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Re: News Releases - Tuesday, June 08, 2010
Probe Mines Provides Exploration Update
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Toronto, June 8, 2010 -- The Directors of PROBE MINES LIMITED (TSX-V:
PRB) ("Probe") are pleased to provide an exploration update on the
Company's projects in the McFauld's Lake area of Northern Ontario and
Borden Lake area near Chapleau, Ontario.
- A VTEM airborne geophysical surveys have been completed over Probe's
100%-owned McFauld's West project located approximately four kilometres
north of the Eagle's Nest nickel deposit. Results are pending.
- The SQUID ground geophysical survey is progressing on the
Probe-Noront Joint Venture ("JV") ground approximately 400m north of
Eagle's Nest and is expected to be completed at the end of June.
- A VTEM airborne geophysical survey has been completed over the Borden
Lake Gold project. Preliminary results have been received and indicate
a number of electromagnetic anomalies, one of which is spatially
associated with surface gold mineralization.
- Ground geophysical work utilizing an induced polarization ("IP")
survey has commenced on the Borden Lake claims targeting the surface
gold mineralization.
- The Company is currently in negotiations with a drilling contractor
and is planning to begin drilling programs on its projects in
approximately two weeks.
- More details of the geophysical surveys and planned drilling will be
announced as results are received and schedules are confirmed.
McFauld's Lake
A VTEM electromagnetic-magnetic ("EM") survey, comprising 214 line
kilometres, has been completed over the Company's 100%-owned McFauld's
West property located approximately four kilometres north of the
Eagle's Nest nickel-copper deposit. The property covers magnetic
anomalies situated along the projected extension of structures
interpreted to be the conduits for the ultramafic magma responsible for
the deposition of nickel-bearing massive sulphides. When received,
results of the survey will be used to evaluate the property for
potential nickel-copper massive sulphide targets which will be tested
by follow-up drilling.
A geophysical survey has commenced on the Probe-Noront joint venture
claims situated approximately 400 metres north of the Eagle's Nest
nickel-copper deposit. The property is being surveyed using a
large-loop Crone system equipped with a SQUID B-Field sensor and is
being run in conjunction with Noront as part of a larger survey
covering the entire Eagle's Nest area. The large loop-SQUID system has
been used effectively in the Raglan area of Quebec to identify small,
nickel-copper massive sulphide bodies at depths below 100m. Once
results are received Probe is planning to begin a drill program to test
anomalies identified by the SQUID survey as well as previously
identified ZTEM airborne, Insight chargeability, magnetic and
geochemical targets on the property. The program is expected to
commence in early July.
Borden Lake Gold Project
A VTEM airborne EM-magnetic survey, comprising 225 line kilometres, has
recently been completed over the Borden Lake property. Preliminary
results indicate a number of anomalies on the property, the most
interesting of which consists of a 700 metre-long conductor located
just south of the gold mineralization identified in outcrop. It is
hoped that the EM anomaly has a genetic association with
gold-mineralized outcrop and therefore implications for increased
strike length, width and grade of gold mineralization. A ground
geophysical grid is currently being established over both the
mineralized area and the VTEM target and will be surveyed by IP. The
program is expected to be completed towards the end of June. Results
will be used to evaluate the relationship between gold-bearing outcrop
and airborne anomalies. The airborne conductor lies along a horizon
containing two other similar conductors which suggests the potential
for an extensive mineralized zone. Drilling is expected to commence
once final results for the airborne and ground surveys have been
evaluated.
Investor Awareness
As part of Probe's efforts to increase investor awareness in the
Company, Karen Willoughby, Director of Corporate Communications, will
be the featured guest in an interview on one of Internet's fastest
growing Stock Trading internet communities, StockGoodies.com. The
interview will be held on Tuesday, June 15 at 8:00 p.m. ET. The
interview can be heard at http://www.blogtalkradio.com/stockgoodies.
The archived version can be found on the homepage of
www.StockGoodies.com.
StockGoodies is a leading publisher of news, perspective, and marketing
intelligence on all forms of equity trading: pennies, micro-cap, mid
and large cap and options. The company's vision is to empower
self-directed investors by narrowing the gap between individual traders
and professionals.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious
metal exploration company with approximately $4MM 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 covering 87 of these claims. In addition Probe
has recently acquired two new gold projects, Cree Lake and Borden Lake,
which show early potential for hosting significant mineralization.
Probe currently has an option-joint venture agreement with Lake Shore
Gold Corp on its Bristol Township gold project adjacent to Lake Shore's
million-plus ounce gold deposit. Recent exploration results from Lake
Shore include an 83.4m intersection grading 12.75 g/t gold less than
one kilometre from Probe's claims. 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. The Company has only
34,116,472 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) 2010 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 Jun 8, 2010 at 5:42:41 AM Pacific Time
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