TORONTO, ONTARIO--(Marketwire - Jan. 8, 2013) - Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that it has received further assays from its ongoing drilling program at the Company's Borden Gold project near Chapleau, Ontario. Results for diamond drill holes BL12-297 to BL12-313 were received and continue to expand the gold zone to depth, identify new mineralization to the hanging wall side (northeast) of the main zone and confirm the main zone through infill drilling. Although a number of intervals are of higher grade mineralization, these holes are not in the area of the recent high-grade discovery. The high-grade mineralization will be the focus of follow-up drilling when the program recommences in early January. The drilling up to, and including, Hole BL12-313 will all be part of an updated NI 43-101 compliant Resource Estimate to be released shortly.
Of the seventeen (17) new holes, four (4) represent expansion of the main zone mineralization to depth; two (2) represent drilling in the immediate hanging wall of the main zone testing for parallel gold zones; and the remaining eleven (11) were drilled as infill to previous drilling of the main zone.
Results continue to show a consistent overall improvement in grades with all but one of the intersections reported here returning values at or above the 0.6 g/t gold ("Au") cut-off used to define the Updated Resource (see news release dated April 2, 2012). A significant number of intersections also display average grades over 1.5 g/t suggesting that the higher-grade core zone is also improving. Notable intervals include 41.7 metres grading 1.6 g/t Au in Hole BL12-300 (Section 350m SE) and a 35-metre intercept averaging 1.9 g/t Au in Hole BL12-309 (Section 550m SE), which includes a 14.5 metre wide interval averaging 3.3 g/t Au.
The Hanging Wall drilling program remains successful in delineating gold mineralization above the main deposit to the northeast, with Hole BL12-298 (Section 650m NW) containing a number of gold-bearing intervals at shallow depths. Further drilling will be required in 2013 to better evaluate the gold zones identified during the 2012 program.
The following tables show selected results from Depth Extension, Hanging Wall and Infill drilling programs. For the majority of holes, drill width approximates true width. For holes BL12-304-306 and -312 true width is approximately 90% of drilled width.
Updated plan and section maps are available on the Company's website at www.probemines.com.
Depth Extension Drilling
Hanging Wall Drilling
|*NSA - no significant assays|
|*NSA - no significant assays|
Dr. David Palmer, President and CEO of Probe, states, "Borden Gold continues to impress us with its potential, and the consistency of its mineralization. After more than 94,000 metres of drilling we are still showing improvement in the deposit, which remains open in all directions, and expect to continue advancing the project on both exploration and potential development fronts in 2013."
Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Gold drill core sampling, with each fire assay furnace batch of 40 samples including two certified reference materials (standards), one blank sample and one core duplicate sample. Quality control guidelines and ongoing QAQC monitoring are being carried out by Probe personnel.
About Probe Mines:
Probe Mines Limited is a Canadian precious metals exploration company whose key asset is the Borden Gold Zone in Ontario, Canada. As of October 31, 2012, the Company had approximately $22 million in treasury and a portfolio of highly prospective mineral properties. On November 29, 2012, Probe disposed of its Goldex royalty and received $14 million with the possibility of receiving up to an additional $4 million based on production milestones. The Company is actively exploring a significant new gold resource on its Borden Gold Zone near Chapleau, Ontario and has 100% interest in the Black Creek chromite deposit located in Northern Ontario. The Company'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, visit our website at www.probemines.com.
On behalf of Probe Mines Limited,
Dr. David Palmer, President & Chief Executive Officer
This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Shares Issued: 65,391,491
- Investment & Company Information
Director of Corporate Communications
Probe Mines Limited
Vice President, Corporate Development