Palmer, President and CEO of Probe, comments "These recent results are very encouraging, not only from the perspective of expanding the high-grade zone, but also from continued improvement in grade in the rest of the deposit. This tendency towards increasing grade has been a hallmark of the deposit since its discovery less than three years ago and we are looking forward to continuing this trend with the current drilling program. Fortunately, Probe is in a very strong position and we can continue to advance the deposit through 2014 and beyond."
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 July 31, 2013, the Company is well-positioned with approximately $38.5 million in treasury. 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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