TORONTO, ONTARIO--(Marketwired - Aug. 21, 2013) - Probe Mines Limited (TSX VENTURE:PRB) -
- New Infill sections 1500m SE and 1600m SE confirm continuity of the High-Grade Zone ("HGZ"), returning thick, high-grade mineralized intercepts of: 44.4 metres grading 4.0 g/t Au, including 14.3 metres averaging 11.1 g/t Au (Section 1500m SE); and 41.0 metres grading 5.1 g/t Au, including 11.6 metres averaging 15.1 g/t Au (Section 1600m SE);
- Infill drilling in the northwest sections of the deposit continues to define potential bulk tonnage mineralization with intervals ranging between 0.9 g/t Au and 3.3 g/t Au, including intercepts of 50.0 metres averaging 1.4 g/t Au and 19.0 metres grading 2.2 g/t Au on Section 150m NW.
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 29 diamond drill holes, BL12-436 to BL13-464, were received and were successful in confirming the continuity of the high-grade gold mineralization on new infill Sections 1500m SE, 1550m SE and 1600m SE as well as continued improvement in the potential bulk tonnage mineralization through the infill drilling program.
Drilling is continuing on the high-grade zone and results will be released as soon as they are received.
Results from ten infill drill holes in the high-grade gold zone returned significant intersections of thick, high-grade gold mineralization. In particular, drilling results were received from new infill sections within the high-grade zone ("HGZ") that confirm the continuity of the high-grade gold mineralization. Diamond drill hole BL13-455 on Section 1500m SE returned an impressive interval of 44.0 metres averaging 4.0 g/t Au, which included 14.3 metres of 11.1 g/t Au, while 100 metres to the southeast, hole BL13-458 returned an equally impressive 41.0 metres grading 5.1 g/t Au, including 11.6 metres averaging 15.1 g/t Au on Section 1600m SE.
These sections provide a valuable link to drilling on other sections and serve to improve confidence in a potential underground resource. The remarkable continuity of the HGZ between sections, as well as the consistent zonation, indicate that the gold mineralization is part of a well-developed system. Drilling is also defining the upper and lower limits of the mineralization, and will be used in an updated resource estimate that will include the new HGZ, currently delineated over a potential strike length of 950 metres.
The following table shows selected drill results for the HGZ, with all intervals approximating true width. Depths of the mineralized zones are between 283 and 444 metres vertical depth. Updated plan and section maps for all holes are available on the Company's website at http://www.probemines.com/s/Borden_Lake.asp?ReportID=569319:
High-Grade Zone Drill Results
|* hole 460 deviated off section and did not reach the zone|
Results from the infill drilling between Sections 450m NW and 1000m SE continued to define and improve the gold zone with thick intersections of resource grade mineralization and narrow zones of higher-grade material. Highlights include 50 metres averaging 1.4 g/t Au in Hole BL13-444 and 19 metres of 2.2 g/t Au in Hole BL13-451 on Section 150m NW and 6 metres of 3.3 g/t Au in Hole BL13-441 on Section 200m NW. Gold mineralization still remains open in the northwest direction.
The following table shows selected results from the infill drilling, with all intervals approximating true width. Depths of the mineralized zones are between 25 and 398 metres vertical depth:
Infill Drill Results
|* NSA - no significant assays|
Dr. David Palmer, President and CEO of Probe, comments "The deposit continues to distinguish itself not only with its high grades, but also the remarkable consistency of the mineralization. This consistency is an important element that is often missing in gold deposits and should aid in the potential development plans with improved efficiency and therefore costs. Our priority now is to continue delineating and defining the high-grade zone in order to incorporate this into the economic studies."
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 April 30, 2013, the Company had approximately $28 million in treasury and a portfolio of highly prospective mineral properties. In May 2013, the Company closed a private placement of $15 million. As a result of the financing, Agnico Eagle Mines Limited now owns 9.9% of the Company on a non-diluted basis. 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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. 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.
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Director of Corporate Communications
Probe Mines Limited
Vice President, Corporate Development