Nov 01, 2005
High Grade Copper Mineralization Discovered on Probe Mines McFauld's Lake Property, including 7.8m of 3.1% Cu
Toronto, November 1, 2005 -- Probe Mines Limited (TSX-V: PRB) is pleased to announce that significant assay results have been received for core samples taken from their recently completed drill program on the 100% owned McFauld's Lake Project in the James Bay Lowlands. Drill hole M6 encountered massive sulphide mineralization at a vertical depth of 50m consisting of a 7.8m section of chalcopyrite mineralization grading 3.1% Cu. Drill Hole M7, collared 50m west and down dip of M6, intersected the zone at 97m vertical depth with an average grade of 2.4% Cu over six meters, including 3.4% Cu over 2.5m. Anomalous zinc and precious metal values are also present, including up to 800ppm zinc, 0.3g/t Au and 9 g/t Ag The results confirm the potential for significant economic volcanogenic massive sulphide (VMS) deposits on Probe's McFauld's Lake property and provide encouragement for the discovery of additional bodies.
Airborne electromagnetic surveys completed over the property indicate the presence of numerous untested high-priority targets in the vicinity of the discovery. A ground geophysical program, comprising deepprobing electromagnetics and magnetics is now being planned for the area, and is expected to commence before year end or as soon as ground conditions permit.
The discovery represents a new VMS zone in the McFauld's Lake area, which has gained prominence following numerous drill intersections by Spider Resources (TSX-V: SPQ), including up to 18m of 8% Cu. At least four VMS deposits have been discovered by Spider, which share many similarities with the newly identified copper zone of Probe Mines.
Dr. David Palmer, President of Probe states, "We consider the McFauld's Lake area to be the most important and prospective area for VMS deposits in Canada. As this new discovery indicates, exploration to date has barely scratched the surface of this potential base and precious metals mining camp". He further quotes Dr. Jim Franklin, one of Canada's preeminent VMS consulting geologists, from his address at the 2005 PDAC Convention, "This part of the Sachigo Belt, although exceptionally poorly explored, may contain a typical distribution of VMS deposits; this includes one giant (25Mt) and 3 to 8 smaller (1 to 5Mt) deposits".
The discovery, along with nearby geophysical targets, provides an excellent opportunity for Probe to achieve the goals and objectives set out by the Company's directors and management, i.e., the discovery of multiple commercial ore deposts in the McFauld's Lake area.
Probe plans an aggressive program of drilling in 2006. Initially drilling will focus on delineation of the discovery zone, followed by testing of other similar geophysical targets.
Six drill holes were also completed on Probe's nearby Victory Project, which targeted a number of AeroTEM airborne anomalies. Massive sulphides were intersected in four of the six holes, and are associated with coarse fragmental volcanic rocks representing a potentially productive volcanic horizon. Assays are still pending, and will be released as soon as they become available.
About the Company:
Probe Mines Limited is a well-funded base and precious metal exploration company with a portfolio o 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 emerging 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. 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.
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 8, 2005, Probe Mines Limited Signs Joint Venture Agreement with Sydney Resource Corporation on the Bristol Gold Project/Pursues Winter Geophysical and Drilling Program on McFauld's Lake Project
You can view the Previous News Releases item: Wed Oct 12, 2005, Probe Mines Discovers Copper Zone on McFauld's Lake Property
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