TORONTO, ONTARIO--(Marketwired - April 30, 2014) - Probe Mines Limited (TSX VENTURE:PRB)
Highlights:
- The 19,000 metre expansion drilling program has successfully expanded the high-grade gold zone 600 metres along strike, to Section 2600mSE, and remains open for further expansion to the southeast;
- The 34 completed holes drilled in the expansion program returned significant intersections of gold mineralization over significant widths, including:
Section 2100mSE
40.0 metres averaging 3.0 g/t gold
- including 11.3 metres grading 4.5 g/t gold
Section 2200mSE
38.0 metres averaging 2.2 g/t gold
- including 10.7 metres grading 5.1 g/t gold
Section 2300mSE
17.9 metres averaging 3.6 g/t gold
- including 5.8 metres grading 8.4 g/t gold
Section 2400mSE
71.0 metres averaging 3.5 g/t gold
- including 4.7 metres grading 25.1 g/t gold
- also including 16.3 metres grading 4.5 g/t gold
Section 2500mSE
10.3 metres averaging 7.7 g/t gold
- including 5.0 metres grading 12.1 g/t gold
- The mineralized zone appears to be leveling off and not plunging deeper to the southeast. The main part of the zone appears to be remaining between approximately 450-550 metres depth from Section 1800mSE to 2600mSE.
Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that it has received all results for its expansion drilling program (the "Program") on the Company's Borden Gold project near Chapleau, Ontario. Diamond drill holes BL14-587 to BL14-619 were received and were successful in demonstrating the continuity of the high-grade gold mineralization over 600 metres of additional strike length, which still remains open to the southeast. The program was also significant as it indicates that the High-Grade Zone ("HGZ") no longer deepens to the southeast but has leveled off and the center is remaining between approximately 450 and 550 metres depth. This could have positive implications for further exploration and potential development. All results from the expansion program will be included in the next updated 43-101-compliant Resource Estimate, which will be the first to include the HGZ.
The Program comprised 35 holes, drilled on 100 metre-spaced sections from 2100mSE to 2600mSE, with all completed holes intersecting gold mineralization. The Program was also successful in delineating the HGZ on all sections drilled. Highlights of the drilling include thick intersections of gold mineralization amenable to potential underground mining, the most notable being holes BL14-611 on Section 2400mSE which returned a 71-metre interval grading 3.5 g/t Au, including 4.7 metres of 25.1 g/t Au; and BL14-616W on Section 2100m SE consisting of 40 metres of 3.0 g/t Au, including 11.3 metres of 4.5 g/t Au. High-grade mineralization was also reported from hole BL14-594 on Section 2500mSE, returning 10.3 metres of 7.7 g/t Au, including 5.0 metres averaging 12.1 g/t Au.
Only one hole, BL14-608, was drilled on Section 2600mSE, but successfully intersected gold mineralization, including almost three metres averaging 8.7 g/t Au within a broad envelope of 26.6 metres grading 1.6 g/t Au. This indicates that there is still potential for further expansion of the HGZ.
The program represents first-phase drilling on sections 2100mSE to 2600mSE and successfully delineated the HGZ across 600 metres of expanded strike length. In addition to the potential for further expansion of the HGZ, it is expected that infill drilling on these sections will continue to improve grades significantly.
One infill drill hole, BL14-617 (Section 1150mSE) is included in these results and was drilled due to increased accessibility during the winter season.
The following table shows selected drill results for the HGZ expansion drilling, No top-cut was used in calculating the gold intervals. Depths of the mineralized zone averaged approximately 480 metres depth. All drill widths approximate true width. Updated plan and section maps for all holes are also available on the Company's website at: www.probemines.com/s/Borden_Lake.asp?ReportID=569319
High-Grade Zone Expansion Drill Results
| DDH |
Section |
From
(m) |
To
(m) |
Width
(m) |
Au
(g/t) |
| BL14-587 |
2200mSE |
495.0 |
507.3 |
12.3 |
1.4 |
| including |
|
500.7 |
507.3 |
6.6 |
2.1 |
| BL14-587W |
2200mSE |
493.0 |
509.9 |
16.9 |
1.3 |
| including |
|
497.0 |
501.0 |
4.0 |
3.5 |
| BL14-588 |
2200mSE |
LOST |
--- |
--- |
--- |
| BL14-589 |
2100mSE |
537.3 |
556.9 |
19.6 |
2.3 |
| including |
|
538.0 |
543.0 |
5.0 |
5.0 |
| also including |
|
553.0 |
556.9 |
3.9 |
3.7 |
| BL14-589W |
2100mSE |
421.0 |
429.2 |
8.2 |
1.8 |
| including |
|
427.8 |
429.2 |
1.4 |
5.3 |
| BL14-590 |
2300mSE |
488.0 |
499.1 |
11.1 |
1.1 |
| including |
|
494.6 |
497.2 |
2.6 |
2.8 |
| BL14-591 |
2200mSE |
536.4 |
553.0 |
16.6 |
1.3 |
| including |
|
536.4 |
540.6 |
4.2 |
2.9 |
| BL14-592 |
2300mSE |
445.0 |
509.0 |
64.0 |
2.0 |
| including |
|
483.0 |
503.3 |
20.3 |
4.3 |
| including |
|
487.0 |
502.0 |
15.0 |
5.0 |
| BL14-593 |
2300mSE |
534.5 |
552.0 |
17.5 |
1.1 |
| BL14-594 |
2500mSE |
452.0 |
475.0 |
23.0 |
1.2 |
| including |
|
468.0 |
475.0 |
7.0 |
2.0 |
| BL14-594 |
|
489.1 |
499.4 |
10.3 |
7.7 |
| including |
|
493.0 |
498.0 |
5.0 |
12.1 |
| BL14-594 |
|
509.0 |
517.3 |
8.3 |
2.0 |
| BL14-595 |
2100mSE |
454.0 |
488.0 |
34.0 |
2.5 |
| including |
|
465.0 |
486.0 |
21.0 |
3.3 |
| including |
|
477.0 |
485.0 |
8.0 |
6.8 |
| BL14-596 |
2400mSE |
566.0 |
570.9 |
4.9 |
2.3 |
| BL14-597 |
2400mSE |
490.0 |
500.0 |
10.0 |
1.6 |
| including |
|
494.0 |
500.0 |
6.0 |
2.2 |
| BL14-597 |
|
515.0 |
517.0 |
2.0 |
4.5 |
| BL14-597 |
|
523.0 |
524.8 |
1.8 |
32.5 |
| BL14-598 |
2300mSE |
444.0 |
467.0 |
23.0 |
1.5 |
| including |
|
458.0 |
466.0 |
8.0 |
2.4 |
| BL14-599 |
2200mSE |
480.0 |
504.3 |
24.3 |
1.5 |
| including |
|
484.0 |
489.3 |
5.3 |
2.0 |
| also including |
|
503.0 |
504.3 |
1.3 |
13.7 |
| BL14-600 |
2100m SE |
558.8 |
577.1 |
18.3 |
3.0 |
| including |
|
567.1 |
574.0 |
6.9 |
5.4 |
| BL14-601 |
2500mSE |
453.0 |
468.0 |
15.0 |
1.7 |
| BL14-601 |
|
499.0 |
515.0 |
16.0 |
1.4 |
| including |
|
502.0 |
506.8 |
4.8 |
2.8 |
| BL14-602 |
2300mSE |
480.0 |
509.2 |
29.2 |
1.3 |
| including |
|
482.9 |
488.0 |
5.1 |
2.0 |
| also including |
|
503.2 |
504.4 |
1.2 |
9.3 |
| BL14-603 |
2100mSE |
468.0 |
498.0 |
30.0 |
2.6 |
| including |
|
472.0 |
475.0 |
3.0 |
9.9 |
| also including |
|
486.0 |
490.0 |
4.0 |
3.0 |
| BL14-604 |
2300mSE |
551.6 |
569.5 |
17.9 |
3.6 |
| including |
|
551.6 |
557.4 |
5.8 |
8.4 |
| including |
|
553.5 |
557.4 |
3.9 |
10.6 |
| BL14-605 |
2400mSE |
553.0 |
577.8 |
24.8 |
1.1 |
| including |
|
553.0 |
556.0 |
3.0 |
3.6 |
| BL14-606 |
2200m SE |
471.6 |
502.0 |
30.4 |
1.6 |
| including |
|
471.6 |
486.0 |
14.4 |
2.6 |
| including |
|
477.0 |
482.0 |
5.0 |
5.4 |
| BL14-607 |
2500mSE |
529.0 |
532.8 |
3.8 |
2.9 |
| BL14-607 |
|
551.9 |
563.6 |
11.7 |
1.4 |
| including |
|
561.0 |
563.6 |
2.6 |
2.9 |
| BL14-608 |
2600mSE |
454.0 |
480.6 |
26.6 |
1.6 |
| including |
|
475.0 |
477.9 |
2.9 |
8.7 |
| BL14-609 |
2400mSE |
440.0 |
480.0 |
40.0 |
2.3 |
| including |
|
454.2 |
478.5 |
24.3 |
3.3 |
| including |
|
475.3 |
478.5 |
3.2 |
10.8 |
| BL14-610 |
2500mSE |
470.0 |
484.0 |
14.0 |
1.2 |
| including |
|
470.0 |
473.0 |
3.0 |
2.4 |
| BL14-611 |
2400mSE |
495.0 |
566.0 |
71.0 |
3.5 |
| including |
|
509.0 |
513.7 |
4.7 |
25.1 |
| including |
|
512.8 |
513.7 |
0.9 |
82.6 |
| also including |
|
528.0 |
544.3 |
16.3 |
4.5 |
| including |
|
529.0 |
537.0 |
8.0 |
5.6 |
| BL14-612 |
2300mSE |
489.4 |
492.0 |
2.6 |
4.3 |
| BL14-613 |
2050mSE |
TBC |
--- |
--- |
--- |
| BL14-614 |
2100mSE |
604.6 |
606.6 |
2.0 |
2.4 |
| BL14-615 |
2200mSE |
572.0 |
610.0 |
38.0 |
2.2 |
| including |
|
593.1 |
603.8 |
10.7 |
5.1 |
| including |
|
599.2 |
603.8 |
4.6 |
7.1 |
| BL14-616 |
2100mSE |
Parent |
--- |
--- |
--- |
| BL14-616W |
2100mSE |
594.0 |
634.0 |
40.0 |
3.0 |
| including |
|
609.0 |
620.3 |
11.3 |
4.5 |
| including |
|
630.0 |
631.0 |
1.0 |
41.6 |
| BL14-617 |
1150mSE |
245.7 |
261.0 |
15.3 |
2.7 |
| including |
|
246.7 |
253.8 |
7.1 |
4.0 |
| BL14-618 |
2100mSE |
631.0 |
649.0 |
18.0 |
3.0 |
| including |
|
638.0 |
643.8 |
5.8 |
5.1 |
| BL14-619 |
2200mSE |
628.0 |
634.0 |
6.0 |
1.7 |
| including |
|
631.8 |
633.0 |
1.2 |
4.5 |
| W: |
Wedge hole; Lost: hole lost during drilling; TBC: To Be Completed; |
| Parent: |
hole used to wedge from |
Dr. David Palmer, President and CEO of Probe, comments, "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. 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. Probe will be hard at work during 2014 advancing the project towards development."
Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Gold 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 Gold Zone in Ontario, Canada. As of January 31, 2014, the Company is well-positioned with approximately $29.4 million in treasury. The Company is actively exploring a significant new gold resource on its Borden Gold Zone 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 www.probemines.com.
On behalf of Probe Mines Limited,
Dr. David Palmer, President & Chief Executive Officer
Forward-Looking Statements
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. This News Release includes certain "forward-looking statements" which are not comprised of historical facts. 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. Although these statements are based on information currently available to the Company, the Company provides no assurance that actual results will meet management's expectations. By their very nature, forward-looking information involves risks, uncertainties and other factors that could cause actual events, results, performance, prospects and opportunities to differ materially from those expressed or implied by such forward-looking information. Forward looking information in this news release includes, but is not limited to, the Company's objectives, goals or future plans, statements regarding exploration results, potential mineralization, the estimation of mineral resources, exploration and mine development plans, timing of the commencement of operations and estimates of market conditions.
Factors that could cause actual results to differ materially from such forward-looking information include, but are not limited to, failure to identify mineral resources, failure to convert estimated mineral resources to reserves, the inability to complete a feasibility study which recommends a production decision, the preliminary nature of metallurgical test results, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, political risks, inability to fulfill the duty to accommodate First Nations and other indigenous peoples, uncertainties relating to the availability and costs of financing needed in the future, changes in equity markets, inflation, changes in exchange rates, fluctuations in commodity prices, delays in the development of projects, capital and operating costs varying significantly from estimates and the other risks involved in the mineral exploration and development industry, and those risks set out in the Company's public documents filed on SEDAR. Although the Company believes that the assumptions and factors used in preparing the forward-looking information in this news release are reasonable, undue reliance should not be placed on such information, which only applies as of the date of this news release, and no assurance can be given that such events will occur in the disclosed time frames or at all. the Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Shares Issued: 75,784,727