Aug 19, 2005
Probe Mines Completes First Diamond Drilling Program on the Victory Base Metal Project
TORONTO, August 19 - The directors of Probe Mines Ltd wish to announce that the first phase of drilling on the Victory Project has been completed. The 100%-owned Victory Project is located in Northern Ontario and covers a previously unknown and unexplored greenstone belt, immediately adjacent to McFaulds Lake, where several high-grade copper-zinc-gold-silver VMS deposits are presently being explored by Spider/KWG Resources. The program consisted of 13 holes totaling 2301 meters, and was designed to test EM conductors picked up by an airborne geophysical survey carried out by Fugro Airborne Surveys for Probe earlier this year. A minimum of 35 conductors were detected in this survey and the number is expected to increase significantly with a detailed, independent review of the geophysics.
All 13 holes successfully intercepted sulphides, consisting of pyrrhotite and pyrite with minor chalcopyrite and sphalerite, in altered felsic to intermediate volcanic rocks, predominantly fragmental tuffs and breccias. These are very similar to the rocks hosting deposits in the Noranda, and other VMS mining camps. Based on visual observation, the sulphides contain sub-economic concentrations of copper and zinc, although core samples have been sent to a commercial laboratory for copper, zinc, gold and silver analyses.
Dr. David Palmer, President of Probe, states: '' We are very encouraged with the initial results. These represent the first drill holes ever put down on the property, and the host rocks, alteration and sulphides at Victory are definitely indicative of the type of Archean volcanic centers with which VMS deposits are associated, and are markedly similar to the adjacent Spider/KWG deposits. The drilling has provided us with a considerable amount of information on this new belt, and has given us two areas in which to focus our next round of drilling. ''
Based on these encouraging results, and following receipt of the analytical results, the company will conduct a comprehensive review and evaluation of the property, and determine priority targets from the remaining conductors for a second phase of drilling planned for later this year.
Probe Mines Limited is a well-funded base and precious metal exploration company with a portfolio of highly prospective mineral properties. In addition to Victory, 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. As well, Probe has identified three separate base metal-enriched horizons on its McFauld's Lake property, 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:
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.
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