Jun 08, 2010
Probe Mines Provides Exploration Update
Toronto, June 8, 2010 -- The Directors of PROBE MINES LIMITED (TSX-V: PRB) ("Probe") are pleased to provide an exploration update on the Company's projects in the McFauld's Lake area of Northern Ontario and Borden Lake area near Chapleau, Ontario.
- A VTEM airborne geophysical surveys have been completed over Probe's 100%-owned McFauld's West project located approximately four kilometres north of the Eagle's Nest nickel deposit. Results are pending.
- The SQUID ground geophysical survey is progressing on the Probe-Noront Joint Venture ("JV") ground approximately 400m north of Eagle's Nest and is expected to be completed at the end of June.
- A VTEM airborne geophysical survey has been completed over the Borden Lake Gold project. Preliminary results have been received and indicate a number of electromagnetic anomalies, one of which is spatially associated with surface gold mineralization.
- Ground geophysical work utilizing an induced polarization ("IP") survey has commenced on the Borden Lake claims targeting the surface gold mineralization.
- The Company is currently in negotiations with a drilling contractor and is planning to begin drilling programs on its projects in approximately two weeks.
- More details of the geophysical surveys and planned drilling will be announced as results are received and schedules are confirmed.
A VTEM electromagnetic-magnetic ("EM") survey, comprising 214 line kilometres, has been completed over the Company's 100%-owned McFauld's West property located approximately four kilometres north of the Eagle's Nest nickel-copper deposit. The property covers magnetic anomalies situated along the projected extension of structures interpreted to be the conduits for the ultramafic magma responsible for the deposition of nickel-bearing massive sulphides. When received, results of the survey will be used to evaluate the property for potential nickel-copper massive sulphide targets which will be tested by follow-up drilling.
A geophysical survey has commenced on the Probe-Noront joint venture claims situated approximately 400 metres north of the Eagle's Nest nickel-copper deposit. The property is being surveyed using a large-loop Crone system equipped with a SQUID B-Field sensor and is being run in conjunction with Noront as part of a larger survey covering the entire Eagle's Nest area. The large loop-SQUID system has been used effectively in the Raglan area of Quebec to identify small, nickel-copper massive sulphide bodies at depths below 100m. Once results are received Probe is planning to begin a drill program to test anomalies identified by the SQUID survey as well as previously identified ZTEM airborne, Insight chargeability, magnetic and geochemical targets on the property. The program is expected to commence in early July.
Borden Lake Gold Project
A VTEM airborne EM-magnetic survey, comprising 225 line kilometres, has recently been completed over the Borden Lake property. Preliminary results indicate a number of anomalies on the property, the most interesting of which consists of a 700 metre-long conductor located just south of the gold mineralization identified in outcrop. It is hoped that the EM anomaly has a genetic association with gold-mineralized outcrop and therefore implications for increased strike length, width and grade of gold mineralization. A ground geophysical grid is currently being established over both the mineralized area and the VTEM target and will be surveyed by IP. The program is expected to be completed towards the end of June. Results will be used to evaluate the relationship between gold-bearing outcrop and airborne anomalies. The airborne conductor lies along a horizon containing two other similar conductors which suggests the potential for an extensive mineralized zone. Drilling is expected to commence once final results for the airborne and ground surveys have been evaluated.
As part of Probe's efforts to increase investor awareness in the Company, Karen Willoughby, Director of Corporate Communications, will be the featured guest in an interview on one of Internet's fastest growing Stock Trading internet communities, StockGoodies.com. The interview will be held on Tuesday, June 15 at 8:00 p.m. ET. The interview can be heard at http://www.blogtalkradio.com/stockgoodies. The archived version can be found on the homepage of www.StockGoodies.com.
StockGoodies is a leading publisher of news, perspective, and marketing intelligence on all forms of equity trading: pennies, micro-cap, mid and large cap and options. The company's vision is to empower self-directed investors by narrowing the gap between individual traders and professionals.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $4MM in treasury and 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, including joint venture properties with Noront Resources covering 87 of these claims. In addition Probe has recently acquired two new gold projects, Cree Lake and Borden Lake, which show early potential for hosting significant mineralization. Probe currently has an option-joint venture agreement with Lake Shore Gold Corp on its Bristol Township gold project adjacent to Lake Shore's million-plus ounce gold deposit. Recent exploration results from Lake Shore include an 83.4m intersection grading 12.75 g/t gold less than one kilometre from Probe's claims. Probe also maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, which began production in 2008. The Company has only 34,116,472 shares issued and outstanding, which 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, or contact:
Tel: (416) 777-6703
Tel: (866) 365-4724
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: Mon Aug 9, 2010, Probe Mines to Acquire 100% interest in Black Creek Chromite Deposit and Dissolve Joint Venture Agreement with Noront Resources
You can view the Previous News Releases item: Tue Jun 8, 2010, Probe Mines Limited Announces Closing of $1,000,000 Non-Brokered Private Placement with MineralFields Group
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