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Re: News Releases - Tuesday, June 23, 2009
Probe Mines to Commence Drilling on McFauld's Lake Properties
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Toronto, June 23, 2009 -- The Directors of PROBE MINES LIMITED (TSX-V:
PRB) ('Probe') are pleased to announce that mobilization of field crews
will commence in the next few days to begin the Company's summer
drilling campaign on its McFauld's Lake properties. The first phase of
drilling will be focused on the joint venture project with Noront
Resources (TSX-V: NOT) of which Probe is Operator. Recent Geophysical
data has delineated a highly prospective horizon for chromite, which is
interpreted to be the extension of the Freewest Resources and
Freewest/KWG Resources/Spider Resources Black Thor and Big Daddy
chromite discoveries to the northeast and southwest, respectively. The
program will comprise eight holes totaling approximately 2,100m and
will focus on the potential chromite horizon, as well as four
additional geophysical targets that are prospective for nickel-copper
and the platinum group metals.
Interpretation of VTEM airborne survey data for the Company's
100%-owned Victory property is currently underway. A number of
coincident magnetic and electromagnetic anomalies were delineated in
the area surrounding last year's drill discovery of a mineralized
ultramafic sill and a drill program is currently being planned,
depending on results of the interpretation. The program is expected to
follow drilling of the joint venture project.
Data from the Company's 100%-owned Tamarack property is being
re-evaluated since the property was returned in May 2009. The Tamarack
property contains both the volcanic and ultramafic horizons that host
the majority of base metal discoveries made in the belt since 2002,
which includes the Company's own high-grade copper discovery on the
Tamarack property. Probe expects to drill the Tamarack property once
the evaluation and any further recommended geophysical programs have
been completed. Interest in the property has increased since the
announcement by Noront Resources of the Thunderbird vanadium-titanium
discovery less than two kilometers to the south of the Tamarack
boundary. The claims contain the interpreted northern extension of the
magnetic units hosting the Thunderbird zone.
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 covering 87 of these claims. Probe currently has
an option-joint venture agreement with West Timmins Mining on its
Bristol Township gold project adjacent to the million-plus ounce gold
deposit owned by Lake Shore Gold Corp. Lake Shore 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, 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 Jun 23, 2009 at 5:01:19 AM Pacific Time
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