Probe Mines Provides Update on its Borden Lake Project Drilling Program
TORONTO, ONTARIO, Dec 21, 2010 (Marketwire via COMTEX News Network) --
The Directors of Probe Mines Limited (TSXVENTURE:PRB) (Probe) are pleased to announce that the Company hascompleted seven holes, totaling 1,684 metres, of a 5,000 metre drillingprogram on its Borden Lake project near Chapleau, Ontario. Drillingoperations have been suspended over the holiday season and will resumeon January 12th, 2011.
The seven holes drilled to date represent fourindividual setups spaced 100 metres apart and are designed to test thewidth of the zone at two depths. Visual results suggest that all sevenholes have intersected the Borden Lake gold zone for an additional 300metre strike extension from the discovery hole. The zone is still openin both directions along strike and at depth, and when combined with thePhase I program represents a potential 550 metre-long section ofmineralization. These thick mineralized sections of the host Timiskamingsediments range between 180 metres and 200 metres in width (true width)and contain similar sulphide concentrations and assemblages as observedin the Phase I drilling program.
The Phase I program comprised eight holes testinga surface gold showing on the property. Thick zones of continuous goldmineralization were intersected in holes BL10-02 to BL10-07 representing250 metres of potential strike length along the gold zone. Hole BL10-02intersected 91 metres averaging 2 g/t Au while Hole BL10-04 returned a78 metre interval averaging 0.7 g/t Au and Hole BL10-05 returned an 86metre intercept grading 1 g/t Au. Within all of these broad mineralizedintercepts at least two significant higher-grade zones were identifiedwith intervals returning up to 5.3 g/t Au over 5 metres includingsamples of up to 15.5 g/t Au over one metre. All holes in the Phase Iprogram ended while still in mineralization and the full width of thezone had not been known until the start of the Phase II drilling.
Over 1,500 samples have been submitted toAccurassay Laboratories in Thunder Bay from the Phase II drilling andresults are expected by mid-January. Probe has instituted a strictquality control and quality assurance ("QA-QC") program for the BordenLake sampling, consisting of the insertion of sample standards, blanksand sample duplicates in predetermined batches. Quality controlguidelines have been set out by Independent Qualified Person ("IQP") Ms.Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc.
Results of the program will be released as soon as they have been received and reviewed.
About Probe Mines:
Probe Mines Limited is a well financed, Canadianbase and precious metal exploration company with approximately $3.0MM intreasury and a portfolio of highly prospective mineral properties. Inaddition to its Borden Lake Gold project the Company is also activelyexploring in the McFauld's Lake area, where it owns 875 claims coveringapproximately 14,000 hectares, including a 100% interest in the BlackCreek chromite deposit. Probe also maintains a 45% interest in a jointventure property with Lake Shore Gold Corp, which surrounds its TimminsMine project and a 5% net smelter royalty on a portion of Agnico Eagle'sGoldex Mine near Val d'Or, Quebec, which began production in 2008. TheCompany has only 37,380,915 shares issued and outstanding, which tradeon the TSX Venture Exchange under the symbol PRB.
David Palmer, Ph.D., P.Geo., is the qualifiedperson for all technical information in this release. To find out moreabout Probe Mines Limited, visit our website at www.probemines.com.
Forward-Looking Statements
This News Release includes certain"forward-looking statements". These statements are based on informationcurrently available to the Company and the Company provides no assurancethat actual results will meet management's expectations.Forward-looking statements include estimates and statements thatdescribe the Company's future plans, objectives or goals, includingwords to the effect that the Company or management expects a statedcondition or result to occur. Forward-looking statements may beidentified by such terms as "believes", "anticipates", "expects","estimates", "may", "could", "would", "will", or "plan". Sinceforward-looking statements are based on assumptions and address futureevents and conditions, by their very nature they involve inherent risksand uncertainties. Actual results relating to, among other things,results of exploration, project development, reclamation and capitalcosts of the Company's mineral properties, and the Company's financialcondition and prospects, could differ materially from those currentlyanticipated in such statements for many reasons such as: changes ingeneral economic conditions and conditions in the financial markets;changes in demand and prices for minerals; litigation, legislative,environmental and other judicial, regulatory, political and competitivedevelopments; technological and operational difficulties encountered inconnection with the activities of the Company; and other mattersdiscussed in this news release. This list is not exhaustive of thefactors that may affect any of the Company's forward-looking statements.These and other factors should be considered carefully and readersshould not place undue reliance on the Company's forward-lookingstatements. The Company does not undertake to update any forward-lookingstatement that may be made from time to time by the Company or on itsbehalf, except in accordance with applicable securities laws.
Shares Issued: 37,380,915
SOURCE: Probe Mines Limited