| PROBE MINES LTD. : http://www.probemines.com/ : Live Custom Report |
| Cree Lake |
| Project Summary | |||||||||||||||||||||||||||||||||||||||
| The Cree Lake property is located 200-kilometers northwest of the city of Sudbury, Ontario and 125-kilometers southwest of the city of Timmins, Ontario. The property consists of 19-claims totaling 4,032-hectares in Swayze township. The Mantis occurrence represents a new gold discovery in the Swayze Belt. Recent drilling intersected a volcanic-hosted, quartz stockwork system carrying significant gold values along substantial drill hole widths, which include a 15.5-metre interval averaging 2.05 g/t Au from hole CL09-6 (see Mantis press release September 9, 2009). The zone comes to surface and represents excellent open-pit potential for a gold deposit of the high tonnage, low-grade type. Follow-up trenching conducted by Mantis immediately west of hole CL09-6 exposed a 50-metre length of intermittent quartz veining and shearing over a 10-metre width. Grab samples within this zone yielded significant gold values ranging from 0.61g/t to 43.2 g/t, with an average of 6.47 g/t. The property is situated along the Ridout deformation zone, a 130-kilometre long structure that hosts past producers such as the Jerome, Tyrranite and Kenty Mines, as well as numerous gold showings. The area has received recent attention with the identification of thick intervals of gold mineralization by Trelawney Mining on its Chester Gold Project, located approximately 60 kilometres southeast along strike in the Swayze Belt. The Cree Lake project encompasses the Flint Rock occurrence, a high grade gold showing that produces bonanza grade samples up to 1,300 gpt and visible gold. In 2008, the Flint Rock gold occurrence was stripped, mapped and sampled. Sampling of the trench yielded extremely encouraging values with 17% of the samples delivering high grade gold values greater than 34 grams and one bonanza grade sample of 1,300 grams. The gold mineralization is associated with quartz-pyrite-galena-chalcopyrite vein(s) within a 1.5 to 2.0 meter shear zone. The stripping exposed the zone for an approximate 100-meter length. South of Cree Lake a gold anomalous sulphide iron formation extends for 1,300-meters along strike. The formation occurs at the southern edge of the Cree Lake fault and Mantis' claims cover 6-kilometers of potential strike length of this highly favorable gold bearing horizon. Probe conducted a drilling program on the property in June, 2010. A total of six holes were drilled testing Mantis' 2009 gold discovery, comprising a thick (15.5m), near surface, gold zone averaging 2.05 g/t Au, at depth and along approximately 150 metres of strike length. All holes intersected numerous, narrower, zones of gold mineralization grading up to 8 g/t Au, while Hole CL10-11 returned a five (5) metre section grading 2.3 g/t Au. Hole CL10-12 also tested the historical Flintrock showing and returned a one (1) metre intersection grading 24 g/t Au. The program was successful in identifying numerous gold zones on the property and provided considerable geological information. Although no thick zones of mineralization were intersected in this program, the structural data obtained from this program was used to re-interpret the Mantis Zone and determine its probable orientation. Owing to the widespread occurrences of gold, and a reinterpretation of the Mantis Zone, Probe conducted an additional program on the property in the spring of 2011. SPRING 2011 DRILL PROGRAM The spring drill program, which comprised five drill holes, successfully identified the low-grade gold zone discovered by Mantis in 2009 and has extended the mineralization 50 metres to the east of the discovery hole. Hole CL11-17 intersected 12.7 metres grading 1.3 g/t Au at 29 metres depth, representing the eastern extension of the 2009 discovery of a 15.5 metre-wide interval averaging 2.05 g/t Au (see Mantis news release 09/09/2009). Drill holes CL11-16 and CL11-17 represent the first holes to be drilled to the east of the 2009 discovery area. The following table provides highlights of the drilling program. All sections are referenced from the Discovery Section, taken as 0 metres East. These intervals do not represent true widths: Drilling Highlights -- Cree Lake 2011
Drill holes CL11-14 and CL11-15 were drilled 50 metres west of the discovery section and failed to intersect any significant mineralization. Holes CL11-16 and CL11-17 were drilled 50 metres east of the discovery and tested the horizon at vertical depths of 29 metres and 54 metres, respectively. Hole CL11-18 was designed to test below the original discovery hole, CL09-06, and intersected a narrow zone of low-grade gold. The drilling was designed to follow up on results from a 2010 summer drill program by Probe that returned numerous, zones of gold mineralization including a five (5) metre section grading 2.3 g/t Au and individual assays of up to 8 g/t Au proximal to the Mantis discovery. The property also hosts the historical Flintrock showing, where one hole from the summer program intersected 24 g/t Au over one metre. Option TermsProbe may earn a 51% undivided interest in the Cree Lake Gold Project by making an initial payment of 150,000 common shares of Probe within 10 days of the signing of the option agreement; fund expenditures of $1,000,000, which includes an IP survey and a diamond drill program; issue a total of 1,000,000 Consideration Shares in aggregate; and complete and fund an additional 5,000 metres of drilling by April 2013. Upon completing all the payments mentioned above, Probe will have a second option to acquire an additional 9% undivided interest in the Cree Lake Gold Project by paying two million dollars ($2,000,000) on or before April 15, 2014 to Mantis. Probe will have a third option to acquire a further undivided 10% interest in the property by paying three million dollars ($3,000,000) on or before April 15, 2015 to Mantis. Four of the claims comprising the Cree Lake Gold Project are subject to a 1.5% net smelter return royalty in favor of previous vendors. On June 22, 2011, Probe announced that the option was extended to November 15, 2011. | |||||||||||||||||||||||||||||||||||||||
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