Nov 24, 2009
Probe Mines' Phase II Drilling Results Yield More High-Grade Chromite for the Black Creek Discovery, McFauld's Lake Area, Ontario; Significant Core Intervals of up to 43.7% Cr2O3
Toronto, November 24, 2009 -- The Directors of PROBE MINES LIMITED (TSX-V: PRB) ('Probe') are pleased to announce that final analytical results have been received for all 11 holes completed during the Phase II drilling program on the Probe Mines -- Noront Resources (TSX-V: NOT) Joint Venture Project in the McFauld's Lake area of Northern Ontario. All 11 holes successfully intersected the Black Creek chromite horizon and returned significant values of Cr2O3 over considerable widths. Highlights include:
Hole MJV09-11: 34.5m averaging 33.8% Cr2O3, including 15.0m averaging 43.7% Cr2O3
Hole MJV09-12: 42.6m averaging 34.6% Cr2O3, including 21.7m averaging 43.1% Cr2O3
Hole MJV09-13: 63.6m averaging 33.9% Cr2O3, including 34.7m averaging 41.4% Cr2O3
Hole MJV09-14: 39.3m averaging 36.8% Cr2O3, including 24.2m averaging 42.8% Cr2O3
Hole MJV09-15: 25.0m averaging 34.8% Cr2O3, including 12.4m averaging 43.7% Cr2O3
Hole MJV09-16: 40.0m averaging 32.0% Cr2O3, including 9.0m averaging 42.4% Cr2O3
Hole MJV09-18: 29.2m averaging 32.0% Cr2O3, including 17.1m averaging 41.6% Cr2O3
The Phase II program was successful in expanding the original discovery along strike and at depth. The horizon has now been delineated over a 200 metre strike length and to a vertical depth of 200m, and is open in all directions. The drilling comprises five individual sections along the mineralized horizon, with sections spaced at 50 metres apart. Each section consists of three holes targeting the mineralization from near-surface to depths of approximately 200m. The following table provides selected analytical results for drill intervals (not true thickness) in all holes, by section, drilled to date on the chromite horizon:
Precious metal results for the chromite zones indicate anomalous values for platinum and palladium, with maximums of 0.5 g/t and 1.1 g/t, respectively.
Fifteen drill holes, totaling almost 4,000m, have now been completed on the Black Creek Zone, with all intersecting significant widths of massive chromite mineralization. In addition to extending the Black Creek Zone in length, depth and thickness, the Phase II program was also successful in delineating the body at a 50m-spacing in all dimensions. This will allow for a much more accurate estimation of the size and average grade of the zone as identified thus far.
The chromite-bearing horizon, which is hosted by a thick package of olivine-bearing peridotites and pyroxenites, lies directly between the Black Thor chromite discovery of Freewest Resources ('Freewest') and the Freewest/KWG Resources/Spider Resources Big Daddy chromite zone and northeast of Noront Resources Blackbird discoveries.
Dr. David Palmer, President of Probe, states that, "We are very pleased with the latest results from the Black Creek chromite discovery, as they continue to show significant widths and grades to the deposit. In light of recent events in the Ring of Fire, particularly the attention being focused on its chromite resources and the realization of their potential value, we will continue our efforts on evaluating the Black Creek horizon."
Probe has instituted a strict quality control program for all analytical work carried out on this program, which includes the use of reference standards, blanks and duplicate sampling. Strict quality control guidelines have been set out by Independent Qualified Person ("IQP") Ms. Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc.
The McFauld's area continues to receive considerable attention with recent reports of high-grade chromite and PGE mineralization from Noront and Freewest Resources, in addition to continuing intersections of high-grade nickel and copper at Noront's Eagle One, Eagle Two and AT-12 discoveries. A preliminary economic assessment of the Eagle One Ni-Cu deposit reported an estimated resource (indicated) of 1,834,000 tonnes averaging 1.96% Ni, 1.18% Cu and 5.1g/t combined platinum, palladium and gold.
The discovery of chromite at McFauld's has added significantly to the area's value. The first massive chromite horizon was identified by Spider Resources in January 2006 while exploring for VMS mineralization. Noront Resources identified further chromite mineralization on its Black Bird 1 and 2 showings, while Freewest Resources returned significant intersections of massive chromite in its Black Thor and Black Label deposits to the northeast of Probe's discovery. Highlights from the Freewest drilling include a 124m intersection grading 30% Cr2O3. The chromite occurrences are all located along a laterally extensive magnetic high that can be traced for approximately 20km in a northeast direction, along which many of the Probe-Noront joint venture claims occur.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $4.0M 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 West Timmins Mining on its Bristol Township gold project adjacent to the million-plus ounce gold deposit owned by Lake Shore Gold Corp. Recent exploration results from Lakeshore include an 83.4m intersection grading 12.75 g/t gold 800 metres 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 33,516,472 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.
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