Jan 17, 2006
Probe Mines: Identifies New Conductors Near Recent VMS Discovery
Numerous Targets Identified on Double Eagle Project, James Bay Lowlands, Ontario
Toronto, Ontario CANADA, Jan 17, 2006 (M2 PRESSWIRE via COMTEX) -- Probe Mines Limited (PRB - TSX Venture), is pleased to announce that results from the recently completed InfiniTEM geophysical survey on its 100%-owned McFauld's Lake property have been received, and indicate additional conductors proximal to, and along strike of, the recent high-grade copper volcanogenic massive sulphide (VMS) discovery identified in October, 2005. Results indicate the discovery zone is longer than first interpreted in the preliminary results, with a strike length of at least 500m. In addition, two high-priority targets have been delineated 600m to the south and 1200m to the north, and comprise bedrock conductors coincident with strong magnetic anomalies. The southern anomaly consists of a 400m long horizon displaying stronger conductivity than the discovery zone, while the northern zone extends for over 600m in length. The two new anomalies lie within the same stratigraphic horizon as the discovery, indicating potential for similar style VMS mineralization.
The survey was carried out by Abitibi Geophysique of Val d'Or, Quebec and represents a new method of deep-probing geophysics. The InfiniTEM survey was successful in identifying, and resolving, the three conductors, and accurately estimated the shallow depth (50m) of the discovery zone. The two new conductors are interpreted to be deeper, with the southern anomaly estimated at 100m and the northern target represented by a deep (+200m) conductor.
As reported in December, 2005, Probe has concluded an option/joint venture agreement with Noront Resources Ltd. on Noront's Double Eagle property, comprising 533 claims (8258 hectares), covering approximately 30 kilometers of favourable volcanic stratigraphy along the geological trend containing Probe's discovery zone and the Spider/KWG deposits. Previous airborne and ground geophysical surveys have identified at least 45 drill-ready bedrock conductors, most of which are markedly similar to those associated with the known sulphide deposits.
In view of the large number of high quality additional geophysical targets, Probe is planning a major drill program for 2006.A diamond drill rig is currently on the property and it is expected that a second rig will be moved in when the program resumes, as soon as conditions permit, probably in early February.
Given the marked similarity of the geological environment in this area to VMS base/precious metal deposits in well known mining camps, such as Noranda and Matagami, which are characterized by multiple deposits along one or more volcanic horizons, Probe management is extremely optimistic that there is excellent potential for multiple ore deposits in this new, emerging, base metal camp.
About the Company:
Probe Mines Limited is a base and precious metal exploration company with a portfolio of highly prospective mineral properties. Probe has made a significant copper VMS discovery during recent drilling on its McFauld's Lake project in the James Bay Lowlands, Ontario, including a near-surface intercept grading 3.1% Cu over 7.8 m, and now has access to over 21,000 hectares of volcanic stratigraphy. In addition, 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. 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, visit our website at www.probemines.com.
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.
CONTACT: Dave Palmer, Ph.D., President Tel: +1 416 777 6703 Fiona Childe, Ph.D., Manager of Corp. Communications Tel: +1 416 992 8402 Harry J. Hodge, P.Eng., Director Tel: +1 416 363 4376
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