Probe Mines Announces Further Assay Results for its Borden Lake Project near
Chapleau, Ontario: Up to 136.8 metres
averaging 1.2 g/t Au, including 10.3 metres of 6.1
g/t Au
Toronto, March 28, 2011 -- PROBE
MINES LIMITED (TSX-V: PRB) ("Probe" or the "Company") is
pleased to announce that it has received further assay results from an ongoing
drilling program on its Borden Lake gold project near Chapleau,
Ontario. Results for diamond drill holes BL11-26 to BL11-28, and the remaining
results for drill hole BL11-25, were received and successfully intersected gold
mineralization underneath and to the southeast of the original discovery holes.
Gold mineralization intersected in the current holes is similar to that
previously reported and is comprised of thick sections of disseminated sulphides hosted by predominantly Timiskaming-age
sediments with subordinate gold-bearing granitic pegmatite and amphibolites.
Significant widths of gold mineralization were returned from all holes, and
include: a 108.9 metre interval averaging 1.1g/t Au
in Hole BL10-27, a 136.8 metre interval grading 1.2
g/t Au in Hole BL11-28 and a 119 metre section
grading 0.7 g/t Au in Hole BL11-26. The following table presents the highlights
from the four holes. Reported drill widths approximate
true widths in these sections:
DDH
|
Section
|
From (m)
|
To
(m)
|
Width (m)
|
Au
(g/t)
|
BL11-25
|
700m
NW
|
44
|
68
|
24
|
0.8
|
|
|
83.6
|
90
|
6.4
|
0.7
|
|
|
119
|
123
|
4
|
1.9
|
|
|
143.2
|
210
|
79.1
|
0.7
|
including
|
|
180
|
210
|
30
|
0.9
|
|
|
|
|
|
|
|
|
|
|
|
|
BL11-26
|
Discovery
|
161
|
280
|
119
|
0.7
|
including
|
|
199
|
247.7
|
48.7
|
1.1
|
|
|
|
|
|
|
|
|
|
|
|
|
BL11-27
|
100m
SE
|
88.1
|
197
|
108.9
|
1.1
|
including
|
|
91.8
|
103.5
|
11.7
|
3.7
|
also including
|
|
169
|
183
|
14
|
1.6
|
|
|
|
|
|
|
|
|
|
|
|
|
BL11-28
|
100m
SE
|
45.4
|
182.2
|
136.8
|
1.2
|
including
|
|
74.6
|
142
|
67.4
|
1.8
|
also including
|
|
76
|
86.3
|
10.3
|
6.1
|
Hole BL11-26 was drilled to undercut the mineralization in Holes BL10-2, 3 and
4 (the discovery holes), as well as Holes BL11-09 and 10, and extended the
mineralized zone to approximately 280 metres depth, while holes BL11-27 and 28 represent the first
complete sections drilled to the southeast of the discovery holes. The latter
holes were designed to test the zone at 150 and 200 metres
depth. The remaining results for Hole BL11-25, drilled on the section 700 metres northwest of the discovery, were also received and
extended the mineralized interval previously announced in a press release dated
March 15, 2011 an additional 13.3 metres in width.
The second phase program has now drilled approximately 6,400 metres in 28 holes (BL10-09 to BL11-36) and to date has
tested approximately 1.2 kilometres of strike length
along the zone, which remains open in all directions. Drilling will continue
testing the strike and depth extents of the gold zone until the full limits of
the mineralized horizon have been tested.
Updated plan and section maps are available on the Company's website at
www.probemines.com.
Probe has instituted a strict quality assurance and quality control
("QA-QC") program for the Borden Lake drill core sampling, with each
batch of samples including two certified reference materials (standards), one
blank sample and one core duplicate sample in predetermined batches comprising
40 samples. Quality control guidelines have been set out by Independent
Qualified Person ("IQP") Ms. Tracy Armstrong, P.Geo., of P & E Mining
Consultants Inc.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal
exploration company with approximately $2.5MM in treasury and a portfolio of
highly prospective mineral properties. In addition to its Borden Lake Gold
project the Company owns 875 claims covering approximately 14,000 hectares in
the McFauld's Lake area, including a 100% interest in
the Black Creek chromite deposit, and is currently
exploring its Cree Lake project in Ontario's Swayze Belt, under option from
Mantis Mineral Corp. Probe also maintains a 45% interest in a joint venture
property with Lake Shore Gold Corp, which surrounds Lake Shore's Timmins Mine
project and a 5% net smelter royalty on a portion of Agnico
Eagle's Goldex Mine near Val d'Or, Quebec, which
began production in 2008. The Company has only 37,763,415 shares issued and
outstanding, which 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 Palmer
President
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.