Apr 07, 2005
Probe Mines Acquires 489 Claims After Airborne Survey Identifies 23 Electromagnetic Conductors In New, Unexplored Greenstone Belt In Northern Ontario
TORONTO, APRIL 7 - Probe Mines Limited (TSX-V: PRB) (http://www.probemines.com) is pleased to announce the 100% acquisition, by staking, of 489 claims (19,500 acres) covering 23 airborne electromagnetic (EM) conductors, within a new and previously unexplored greenstone belt in Northern Ontario. Given the rich mineral endowment of many similar greenstone belts in the Canadian Shield including Noranda, Timmins, Mattagami and others, the Company feels this is an extremely significant acquisition with excellent potential for multiple base and precious metals ore deposits. As such, the Company further considers it most fortuitous that this greenstone belt was available for acquisition.
This new "Victory Project", named for the "V"- shaped magnetic outline of the belt (http://www.agoracom.com/images/probevictory.gif), is immediately adjacent to the fertile McFauld's Lake belt, host to Spider Resources' important high grade copper-zinc-gold-silver volcanogenic massive sulphide (VMS) discoveries, which include drill intersections of up to 19m grading 8.08% copper. The Victory Project is significant because VMS deposits commonly occur in clusters at one or more lithological horizons and can be very rich in copper, zinc, gold and silver. For example, the Noranda mining camp has produced 2.4 million tons of copper, 1.9 million tons of zinc, 14.1 million ounces of gold and 94.4 million ounces of silver from 20 base metal mines (Alexis Minerals Corporation (TSX-V: AMC) encompassing an area 75% the size of the area covered by the Victory belt. .
The airborne survey, completed just last week under contract by Fugro Airborne Surveys, covered the entire 80 kilometer long greenstone belt, and totaled over 400 square kilometers in area, representing the first EM survey to be conducted over the area. Preliminary interpretation of the data has delineated at least 23 finite conductors within the belt, which represent strong, multi-channel bedrock responses indicative of massive sulphide mineralization. The conductors range between 400 and 2000m in length, with significant clustering along two recognizable stratigraphic horizons with most being co-incident with, or flanking, magnetic highs. Several of the conductors occur in parallel, suggesting the possibility of "stacking" of sulphide deposits with a common mineralizing "feeder" zone. This is common in the Noranda camp.
This belt is completely covered by younger, Paleozoic sediments and hence has never been explored for base and precious metal deposits by prospecting or geophysics. With the exception of several scattered small claim blocks, previously staked for diamond exploration, Probe's claims are the only claims on the belt.
Probe will immediately embark on ground geophysical surveys over the strongest, selected conductors preparatory to diamond drilling, planned for 2005.
The survey was conducted from the First Nation community of Webequie, located less than 100km from the project area, which provided the necessary logistical support and services. This allowed for a very successful and cost-effective program.
Probe Mines Limited is a base and precious metal exploration company with a portfolio of highly prospective mineral properties. Probe has identified three separate base metal-enriched horizons on the McFauld's Lake property, with a total potential strike length of more than 10km. Gold mineralization has been discovered by Probe on its Bristol Township property in the new West Timmins gold camp. As well, Probe Mines maintains a 5% net smelter 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 final feasibility studies. Probe'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 (TSX-V: PRB), visit our website at www.probemines.com or contact:
President, Probe Mines Limited
Tel: 416-777-6703, Fax: (6705)
Harry J. Hodge
Director, Probe Mines Limited
Tel: 416-363-4376, Fax: (4606)
Agora Investor Relations
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 May 24, 2005, Probe Mines Limited Announces $2,000,000 Private Placement to explore Victory Project
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