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Re: News Releases - Tuesday, October 20, 2009
Probe Mines Completes Phase II Drilling on its Black Creek
Chromite Discovery; Expands Zone to 200 Metre Strike Length and
up to 63.6 Metres wide.
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Toronto, October 20, 2009 -- The Directors of Probe Mines Limited
(TSX-V: PRB) ("Probe") are pleased to announce that the Phase II
diamond drilling on the Probe-Noront Resources (TSX-V: NOT) Joint
Venture Project's Black Creek high-grade chromite discovery in the
McFauld's Lake area of the James Bay Lowlands has been completed. The
program consisted of 11 drill holes totaling over 1,700m and was
successful in extending the strike length of the massive chromite
horizon to 200m. The zone still remains open in all directions. The
chromite horizon was intersected in all 11 holes drilled and ranges
from 63.6m wide to 15m wide, with an average of almost 40m in all holes
drilled to date (not true width). To date, the zone has only been
tested to approximately 200m vertical depth and appears to maintain a
relatively consistent width in each section. In addition, the zone was
also traced to near-surface depths of approximately 25m, suggesting
that the chromite horizon projects to the bedrock surface and is a
likely candidate for open pit extraction.
Fifteen drill holes, totaling almost 4,000m, have now been completed on
the Black Creek Zone, with all intersecting significant widths of
massive chromite mineralization. In addition to extending the Black
Creek Zone in length, depth and thickness, the Phase II program was
also successful in delineating the body at a 50m-spacing in all
dimensions. This will allow for a much more accurate estimation of the
size and average grade of the zone as identified thus far.
Approximately 500 samples have been submitted for geochemical analyses
from the Phase II program and results will be released as soon as they
are ready. The chromite zone is characterized by significant intervals
of massive chromite with typically subordinate sections of semi-massive
and disseminated mineralization.
The Black Creek horizon is located on the Probe/Noront McFauld's West
joint venture property and represents the latest discovery in the "Ring
of Fire". Results from the Phase I drilling program yielded up to 62.4
metres of 34.5% Cr2O3, including 34 metres of 41.4% Cr2O3. Values are
amongst the best found in the McFauld's area to date.
The chromite-bearing horizon, which is hosted by a thick package of
olivine-bearing peridotites and pyroxenites, lies directly between the
Black Thor chromite discovery of Freewest Resources ('Freewest') and
the Freewest/KWG Resources/Spider Resources Big Daddy chromite zone and
northeast of Noront Resources Blackbird discoveries.
McFauld's Lake
The McFauld's area continues to receive considerable attention with
recent reports of high-grade chromite and PGE mineralization from
Noront and Freewest Resources, in addition to continuing intersections
of high-grade nickel and copper at Noront's Eagle One, Eagle Two and
AT-12 discoveries. A preliminary economic assessment of the Eagle One
Ni-Cu deposit reported an estimated resource (indicated) of 1,834,000
tonnes averaging 1.96% Ni, 1.18% Cu and 5.1g/t combined platinum,
palladium and gold.
The discovery of chromite at McFauld's has added significantly to the
area's value. The first massive chromite horizon was identified by
Spider Resources in January 2006 while exploring for VMS
mineralization. Noront Resources identified further chromite
mineralization on its Black Bird 1 and 2 showings, while Freewest
Resources returned significant intersections of massive chromite in its
Black Thor and Black Label deposits. Highlights from the Freewest
drilling include a 124m intersection grading 30% Cr2O3. The chromite
occurrences are all located along a laterally extensive magnetic high
that can be traced for approximately 20km in a northeast direction,
along which many of the Probe-Noront joint venture claims occur.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious
metal exploration company with approximately $4.3M in treasury and 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, including joint venture properties
with Noront Resources. Probe also has an option-joint venture agreement
with West Timmins Mining on its 100%-owned Bristol Township gold
project adjacent to the million-plus ounce gold deposit of Lake Shore
Gold Corp. and the recently announced Porphyry Zone discovery (83.4m of
12.75 g/t Au) of Lake Shore-West Timmins. In addition, Probe 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. The Company has
only 33,516,472 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) 365-4724
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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Copyright (c) 2009 PROBE MINES LTD. (PRB) All rights reserved. For
more information visit our website at http://www.probemines.com/ or
send mailto:info@probemines.com
Message sent on Tue Oct 20, 2009 at 5:51:24 AM Pacific Time
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