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Re: News Releases - Tuesday, November 09, 2010
Probe Mines Continues to Intersect High Grade Chromite at Black
Creek Deposit, James Bay Lowlands, Ontario
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Toronto, November 9, 2010 -- The Directors of PROBE MINES LIMITED
(TSX-V: PRB) ("Probe") are pleased to announce that the Company has
received assay results for its recently completed third-phase diamond
drill program on the 100%-owned Black Creek chromite deposit in the
Ring of Fire area, James Bay Lowlands, Ontario. Six holes of the
10-hole program successfully intersected the chromite horizon,
returning long intercepts of high-grade chromite mineralization all
containing significant intervals of greater than 40% Cr2O3. Highlights
from the drill program include:
The assay results and drill information have been sent to Micon
International and will be used to update the previous 43-101-compliant
preliminary chromite resource estimate on Black Creek (see release
dated August 23, 2010). The drilling program successfully extended the
chromite zone approximately 115 metres along strike and to a vertical
depth of approximately 320 metres. The Black Creek deposit currently
contains an estimated 5,714,000 tonnes averaging 40.00% Cr2O3 in the
measured and indicated categories and an additional 2,726,000 tonnes
averaging 40.99% Cr2O3 in the inferred category. Black Creek is a
high-grade chromite deposit strategically located between the Black
Thor and Big Daddy chromite deposits and represents a key segment of
the chromite horizon.
The chromite mineralization appears very similar to that observed in
previous programs, ranging in width (not true width) from 21 to 44.1
metres, and is comprised predominantly of massive chromite with minor
inter-layers of semi-massive and disseminated chromite. Importantly,
the third-phase drilling indicates that the chromite zone is found at
surface and is near-vertically dipping at depth. One hole intersected
the chromite horizon under less than 4 metres of overburden, confirming
that the horizon does project to the bedrock surface and would be a
likely candidate for open-pit extraction.
"We are very pleased with the assay results for Black Creek as they
confirm its high-grade nature continues along strike and to depth",
says Dr. David Palmer, President of Probe. "With the significant
expansion of the chromite zone in this latest drilling we are looking
forward to receiving the updated resource estimate, which is expected
by the end of November".
Of the ten holes drilled, six successfully intersected the Black Creek
horizon, three holes were lost due to poor ground conditions and one
hole failed to intersect chromite mineralization. The latter hole was
drilled to re-test the chromite zone at depth in the area where two
holes were lost.
Probe has instituted a strict quality control program for all
analytical work carried out on this program, which includes the use of
reference standards, blanks and duplicate sampling. Strict quality
control guidelines have been set out by Independent Qualified Person
("IQP") Ms. Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious
metal exploration company with approximately $3.5MM in treasury and a
portfolio of highly prospective mineral properties. The Company is
currently focused on two areas: McFauld's Lake, where it owns 875
claims covering approximately 14,000 hectares; and its Borden Lake gold
project, which returned very encouraging initial results including a
91m intersection averaging 2 g/t Au. Probe also 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 36,902,581 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) 936-6766
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Copyright (c) 2010 PROBE MINES LTD. (PRB) All rights reserved. For
more information visit our website at
https://www.probemines.com/ or
send mailto:
info@probemines.com
Message sent on Tue Nov 9, 2010 at 5:10:13 AM Pacific Time
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