In the Summer 2006, Probe Mines signed an option agreement to acquire a 100% interest in the Norway Lake project owing to the discovery of a new and previously untested base metal occurrence. The discovery was made by trenching a 500m-long induced polarization (IP) conductor. The mineralization consists of a seven metre-wide zone of banded semi-massive lead-zinc-copper sulphides, hosted by quartz-sericite altered volcanics. Probe conducted a representative sampling of the seven metre-wide mineralized exposure which returned values of up to 1.1% Cu, 7.7% Zn, 6.5% Pb, 36 g/t Ag and 0.5 g/t Au in one metre sections across the zone. The seven-metre width is considered a minimum, as neither the hangingwall nor footwall was observed in the exposed mineralization. The zone is also open along strike and at depth.
In addition to the new base metal discovery on the Norway Lake project, there are at least eight other gold and base metal occurrences within the property boundaries. These occurrences include historical drill intersections of up to 10.5g/t Au and 2.6% Cu over one metre and grab samples containing up to 6.9% Cu.
The Norway Lake project is located approximately 35 kilometres northeast of Atikokan Ontario, an area known for its long mining history. Surrounding the project area are numerous gold and base metal discoveries. These include the Hammond Reef deposit, with an estimated resource of 2.5M ozs Au, the Golden Winner Mine and Atikokan Resources' high-grade silver and Pb-Zn deposit, with reported values of over 400 ozs/ton of silver. In addition, the area hosts dozens of other gold and base metal showings, which have never been thoroughly evaluated.
The new base metal discovery represents an exciting opportunity for Probe to delineate ore-grade mineralization and we are planning an aggressive field program to begin evaluating its potential. Initially, fieldwork will focus on the new base metal sulphide showing, in preparation for drilling in the summer of 2006 and will expand to include the other copper and gold occurrences as Probe begins to develop a geological model for mineralization in the area.