The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from Marketwire

Probe Mines Announces Additional Assay Results for Its Borden Lake Gold Project: Expansion and Infill Drilling on the Main Mineralized Zone Returning Excellent Values

Highlights: - Continued improvement in the higher-grade core with numerous intercepts above 1.5 g/t Au, including 29 metres averaging 1.7 g/t Au and 29.2 metres grading 1.6 g/t Au; - Main zone mineralization still open in all directions - Gold-bearing intervals continue to be identified in the Hanging Wall zone, including high-grade intercepts of up to 9 g/t Au over 4 metres; - Infill drilling continues to improve main zone mineralization with intervals of up to 95.6 metres averaging 1.4 g/t Au

Tuesday, December 18, 2012

Probe Mines Announces Additional Assay Results for Its Borden Lake Gold Project: Expansion and Infill Drilling on the Main Mineralized Zone Returning Excellent Values06:00 EST Tuesday, December 18, 2012TORONTO, ONTARIO--(Marketwire - Dec. 18, 2012) -Probe Mines Limited (TSX VENTURE:PRB)("Probe" or the "Company") is pleased to announce that it has received further assays from its ongoing drilling program at the Company's Borden Lake Gold Project near Chapleau, Ontario. Results for diamond drill holes BL12-272 to BL12-296 were received and continue to expand the Borden Lake gold zone to depth, identify new mineralization to the hanging wall side (northeast) of the main zone and confirming the main zone through infill drilling. These results continue to show improvement in the Borden Lake deposit outside the area of the recently announced high-grade mineralization (see News Release dated December 12, 2012), particularly with respect to the higher-grade core. Follow-up drilling is now being planned for the high-grade mineralization identified at the southeast end of the deposit, which will be a focus in 2013. Of the twenty-five (25) new holes, seven (7) represent expansion of the main zone mineralization to depth; seven (7) represent drilling in the immediate hanging wall of the main zone testing for parallel gold zones; and the remaining eleven (11) were drilled as infill to previous drilling of the main zone.As with previous expansion and infill drilling on the main mineralized zone, results show a consistent improvement in overall grades with all significant intersections reported here returning values at or above the 0.6 g/t gold ("Au") cut-off used to define the Updated Resource (see news release dated April 2, 2012). The higher-grade core, which has become an integral feature of the mineralized zone, also shows continued improvement with a number of intersections averaging above 1.5 g/t over appreciable widths. Highlights from this drilling include 29 metres grading 1.7 g/t Au and 29.2 metres averaging 1.6 g/t Au in drill holes BL12-272 (Section 100m SE) and BL12-274 (Section 0m), respectively, with a number of high-grade zones including 12 metres of 3.9 g/t Au (BL12-294) and 6 metres of 6.3 g/t Au (BL12-293) on sections 450m SE and 1000m SE, respectively. Hole BL12-294 also returned an impressive intercept averaging 1.4 g/t Au over 95.6 metres. The Hanging Wall drilling program remains successful in delineating gold mineralization above the main deposit to the northeast. Four of the reported holes contain significant intersections with respect to both width and grade, including a 4 metre interval grading 9.1 g/t Au (BL12-288) and a 35 metre-wide intercept averaging 0.6 g/t Au (BL12-286). The Company will now begin evaluating the results on the Hanging Wall program to direct future drilling on these gold zones.The following tables show selected results from Depth Extension, Hanging Wall and Infill drilling programs. For the majority of holes, drill width approximates true width. For holes BL12-282 and -293 true width is approximately 90% of drilled width. Updated plan and section maps are available on the Company's website at Depth Extension Drilling DDHSectionFrom (m)To (m)Width (m)Au (g/t)BL12-273600m NW167178111.5BL12-273523545.522.50.7including53554491.1BL12-2751100m SE407.246052.80.8including45045771.3BL12-279600m NW713726130.7BL12-2811100m SE388.3399.411.11.6BL12-281447459.712.70.8BL12-285700m NW513525121.0BL12-2871000m SE435.546226.50.8BL12-2931000m SE36136766.3BL12-293384394101.0BL12-293426460340.6 Hanging Wall Drilling DDHSectionFrom (m)To (m)Width (m)Au (g/t)BL12-284550m SE 142.1155.813.70.8BL12-286550m SE 128163350.6BL12-288650m SE 747849.1BL12-289650m SE ---------NSABL12-291750m NW ---------NSABL12-292750m NW ---------NSABL12-296650m NW 19120091.6*NSA - no significant assays Infill Drilling DDHSectionFrom (m)To (m)Width (m)Au (g/t)BL12-272100m SE485681.4BL12-272104160561.1including118147291.7BL12-272171.419018.60.8BL12-2740m88.818798.21.0including115.814529.21.6also including153167141.8BL12-274240.62465.43.9BL12-276550m SE213225121.0BL12-276262294320.7BL12-277750m NW281.9332.750.80.6BL12-278550m SE208296881.3including222224221.9also including244248.84.81.5also including25225643.1BL12-280750m NW33533941.1BL12-280343369.326.30.7BL12-282550m SE213241280.7BL12-282250304.854.81.1including279.4300.220.81.4BL12-282308.6316.88.20.7BL12-283750m NW409.542920.50.7BL12-290450m SE186.522235.50.7BL12-290244267231.2including24725142.2BL12-294450m SE208.430495.61.4including214226123.9also including259286271.7BL12-295550m NW---------NSA*NSA - no significant assaysDr. David Palmer, President and CEO of Probe, states, "We are extremely pleased with the results that continue to come out of the project. Not only have we recently shown the potential for much higher grades at Borden, but we are also seeing improvement within the previously reported resource area. Borden displays a potential that isn't seen in many of the more advanced projects and we are looking forward to continuing this success in 2013.Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Lake drill core sampling, with each fire assay furnace batch of 40 samples including two certified reference materials (standards), one blank sample and one core duplicate sample. Quality control guidelines and ongoing QAQC monitoring are being carried out by Probe personnel.About Probe Mines:Probe Mines Limited is a Canadian precious metals exploration company whose key asset is the Borden Lake Gold project in Ontario, Canada. As of July 31, 2012, the Company had approximately $27 million in treasury and a portfolio of highly prospective mineral properties. In addition, Probe disposed of its Goldex royalty on November 29, 2012 and received $14 million with the possibility of receiving up to an additional $4 million based on production milestones. The Company is actively exploring a significant new gold resource on its Borden Lake project near Chapleau, Ontario and has 100% interest in the Black Creek chromite deposit located in Northern Ontario. 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. To find out more about Probe Mines Limited, visit our website at behalf of Probe Mines Limited,Dr. David Palmer, President & Chief Executive OfficerForward-Looking Statements This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.Shares Issued: 65,391,491FOR FURTHER INFORMATION PLEASE CONTACT: Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. Contact Information: Probe Mines LimitedKaren WilloughbyDirector of Corporate Communications(866) 936-6766info@probemines.comProbe Mines LimitedPatrick LangloisVice President, Corporate Development(416)