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Probe Mines Limited
Published : December 10th, 2007
Commences Fieldwork on PROBE MINES' Tamarack Property
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Keywords :
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December 10, 2007
Probe Mines - Press Release
MANTIS MINERALS Commences Fieldwork on PROBE MINES' Tamarack Property in the McFauld's Lake Area, James Bay Lowlands, Ontario
Toronto, December 10, 2007 � The Directors of PROBE MINES LIMITED (TSX-V: PRB)
are pleased to announce that Mantis Mineral Corp ("Mantis") has commenced fieldwork on the Company's Tamarack Property located in the McFauld's Lake area of the James Bay Lowlands, Ontario. The property is currently under option to Mantis, through an option-joint venture agreement announced in October 2006.
Mantis has completed a high-resolution, helicopter-borne AeroTEM electromagnetic survey covering the previously unexplored southwestern corner of the Tamarack Project. The survey area comprises a section of the McFauld's Volcanic Belt interpreted to represent a continuation of the horizon associated with the recent nickel-copper-platinum group element (PGE) discovery of Noront Resources. The survey also provides a complementary data set to previously flown surveys to the east, which were responsible for the discovery of high-grade copper volcanogenic massive sulphide (VMS) mineralization on the Tamarack property in 2005.
The Tamarack property consists of 360 claim units (5,760 hectares) staked in two blocks covering the northern and southern stratigraphy of the McFauld's Volcanic Belt. In previous drilling by Probe Mines a 7.8 metre section of chalcopyrite-rich VMS mineralization grading 3.1% copper was intersected in the "A-zone", starting at a vertical depth of 50 metres. A second drill hole, collared 50 metres west and down dip from the discovery hole, intersected the A-zone at 97 metres vertical depth and returned 2.4% copper over 6.0 metres. Both intercepts also returned anomalous concentrations of zinc, gold and silver.
Results from the current survey will be used in conjunction with previous airborne and ground geophysical data to identify both VMS and Ni-Cu-PGE targets for a winter drilling program. Numerous untested targets occur in both the western and eastern claim blocks, and it is expected that the current survey will delineate additional conductors.
The McFaulds area is once again receiving considerable attention with the recent discovery of high-grade nickel-copper-PGE mineralization by Noront Resources, southwest and along strike of the Tamarack property. Results from hole NOT07-05 returned a 63.8m intersection of massive and net-textured sulphides in olivine-bearing peridotite grading 5.9% nickel, 3.1% copper, 2.9 g/t Pt and 9.8 g/t Pd; including a 3m interval grading 8.7% nickel, 10.9% copper, 41 g/t Pt and 14 g/t Pd
Mantis can earn up to 51% of the Tamarack property through the option-joint venture agreement. As part of the agreement, Mantis is required to make exploration expenditures totaling $500,000 over a three-year term.
About Probe Mines:
Probe Mines Limited is a Canadian base and precious metal exploration company with a portfolio of highly prospective mineral properties. The Company is currently focused on the McFauld's Lake area where it owns 931 claims covering almost 15,000 hectares. This includes a 100% interest in 12 claims (192 hectares) situated less than 450 metres from the site of Noront's significant new nickel-copper discovery and represents one of the closest properties to the discovery. Probe currently has joint venture agreements on its Bristol Township gold project (West Timmins Mining Inc.) and Tamarack base metal project (Mantis Minerals Corp.). The Bristol Project is adjacent to the million-plus ounce gold deposit owned by Lake Shore Gold Corp., which has recently announced a positive pre-feasibility study for the project. Probe also maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, slated for production in 2008. 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.
Investors are invited to visit the Probe Mines IR Hub at
http://www.agoracom.com/IR/Probemines
where they can post questions and receive answers or review questions and answers already posted by other investors. Alternatively, investors are able to e-mail all questions and correspondence to PRB@agoracom.com where they can also request to be added to the investor e-mail list to receive all future press releases and updates in real time.
To find out more about Probe Mines Limited, visit our website at
http://www.probemines.com
, or contact:
David Palmer, Ph.D.
President
Tel: (416) 777-6703
Karen Willoughby
Investor Relations
Tel: (866) 365-4724
AGORACOM Investor Relations
http://www.agoracom.com/IR/Probemines
prb@agoracom.com
Forward-Looking Statements
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Probe, are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from Probe's expectations are exploration risks detailed herein and from time to time in the filings made by Probe with securities regulators.
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