Apr 01, 2008
Probe Mines Discovers Mafic Intrusive Outcrop on McFauld's West Property, James Bay Lowlands, Ontario; Project Update
Toronto, April 1, 2008 -- The Directors of PROBE MINES LIMITED (TSX-V: PRB) ("Probe") are pleased to provide an update on the Company's 100%-owned McFauld's West property, located approximately 450m from Noront Resources Eagle One discovery.
Mafic Intrusive Discovered
During recently completed ground geophysical surveys, a mafic intrusive was discovered in outcrop on the grid indicating a potential extension of the Eagle One intrusive system on Probe's property. The outcrop represents a significant find given its composition, being a potential nickel-copper-PGE host, its proximity to the Eagle One deposit and the lack of rock exposures in this part of the McFauld's Lake area. The intrusive body corresponds to an 800 metre long northwest-trending magnetic anomaly stretching across the property and is coincident with one of the two magnetic anomalies identified in previous airborne surveys (click here for map). The presence of this potential nickel host is important as it confirms the geophysical and geochemical interpretation of a mafic/ultramafic intrusive system on the McFauld's West property. The sample is being sent for whole-rock analysis. The property is currently under three to four feet of snow and a detailed mapping program is planned for the spring.
Ground Geophysical Program
The ground geophysical program incorporating Insight Geophysics' deep penetrating electromagnetic system has been completed and the Company is currently waiting for results. The program comprised an initial gradient survey over the entire grid followed by four Insight sections covering areas highlighted by the gradient survey. The Insight technique uses a spectral IP array providing high-density readings and better resolution of the electromagnetic signature than traditional surveys and has an effective depth penetration of 400 metres. The results are currently being processed using a 2D inversion model in order to accurately locate the anomalies for drilling and will be released pending final interpretation by Insight.
Following the Insight survey a ground magnetics program was run in order to better define the magnetic anomalies on the property. The program was successful in further resolving the two anomalies identified by airborne surveys. The eastern anomaly occurs as a large, oval, magnetic high over 900 metres in length and 400 metres in width. The anomaly contains three distinct lobes in the interior, one of which is coincident with the nickel-copper-silver-gold soil geochemical anomaly identified by Probe Mines. To the west, the second magnetic anomaly occurs as an 800 metre-long, northwest-trending linear feature and is associated with the mafic intrusive outcrop discovered during the magnetic survey. This feature originates from magnetic highs located to the south on Noront Resources' Double Eagle property hosting the Eagle One nickel-copper-PGE deposit.
The helicopter borne electromagnetic/magnetic survey has been completed and final results are expected shortly. The Company will update shareholders on all of the geophysical data after interpretations have been received.
MMI Soil Anomaly
As previously reported, results from a mobile metal ion (MMI) soil geochemistry profile indicate the potential for a buried, nickel/copper/gold/silver-bearing deposit associated with the eastern magnetic anomaly on the property. Ground magnetic data indicate the MMI anomaly occurs over the largest of the three magnetic high lobes comprising the oval anomaly. Within a 200m section of the profile, samples displayed highly anomalous values for nickel, copper, silver and cobalt with response ratios of up to 9.1, 36, 18 and 14.5 times background, respectively, while gold consistently showed values of 4 times background. The strong correlation between nickel and cobalt, and copper-silver-gold indicate an internal consistency to the data suggesting these elements, typically found in sulphide mineralized mafic-ultramafic intrusives, are traveling together and most likely derived from a unique source.
Diamond Drill Program
Mantis Mineral Corp has advised the Company that the drill originally planned to mobilize to the McFauld's Lake area has been delayed and will not be in the area until after breakup. This drill was to be used for the McFauld's West drilling by Probe, however we are now seeking other alternatives. Although an unfortunate delay, this will allow us to further evaluate the results of the recent surveys and continue mapping the intrusive system on the property. This new timetable will be useful for refining the drill program and will allow for an expanded program, not being constrained by winter breakup as the earlier proposed program was. Probe is currently in discussions with a drill contractor and the new drilling schedule will be released once a contract has been signed.
The Company is encouraged by the preliminary geophysical and geochemical results, which suggest significant potential for multiple buried, sulphide-bearing, mafic-ultramafic intrusives. David Palmer, President of Probe Mines states, "The field work conducted to date on the property has developed into a very compelling story. We have delineated two prominent magnetic features, identified a strong nickel-copper geochemical anomaly over one, and discovered mafic intrusive bedrock over the second, all within a stone's throw from the major high-grade nickel discovery at Eagle One. The discovery of mafic intrusive in outcrop has raised the potential of the property significantly from an interpretive stage to a physical reality, and suggests the Eagle One magmatic system extends well to the northwest on Probe's property. We are now waiting for the rest of the geophysical results and will be ready to begin drill testing the property. We have had encouraging results at each step and we are anxious to begin the next phase of exploration. Although we have been unavoidably delayed, this gives us a very good opportunity to thoroughly evaluate our data and insure that we are designing the most effective drill program with the best chance of success".
The McFauld's area is receiving considerable attention with continuing reports of high-grade nickel-copper-PGE mineralization from the Eagle One discovery. The most recent drilling intersection returned the highest grade material to date averaging 6.25% nickel, 2.75% copper, 1.85 g/t platinum, 10.23 g/t palladium, 3.0 g/t gold and 10.3 g/t silver over 46.6 meters. Probe Mines has been established in the McFauld's Lake area since 2003 and also owns the nearby Tamarack property, under option to Mantis Mineral Corp and the Victory Project, comprising 484 claims over an associated volcanic belt. In addition to Noront's nickel-copper discovery, the McFauld's Lake area is host to numerous volcanic-hosted Cu-Zn discoveries, one of which is located on the Tamarack claims, and management believes the area has the potential to develop into Canada's next major mining camp.
About Probe Mines:
Probe Mines Limited is a Canadian base and precious metal exploration company with 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. This includes a 100% interest in the McFauld's West Project, comprised of 12 claims (192 hectares) situated less than 450 metres from the site of Noront's significant new nickel-copper discovery, representing one of the closest properties to the discovery. Probe currently has joint venture agreements on its Bristol Township gold project (West Timmins Mining Inc.) and Tamarack base metal project (Mantis Mineral Corp.). The Bristol Project is adjacent to the million-plus ounce gold deposit owned by Lake Shore Gold Corp., which has recently announced a positive pre-feasibility study for the project. Probe also maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, slated for production in 2008. The company's shares trade on the TSX Venture Exchange under the symbol PRB.
Investors are invited to visit the Probe Mines IR Hub at http://www.agoracom.com/IR/Probemines where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to [email protected] where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
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:
David Palmer, Ph.D.
Tel: (416) 777-6703
Tel: (866) 365-4724
You can view the Next News Releases item: Wed Apr 23, 2008, Probe Mines Completes AeroTEM III Airborne Geophysical Survey on the Victory Project, McFauld's Lake Area, Ontario
You can view the Previous News Releases item: Wed Feb 20, 2008, Probe Mines McFauld's West Project Update
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