TORONTO, ONTARIO--(Marketwire - Feb. 21, 2013) - Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company")
- Continued improvement in the higher-grade core in southeast infill drilling, including intercepts of 36.5 metres grading 4.5 g/t Au and 42.9 metres averaging 3.4 g/t Au;
- Infill drilling continues to improve central area of mineralization with intersections of up to 53.7 metres averaging 1.6 g/t Au, including 25.2 metres grading 2.5 g/t Au
- Highest gold value from a single sample, to date, of 102 g/t Au over 1 metre
- Gold-bearing intervals continue to be identified in the Hanging Wall zone
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 52 diamond drill holes, BL12-314 to BL13-365, were received and continue to improve grade in the southeast, identify new mineralization to the hanging wall side (northeast) of the main zone and improve the quality and consistency of the main zone through infill drilling. These results include drilling in the area of the new high-grade discovery, which returned a 51-metre intersection (true width) averaging 10.3 g/t Au in Hole BL12-256 (see News Release dated December 12, 2013). As part of the evaluation of this new high-grade zone, infill section, 1150m SE, was drilled to assess the continuity of the mineralization between previous sections. All holes on Section 1150 returned significant values of gold with highlights of 42.9 metres grading 3.4 g/t Au in Hole BL13-362, including a 31-metre interval averaging 4.3 g/t Au and a 26.7-metre intersection in Hole BL13-359 averaging 3.2 g/t Au, including a 12.6-metre interval grading 5.9 g/t Au. The following table shows selected results from Section 1150m SE drilling, with all intervals approximating true width. Updated plan and section maps are available on the Company's website at http://www.probemines.com/s/Borden_Lake.asp?ReportID=489901&_Type=Borden-Gold-Project&_Title=2D-Borden-Lake-Drill-Plan-and-Section-Maps:
|Section 1150m SE Drilling |
The Company is currently drilling step-out holes in the southeast to test the extent of the High-Grade Zone further along strike. Results from previous drilling suggest that the high-grade mineralization is an integral part of the horizon and is improving along strike. An analysis of the higher-grade core mineralization on Sections 1000m SE, 1050m SE, 1100m SE, 1150m SE and 1200m SE indicate a continual improvement in thickness and grade, and it is expected that this trend could continue with further drilling. The following table shows selected results from current and previously reported intersections on these sections illustrating the consistent improvement of the higher-grade core along strike to the southeast:
|Higher-Grade Zone Intercepts |
Of the fifty-two (52) new holes, a further forty-five (45) in-fill holes are presented, which confirm the internal consistency of the main zone mineralization and, in a number of cases, an improvement in grade. Hole BL12-327 returned a significant interval of 53.7 metres averaging 1.6 g/t Au, including 25.2 metres of 2.5 g/t on Section 250m NW, confirming that the infill program on previous sections in the northwest portion of the deposit is still being successful in defining higher-grade gold values. On Section 900m SE, Hole BL13-358 intersected a thick zone of higher-grade mineralization averaging 4.5 g/t Au over 36.5 metres, containing 11.7 metres grading 11.9 g/t Au and includes the highest value returned to date from the property of 102 g/t over one metre. Multiple high-grade samples were returned from other infill holes, including one metre of 83.6 g/t Au in Hole BL12-336 and one metre of 72 g/t gold in hole BL12-344, on Sections 50m SE and 250m SE, respectively. Overall the results from the infill drilling are encouraging, with over 80% of the intervals and sub-intervals returning greater than 1 g/t Au average grades. Please refer to the end of this News Release for a table of drilling results.
Only two holes of the 52 were drilled to test for hangingwall zones, with both successful identifying narrow zones of higher grade material, including 7 metres averaging 1.3 g/t Au in Hole BL12-328, and a shallow intersection of 3.5 metres grading 1.4 g/t Au in Hole BL12-354, on Sections 150m NW and 500m SE, respectively.
The following table shows the selected highlights from the Hangingwall drilling. Drill width approximates true width for both holes:
|Hangingwall Drilling Results |
Depth Extension Drilling
Only one hole targeted depth extensions to the mineralized zone. Hole BL12-316 was drilled on Section 800m SE and identified the gold zone to approximately 400 metres vertical depth.
The following table shows the selected highlights from Hole BL12-316. Drill width approximates true width for this hole:
|Depth Extension Drilling Results |
Owing to the encouraging results on the Borden Gold Project, Probe Mines plans a minimum of 80,000 metres of drilling in 2013, with a budget allocation of $15 million. The majority of this drilling will be focused on further delineation of the Borden Gold Deposit, with much of this centered on the expansion and definition of the new high-grade zone. Drills have now been mobilized to test the area around the high-grade intersections. In order to take advantage of winter ice conditions drilling is now focused on testing the mineralized zone 500 metres along strike to the southeast of the high-grade intersection identified in Hole BL12-256 (Section 1200m SE). It is anticipated that high-grade gold mineralization, if present, would exist at greater depths and potentially be amenable to underground mining methods.
In addition to drilling on the Borden Gold Deposit, up to 25% of the 2013 drill budget will be allocated towards testing regional targets on the Borden Gold and new East Limb properties. These areas have seen almost no previous exploration and the Company believes that the potential for additional discoveries is high. Drilling will commence on new regional targets once they have been identified and prioritized.
There are presently four drills operating on the deposit.
Dr. David Palmer, President and CEO of Probe, states "The results from the Borden Gold deposit drilling include some of the best intersections we have seen to date and indicate a coherent transition into higher grade gold values to the southeast. Our priority now is to continue defining and evaluating this high-grade mineralization and drilling is now underway to begin accomplishing this task. The Borden Gold project continues to distinguish itself and evolve into what might become one of Ontario's most significant gold deposits. With over $30 million in treasury, we are well-funded through 2014 and able to advance the Borden Gold project and continue building value for our shareholders."
Infill Drilling Results
The following tables show selected results from the Infill Holes. For the majority of holes, drill width approximates true width. For holes BL12-314, -318, -331, -338, -344, -345, -351, -352, -356 and -366 true width is approximately 90% of drilled width:
|Infill Drilling Results |
|*NSI - no significant intervals|
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 January 31, 2013, the Company had approximately $32 million in treasury and a portfolio of highly prospective mineral properties. 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.
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