Probe Mines Continues to Define High-Grade Gold Zone on its Borden Gold Project, Ontario
Marketwired
TORONTO, ONTARIO--(Marketwired - Aug. 14, 2013) -Probe Mines Limited (TSX VENTURE:PRB) ("Probe" or the "Company") is pleased to announce that it has received further assays from its ongoing drilling program at the Company's Borden Gold project near Chapleau, Ontario. Results for 26 diamond drill holes, BL13-410 to BL13-435, were received and were successful in identifying continued high-grade gold mineralization on Sections 1200m SE, 1250m SE and 1300m SE; expansion of the HGZ to the northwest, as far as Section 950m SE; and continued improvement in the potential bulk tonnage mineralization through the infill drilling program.
Further results for the high-grade zone from Sections 1500m SE to 1900m SE are expected shortly and will be released as soon as they are received. All four drills are currently focused on infill and expansion drilling on the HGZ.
High-Grade Zone
Results from the ten infill drill holes in the high-grade gold zone returned significant intersections of thick, high-grade gold mineralization. In addition to expected results on Sections 1200m SE, 1250m SE and 1300m SE, drilling was also successful in identifying the HGZ further to the northwest on Sections 950m SE and 1150m SE, suggesting an expanded strike length for the HGZ of up to 950 metres.
Highlights from the HGZ drilling include intersections of: 47.0 metres grading 6.8 g/t Au at a vertical depth of approximately 330 metres, including 8.0 metres averaging 32.7 g/t Au in Hole BL13-420 on Section 1300m SE; 19.4 metres grading 5.2 g/t Au at a vertical depth of approximately 260 metres, including 10.3 metres averaging 8.3 g/t Au from Hole BL13-413 also on Section 1300m SE; 29.4 metres grading 5.9 g/t Au at a vertical depth of 317 metres, including 6.5 metres averaging 15.3 g/t Au in Hole BL13-421 on Section 1100m SE; 21.1 metres of 5.2 g/t Au at a vertical depth of 308 metres in Hole BL13-431 on Section 950m SE; and 22.8 metres of 4.2 g/t Au at a vertical depth of 379 metres in Hole BL13-430 on Section 1250m SE.
The following table shows selected results for the HGZ, with all intervals approximating true width. Depths of the mineralized zones are between 225 and 379 metres vertical depth. Updated plan and section maps for all holes are available on the Company's website at http://www.probemines.com/s/Borden_Lake.asp?ReportID=569319:
High-Grade Zone Drill Results
DDH
Section
From (m)
To (m)
Width (m)
Au (g/t)
BL13-410
1300m SE
291.8
294.2
2.4
5.0
BL13-413
1300m SE
286.0
305.4
19.4
5.2
including
295.1
305.4
10.3
8.3
including
298.3
302.0
3.7
17.7
BL13-414
1200m SE
357.0
359.3
2.3
1.6
BL13-414
419.3
426.6
7.3
1.2
BL13-417
1300m SE
289.4
325.2
35.8
3.6
including
306.1
321.9
15.8
6.4
BL13-420
1300m SE
295.5
342.5
47.0
6.8
including
307.0
342.5
35.5
8.8
including
333.8
341.8
8.0
32.7
BL13-421
1100m SE
337.0
366.4
29.4
5.9
including
341.0
347.5
6.5
15.3
BL13-425
1250SE
340.3
375.7
35.4
2.1
including
357.7
370.5
12.8
3.2
including
360.0
365.2
5.2
4.6
BL13-430
1250SE
347.2
354.0
6.8
1.7
BL13-430
364.7
387.5
22.8
4.2
BL13-431
950m SE
303.7
316.6
12.9
1.0
BL13-431
334.0
355.1
21.1
5.2
including
344.0
345.0
1.0
73.5
BL13-434
1250mSE
300.0
307.2
7.2
1.7
BL13-434
366.8
402.5
35.7
1.7
including
390.3
401.0
10.7
3.2
Infill Drilling
Infill drilling between Sections 850m NW and 550m SE was successful in further delineating the potential bulk tonnage gold mineralization, particularly at the shallower (less than 200 metre) depths. Numerous intersections of thick gold mineralization, at or above previous identified grades, were returned with highlights of: 22.7 metres averaging 1.6 g/t Au at 167 metres vertical depth, including 11 metres of 2.3 g/t Au in Hole BL13-415 on Section 550m SE; and 45.2 metres grading 1.4 g/t Au at 176 metres vertical depth, including 7.6 metres of 2.7 g/t Au in Hole BL13-435 on Section 250m SE. The results indicate overall continued improvement in the lower-grade, potential open-pit, section of the deposit. Gold mineralization still remains open in the northwest direction.
The following table shows selected results from the infill drilling, with all intervals approximating true width. Depths of the mineralized zones are between 69 and 377 metres vertical depth:
Infill Drill Results
DDH
Section
From (m)
To (m)
Width (m)
Au (g/t)
BL13-411
550mSE
NSA
---
---
---
BL13-412
800NW
101.0
103.0
2.0
2.9
BL13-412
196.0
223.0
27.0
1.1
including
205.9
222.2
16.3
1.4
BL13-415
550mSE
187.0
209.7
22.7
1.6
including
198.0
209.0
11.0
2.3
BL13-416
850NW
125.1
132.0
6.9
1.0
BL13-418
850NW
96.0
117.0
21.0
0.9
BL13-419
500mSE
200.6
218.0
17.4
1.3
including
212.0
217.0
5.0
2.3
BL13-422
850NW
162.4
195.0
32.6
1.0
including
179.1
182.0
2.9
3.1
BL13-423
450mSE
NSA
---
---
---
BL13-424
550NW
170.0
183.1
13.1
0.9
including
170.0
177.1
7.1
1.1
BL13-426
350mSE
193.8
209.8
16.0
1.3
BL13-426
213.1
215.2
2.1
2.3
BL13-427
1050m SE
364.4
385.0
20.6
1.5
BL13-428
500NW
DOWN DIP
---
---
---
BL13-429
300mSE
139.0
163.0
24.0
0.8
BL13-429
171.2
185.9
14.7
0.8
BL13-429
189.0
214.0
25.0
0.8
BL13-432
250mSE
139.0
158.2
19.2
0.9
BL13-433
500NW
86.1
90.0
3.9
2.7
BL13-435
250mSE
166.0
176.0
10.0
1.2
BL13-435
180.0
225.2
45.2
1.4
including
180.0
187.6
7.6
2.7
also including
212.0
218.0
6.0
2.1
* NSA - no significant assays
* DOWN DIP - hole drilled down dip of mineralization
Dr. David Palmer, President and CEO of Probe, comments, "Drill results continue to confirm a consistent and extensive high-grade zone within the Borden Gold Deposit, which is still open in the southeast direction. Since the discovery of the high-grade mineralization in December, the technical program has been very successful in delineating a robust gold system capable of supporting a potential underground operation. Our current focus is to better define the high-grade gold zone in order to begin evaluating its impact on project 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, 2013, the Company had approximately $32 million in treasury and a portfolio of highly prospective mineral properties. In May 2013, the Company closed a private placement of $15 million. As a result of the financing, Agnico Eagle Mines Limited now owns 9.9% of the Company on a non-diluted basis. 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". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. 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. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
