Oct 12, 2005
Probe Mines Discovers Copper Zone on McFauld's Lake Property
Toronto, October 12, 2005 -- Probe Mines Limited (TSX-V: PRB), is pleased to announce that a zone of significant copper sulphide mineralization has been discovered on the McFauld's Lake Project, in the lower James Bay region of Northern Ontario.
The discovery was made in a second phase drilling program on a newly interpreted airborne electromagnetic conductor. Mineralization was intersected in two shallow drill holes and comprises almost eight meters of massive sulphides containing significant chalcopyrite in the discovery hole, followed by a six-meter intersection of the same mineralization in a second hole 50 meters below. The copper mineralization is associated with an altered felsic volcanic fragmental horizon and occurs as coarse, interstitial chalcopyrite with locally massive sections.
Probe is cautious with regard to providing an accurate visual estimate of the copper concentration at this stage, however the mineralization is considered very significant in view of its marked similarity to the Spider-KWG deposits in the same area. Both zones were intersected at less than 100m depth, and the sulphide body is open in all directions.
Assays will be released as soon as they are received within two to three weeks. The new copper zone represents just one of a number of untested airborne conductors identified in the McFauld's Lake survey, which are now all considered high priority and have the potential of hosting similar VMS bodies. Drilling has now ceased due to the onset of cold weather. Exploration will resume as soon as feasible in the new year to allow for freeze-up at the end of fall drilling season. This exploration will include initial detailed ground geophysics to better define the discovery zone and other potential nearby conductors identified in the airborne survey, to be followed by comprehensive drilling.
As part of the exploration work completed on the McFauld's Lake Project, Probe also completed a Phase II drilling program on the Victory Project (see press release of September 20, 2005). Six targets were tested in this program. The results of this drilling were consistent with the Phase I program completed on the Victory Project in the summer of 2005. Complete details will be announced when the assay results from the McFauld's Lake discovery are released. Further winter exploration may include additional work on the Victory Project as well as the McFauld's Lake Project.
The directors are extremely gratified with the discovery, which follows almost two years of diligent and cost effective exploration at the McFauld's Lake and Victory Projects in the lower James Bay region, involving airborne and ground geophysics, and 27 drill holes in total consisting of 8 holes at the McFauld's Lake Project and 19 holes at the Victory Project. Previous drilling on the McFauld's Lake area in a Phase I program identified four base-metal enriched sulphide horizons in a separate section of the property. Interpretation of the recent high-resolution airborne data indicates a number of stronger anomalies in close proximity to these sulphide zones. The new copper discovery further justifies the Company's strong commitement to this area, which it believes has excellent potential to develop into an important base and precious metal mining camp.
This press release is available on the Probe Mines IR HUB for investor commentary, feedback and questions. Investors are asked to visit http://www.agoracom.com/IR/ProbeMines . Alternatively, investors are asked to e-mail all questions and correspondence to [email protected] where they can also request addition to the investor e-mail list to receive all future press releases and correspondence directly.
About the Company:
Probe Mines Limited is a well-funded base and precious metal exploration company with a portfolio of highly prospective mineral properties. In addition to its McFauld's Lake property Probe is currently exploring the adjacent Victory property, which represents a previously unexplored volcanic belt related to the McFauld's Lake volcanics. As well, Probe maintains a 5% royalty interest in claims covering part of Agnico-Eagle Mines Limited TSX: AGE) Goldex Mine property in Val d'Or, Quebec, which is slated to begin production in 2008, while gold mineralization has been discovered on its Bristol Township property in the new West Timmins gold camp. 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:
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 Nov 1, 2005, High Grade Copper Mineralization Discovered on Probe Mines McFauld's Lake Property, including 7.8m of 3.1% Cu
You can view the Previous News Releases item: Tue Sep 20, 2005, Probe Mines Commences Second Phase Drilling Program on Victory Project, Ontario High Resolution Helicopter-borne Geophysical Survey Delineates Additional High-Priority Conductors; Assays Received for Phase I Drilling
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