Probe Mines (TSX:V.PRB, Stock Forum), a Toronto-based mineral exploration firm operating in Ontario, announced results today from its recent 19,000 metre expansion drilling program at the Borden Gold project located near the town of Chapleau in northeastern Ontario.
According to the news release, the company expanded the high-grade zone 600 metres along strike to Section 2600mSE while remaining open for further expansion to the southeast.
The 34 completed holes drilled in the expansion campaign returned significant intersections of gold mineralization over considerable widths.
Highlights included 3.0 g/t Au over 40.0 metres including 4.5 g/t Au over 11.3 metres at Section 2100mSE, 2.2 g/t Au over 38.0 metres including 5.1 g/t Au over 10.7 metres at Section 2200mSE, 3.6 g/t Au over 17.9 metres including 8.4 g/t over 5.8 metres at Section 2300mSE, 3.5 g/t over 71.0 metres including 25.1 g/t Au over 4.7 metres at Section 2400mSE and 7.7 g/t Au over 10.3 metres including 12.1 g/t Au over 5.0 metres at Section 2500mSE.
Company president and CEO, Dr. David Palmer, commented, “The Winter Program was a tremendous success in expanding the HGZ an additional 60% in strike length to over 1.6 kilometres. The recent results are still showing very thick intercepts of high-grade gold indicating the continuation of the robust gold system.”
He went on to explain, “In addition, the results also show the gold zone may be leveling off to the southeast and not getting deeper. This could have a positive effect on logistics and costs in any potential underground development scenario. Results to date have shown consistent improvement in grade along the entire 3.7 kilometres of strike length of the deposit, and we are very encouraged by these results which show significant potential for further improvement and expansion of the HGZ.”
Then he finally concluded, “Probe will be hard at work during 2014 advancing the project towards development.”
Probe Mines was in the news recently when the company agreed to terms with Reliant Gold for a joint venture with respect to the Borden Lake South property.
Shares climbed 3.77% on the news to $3.03 per share.
Currently there are 75.8m outstanding shares with a market cap of $229.6 million.