Probe Mines Intersects Peridotite on McFauld's WesProbe Mines Intersects Peridotite onMcFauld's West; Geochemical Results for Victory Project Received,Exploration Planned for Additional McFauld's Lake Properties
TORONTO, ONTARIO, Aug 05, 2008 (MARKET WIRE via COMTEX News Network) --
TheDirectors of PROBE MINES LIMITED (TSX VENTURE: PRB)("Probe") arepleased to announce that a total of eight holes have been completedduring first-phase drilling on the Company's 100%-owned McFauld's Westproperty in the James Bay Lowlands. Ultramafic intrusive rock wasintersected in three of the eight holes, and represent three uniquebodies. Diamond drill holes MW-02 and MW-08 identified a thick (over 80metres) peridotite intrusive body, which closely resembles the hostperidotite of the Eagle One nickel-copper discovery. The holes weredesigned to test a number of discrete geophysical anomalies identifiedthrough the ground program, however, the anomalies were not explainedby the amount of sulphides observed in the core and further work isrequired. Drill hole MW-01 was collared to test the "mafic" dykeidentified in outcrop during the winter geophysical program andintersected two separate ultramafic dykes at depth. The dykes werebarren of sulphide at this location. The peridotite and ultramaficdykes have been sampled and assay results will be released once theyare received, which is expected to take three weeks.
Owing tothe presence of potential nickel-PGE host rocks and the lack ofexplanations for the geophysical and geochemical anomalies, the Companyis now planning further geophysical programs on the property. A VTEMsurvey is currently being designed for both the Victory and McFauld'sWest properties to be followed by a deep-penetrating, high resolutionground geophysical survey on the McFauld's West property. The resultsof the drilling indicate that previous surveys lacked either the depthpenetration or resolution and future surveys will correct this inpreparation for second phase drilling, expected to commence in thefall.
Victory Assay Results
Geochemical results havebeen received for the Company's recently completed drilling on its100%-owned Victory project. Core samples from hole V08-27, whichintersected a 30 metre thick unit of sulphide mineralized ultramaficintrusive, returned anomalous values of nickel, copper, platinum andpalladium throughout the section. The ultramafic is situated at the endof an over 300 metre long airborne conductor and suggests the potentialfor higher-grade and thicker mineralization towards the middle of thezone. A VTEM airborne survey is now being planned for the area inpreparation of further drilling.
Holes V08-24, V08-26 andV08-27 all returned anomalous values of copper and zinc within sulphidemineralized sections of the volcanic sequence and indicate a potentialfor volcanogenic massive sulphide (VMS) type deposits within thevolcanic package.
Additional McFauld's Lake Properties
ProbeMines owns an additional 75 claim units situated between, and northeastof, Noront Resources Eagle One and AT-12 massive sulphide discoveriesand exploration is now being planned for these properties. The claimsare located along the trend of ultramafic rocks between Noront's DoubleEagle and Probe's Tamarack Projects, and share boundaries with FreewestResources', Fancamp Exploration's and Noront's properties. Adeep-penetrating helicopter-borne survey is now being planned for thisarea and will be followed by drilling of airborne targets.
ProbeMines has been established in the McFauld's Lake area since 2003 andowns approximately 15,000 hectares of ground along the McFauld's andVictory volcanic Belts. In addition to Noront's nickel-copperdiscovery, the McFauld's Lake area is host to numerous volcanic-hostedCu-Zn discoveries, one of which is located on Probe Mines' Tamarackclaims. Management believes the area has the potential to develop intoCanada's next major mining camp.
About Probe Mines:
ProbeMines Limited is a Canadian base and precious metal exploration companywith a portfolio of highly prospective mineral properties. The Companyis currently focused on the McFauld's Lake area where it owns 931claims covering almost 15,000 hectares. This includes a 100% interestin the McFauld's West Project, comprised of 12 claims (192 hectares)situated less than 450 metres from the site of Noront's significant newnickel-copper discovery, representing one of the closest properties tothe discovery. Probe currently has joint venture agreements on itsBristol Township gold project (West Timmins Mining Inc.) and Tamarackbase metal project (Mantis Mineral Corp.). The Bristol Project isadjacent to the million-plus ounce gold deposit owned by Lake ShoreGold Corp., which has recently announced a positive pre-feasibilitystudy for the project. Probe also maintains a 5% net smelter royalty ona portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, slatedfor production in 2008. The company's shares trade on the TSX VentureExchange under the symbol PRB.
Investors are invited to visitthe Probe Mines IR Hub at https://www.a g o r a c o m.com/IR/Probemines wherethey can post questions and receive answers or review questions andanswers already posted by other investors. Alternatively, investors areable to e-mail all questions and correspondence to PRB@a g o r a c o m.comwhere they can also request to be added to the investor e-mail list toreceive all future press releases and updates in real time.
DavidPalmer, Ph.D., P.Geo., is the qualified person for all technicalinformation in this release. To find out more about Probe MinesLimited, visit our website at www.probemines.com.
Forward-Looking Statements
ThisNews Release includes certain "forward-looking statements". Allstatements other than statements of historical fact, included in thisrelease, including, without limitation, statements regarding potentialmineralization and reserves, exploration results, and future plans andobjectives of Probe, are forward-looking statements that involvevarious risks and uncertainties. There can be no assurance that suchstatements will prove to be accurate and actual results and futureevents could differ materially form those anticipated in suchstatements. Important factors that could cause actual results to differmaterially from Probe's expectations are exploration risks detailedherein and from time to time in the filings made by Probe withsecurities regulators.
The TSX Venture Exchange does not acceptresponsibility for the adequacy or accuracy of this release. No stockexchange, securities commission or other regulatory authority hasapproved or disapproved the information contained herein.
Contacts: Probe Mines Limited David Palmer, Ph.D. President (416)777-6703 Probe Mines Limited Karen Willoughby Investor Relations1-866-365-4724 Website: www.probemines.com
SOURCE: Probe Mines Limited
https://www.probemines.com
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