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Re: News Releases - Tuesday, June 15, 2010
Probe Mines to Begin Summer Drilling Operations
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Toronto, June 15, 2010 -- The Directors of PROBE MINES LIMITED (TSX-V:
PRB) ("Probe") are pleased to announce that summer drilling programs
will commence in approximately one week and will begin with the Cree
Lake gold project in the Swayze Belt of Northern Ontario. Once
completed the drill will be moved to the Borden Lake gold project, near
Chapleau Ontario, from which crews will be mobilized to the
Probe-Noront Joint Venture project in the McFauld's Lake Ring of Fire.
The order of drilling has been determined from expected completion
dates of current geophysical programs which are being conducted on the
Borden Lake and McFauld's Lake projects.
Cree Lake Gold Project
The Cree Lake Gold Project is host to a new gold zone discovered by
Mantis Mineral Corp (CNSX:MYN) ("Mantis") in 2009 and is characterized
by thick, near surface, drill intersections of up to 15.5 metres
averaging 2.05g/t Au. This style of mineralization is not typical of
the Swayze Belt and represents excellent potential for the delineation
of a near-surface, large tonnage, low-grade gold deposit. Follow-up
trenching conducted by Mantis immediately west of hole CL09-6 exposed a
50-meter length of intermittent quartz veining and shearing over a
10-meter width. Grab samples within this zone yielded significant gold
values ranging from 0.61g/t to 43.2 g/t, with an average of 6.47 g/t.
The property is situated along the Ridout deformation zone, a
130-kilometer long structure that hosts past producers such as the
Jerome, Tyrranite and Kenty Mines, as well as numerous gold showings.
The area has received recent attention with the identification of thick
intervals of gold mineralization by Trelawney Mining on its Chester
Gold Project, located approximately 60 kilometres southeast along
strike in the Swayze Belt. The property is currently under an option
agreement whereby Probe can earn up to a 70% interest in the property
from Mantis.
Drilling will be comprised of six holes designed to test the new gold
zone near surface and at depth along a 150 metre strike length and is
expected to take approximately one week. Results of the drilling will
be announced as soon as they are received.
Borden Lake Gold Project
The Borden Lake property represents a new gold discovery associated
with Timiskaming-age sediments in an underexplored area of the
Kapuskasing Structural Zone. It is characterized by surface gold
discoveries, identified over an area 150 metres long by up to 45 metres
wide, hosted by a highly altered and metamorphosed suite of rocks
within the volcano-sedimentary horizon. Grab samples from selected
outcrop returned values of up to 3.4 g/t gold, and the property is
considered to have excellent potential to host a low-grade, bulk
tonnage-type of gold deposit. The property is currently under an
option agreement to Probe, whereby the Company can earn a 100% interest
in the claims, subject to a net smelter royalty.
Probe has completed a high-resolution VTEM airborne survey over the
property and is currently in the process of establishing a ground
geophysical grid on which an Induced Polarization survey is expected to
start shortly. Drilling of geophysical targets will commence
immediately upon completion of the Cree Lake drilling.
McFauld's Lake
Drilling in the McFauld's Lake area will focus on the Probe-Noront
Joint Venture property immediately adjacent to the Eagle's Nest
nickel-copper deposit, which lies approximately 400 metres to the
south. A number of unexplained geophysical and geochemical anomalies
are present on the property, which already hosts an ultramafic
intrusive thought to be related to the Eagle's Nest peridotite. A
geophysical survey, utilizing a large-loop Crone system equipped with a
SQUID B-Field sensor, is currently in progress on the property and
drilling will commence following the completion of this survey and the
Borden Lake drilling program. More details will be released prior to
commencement of drilling.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious
metal exploration company with approximately $5MM 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. 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 36,338,693shares 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 15, 2010 at 5:15:35 AM Pacific Time
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