Probe Mines Limited Announces Additional Assay Results for its Borden Lake Gold Project and Exploration Update by 24hgold

Keywords : Diamond | Gold |

Re: News Releases - Tuesday, June 05, 2012
Title: Probe Mines Announces Additional Assay Results for its Borden Lake Gold Project and Exploration Update

Toronto, June 5, 2012 -- PROBE MINES LIMITED (TSX-V: 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 Lake Gold Project near Chapleau, Ontario. Results for Diamond drill holes BL12-160 to BL12-196 were received and continue to expand the Borden Lake gold zone to depth and confirm its continuity through infill drilling. Highlights from the drilling include intersections of up to 82 metres averaging 1.1 g/t gold ("Au") in Hole BL12-193 (Section 600mSE) to a vertical depth of 392 metres and a 72 metre intersection averaging 1 g/t Au, containing a 21 metre interval grading 1.4 g/t Au, starting from surface on Section 250m NW in Hole BL12-179. The majority of intersections also contain higher-grade intervals, confirming the continuity of the higher-grade core identified in the mineralized zone and highlighted by the recent updated NI 43-101 Resource Estimate (see release dated April 2, 2012) which delineated an Indicated Resource of 1,498,000 ounces of gold averaging 1.46 g/t gold and an additional Inferred Resource of 407,000 ounces of gold averaging 1.30 g/t gold, at a 1.0 g/t cut-off grade, within a larger pit-constrained Resource of 2,735,000 ounces of gold averaging 1.04 g/t gold in the Indicated category and an additional Inferred Resource of 683,000 ounces of gold averaging 0.93 g/t gold, at a 0.6 g/t cut-off grade.

Of the 37 holes announced, 16 represent step-out holes to depth and indicate extensions of the mineralized zone of up to 203 metres deeper (vertical depth) than previously reported for these sections. Nineteen holes were drilled on 50 metre-spaced infill to previous shallow drill holes and confirmed the continuity of mineralization between surface and 138 metres depth. One hole, BL12-194, was drilled to complete deeper infill drilling on section 650m NW, while another, BL12-162, was drilled down-dip on Section 600m NW to assist in waste modeling.

The following tables show selected results from Depth Extension, Shallow Infill, Deep Infill and Waste Modelling drill holes. For the majority of holes, drill width approximates true width. For holes BL12-165, -170, -172, -180, -182, -186, -193 and -195 true width is approximately 80% of drilled width, and Hole BL12-162 was drilled down-dip.

Updated plan and section maps are available on the Company's website at www.probemines.com.

Depth Extension Drilling

DDH	Section	From (m)	To (m)	Width (m)	Au (g/t)
BL12-165	200m SE	371.5	396	24.5	0.8


BL12-167	300m SE	362	376.3	14.3	0.5
BL12-167		388	423	35.0	0.6
including		405.3	412	6.7	1.3



BL12-169	100m SE	339	342	3.0	0.9
BL12-169		349.9	370.9	21.0	0.7
BL12-169		379.5	389	9.5	0.5


BL12-170	300m SE	419.4	451	31.6	0.5


BL12-172	100m SE	394	410	16.0	0.6
BL12-172		432	442.5	10.5	0.5


BL12-175	400m SE	315	374.4	59.4	0.6
including		349	356	7.0	1.6


BL12-177	0m	390	396	6.0	1.9
BL12-177		419.4	425	5.6	0.6


BL12-180	400m SE	344	412	68.0	0.5
including		344	350	6.0	1.5


BL12-182	0m	335	337	2.0	1.1


BL12-183	500m SE	300.6	378.2	77.6	0.7
including		349	376	27.0	1.0


BL12-186	500m SE	326	396	70.0	0.6
including		374	391	17.0	1.4


BL12-188	100m NW	446	448	2.0	2.5


BL12-190	600m SE	301	328	27.0	0.6
BL12-190		346	382	36.0	0.9
including		357.1	370	12.9	1.8


BL12-193	600m SE	311	393	82.0	1.1
including		350.1	352	1.9	17.5
also including		372	385	13.0	2.3


BL12-195	100m NW	364	365	1.0	2.7
BL12-195		404	405	1.0	1.9


BL12-196	700m SE	296.0	323	27.0	0.6
BL12-196		340.0	383	43.0	0.9
including		349.0	357.0	8.0	2.2

Shallow Infill Drilling

DDH	Section	From (m)	To (m)	Width (m)	Au (g/t)
BL12-160	700m SE	88	89	1.0	1.5


BL12-161	650m SE	61.4	84.4	23.0	0.6
including		71	77	6.0	1.0


BL12-163	550m SE	41	58	17.0	1.4


BL12-164	600m NW	14.5	86.5	72.0	0.5
including		48.3	59	10.7	1.0


BL12-166	450m SE	53	85.5	32.5	0.6
including		54	59.3	5.3	1.2


BL12-168	350m SE	80.8	115	34.2	0.6
BL12-168		130	135	5.0	1.0


BL12-171	250m SE	27	28	1.0	1.1


BL12-173	150m SE	31.5	110	78.5	0.6
including		67.5	86	18.5	1.4


BL12-173	150m SE	31.5	110	78.5	0.6
including		67.5	86	18.5	1.4


BL12-174	50m SE	4	95	91.0	0.8
including		4	12.3	8.3	2.6


BL12-176	50m NW	3.2	72	68.8	0.8
including		25	33.7	8.7	1.2
BL12-176		130.1	160	29.9	0.6


BL12-178	150m NW	4	69	65.0	1.0
including		40	51	11.0	2.1
also including		56	64	8.0	1.5


BL12-179	250m NW	4	76	72.0	1.0
including		28.8	49.8	21.0	1.4
BL12-179		130	143	13.0	0.6


BL12-181	350m NW	12.5	74	61.5	0.7
including		47	50	3.0	2.2


BL12-184	450m NW	26	89	63.0	0.7
including		47	62	15.0	1.0
also including		83.2	89	5.8	2.0


BL12-185	550m NW	15	61.3	46.3	0.7


BL12-187	650m NW	33	42	9.0	0.9
BL12-187		61	117	56.0	0.6
including		107	114	7.0	1.2


BL12-189	700m NW	48	132	84.0	0.5


BL12-191	750m NW	25	28.5	3.5	1.2
BL12-191		121.8	158	36.2	0.6


BL12-192	800m NW	107	180	73.0	0.6
including		164	168.5	4.5	1.2

Deep Infill Drilling

DDH	Section	From (m)	To (m)	Width (m)	Au (g/t)
BL12-194	650m NW	218	233	15.0	0.5
BL12-194		279	326	47.0	0.5
BL12-194		370.4	373.9	3.5	1.1

Waste Modelling (Down Dip)

DDH	Section	From (m)	To (m)	Width (m)	Au (g/t)
BL12-162	600mNW	33	59.4	26.4	0.5
BL12-162		89.9	133.4	43.5	0.5
including		92	103	11.0	0.9
BL12-162		149.1	190	40.9	0.5
BL12-162		200	213	13.0	1.0
BL12-162		226.9	235	8.1	0.5

Exploration Update

Exploration programs continue to expand at the Borden Lake Project, with four drills currently turning on the property, a geochemical orientation survey in progress, local and regional geological mapping programs being initiated, advanced metallurgical testing underway and environmental testing continuing. The Company plans to utilize the 2012 field season to build its knowledge base for the Borden Lake-style gold mineralization in order to apply this to regional exploration programs targeting potential similar zones on the rest of the property as well as gaining a better understanding of the deposit itself. Probe currently has over 17 kilometres of previously unexplored strike length within the Borden Lake Belt to investigate.

Drilling on the Borden Lake Zone is continuing, utilising three of the four drill rigs with one testing further depth extensions (>500 metre depth); one testing for, and further delineating, parallel satellite gold zones on the hanging wall side (northeast) of the main mineralized zone; and one continuing to delineate mineralization at the southeastern end of the gold zone.

A fourth drill rig has recently been mobilized back to the "Fold Nose" area and is testing ground and airborne geophysical targets, after completing exploration drilling on the Borden Lake South Option property of Reliant Gold Corp.

The Company has also just completed a soil geochemical orientation survey over the Borden Lake property, which is designed to evaluate the effectiveness of several geochemical techniques in identifying Borden-style gold mineralization. The results of the orientation survey will be used to design regional soil surveys in other areas of the project to help identify and prioritize future drill targets.

Local and regional geological mapping programs have also begun on the project, and will focus on the Borden, Borden North and Borden South areas. The goal of the mapping is to develop a geological model for this relatively unknown area to apply to local and regional exploration.

As part of the continuing evaluation of the Borden Lake deposit, over 500 samples have now been submitted for metallurgical test work. This is compared to only 36 samples that were used in the original Scoping Metallurgical Study (see release dated November 28, 2012) which generated two metallurgical composites. The current testwork will evaluate a much broader spectrum of grades and cover a more extensive area of the deposit.

The Project's Environmental Baseline Study, which commenced in late summer 2011, is also continuing and 2012 programs are currently being planned and implemented by AECOM under the supervision of Dr. Nicola Lower, Senior Fisheries Biologist. The environmental characterization of the site will be used to assist in project planning and to enhance the efficiency of the project permitting process.

Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Lake 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 well financed, Canadian base and precious metal exploration company with approximately $33MM in treasury and a portfolio of highly prospective mineral properties. The Company is actively exploring a significant new gold resource on its Borden Lake project near Chapleau, Ontario and owns 875 claims covering approximately 14,000 hectares in the McFauld's Lake area, including a 100% interest in the Black Creek chromite deposit. Probe also maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, which began production in 2008, and a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds Lake Shore's Timmins Mine project. 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, or contact:

David PalmerPresident
Tel: (416) 777-6703

Karen Willoughby
Investor Relations
Tel: (866) 936-6766

Forward-Looking Statements

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.

Copyright � 2012 PROBE MINES LIMITED (PRB) All rights reserved. For more information visit our website at http://www.probemines.com/ or send email to info@probemines.com ..
Message sent on Tue Jun 5, 2012 at 5:13:38 AM Pacific Time

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