Probe Mines Limited Announces High Grade Intercepts by 24hgold

Keywords : Canada | Diamond | Gold | Precious Metals |

Re: News Releases - Thursday, February 21, 2013
Title: Probe Mines Announces High Grade Intercepts

Highlights:

� Continued improvement in the higher-grade core in southeast infill drilling, including intercepts of 36.5 metres grading 4.5 g/t Au and 42.9 metres averaging 3.4 g/t Au;

� Infill drilling continues to improve central area of mineralization with intersections of up to 53.7 metres averaging 1.6 g/t Au, including 25.2 metres grading 2.5 g/t Au

� Highest gold value from a single sample, to date, of 102 g/t Au over 1 metre

� Gold-bearing intervals continue to be identified in the Hanging Wall zone

Toronto, February 21, 2013 -- PROBE MINES LIMITED (TSX-V: 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 52 Diamond drill holes, BL12-314 to BL13-365, were received and continue to improve grade in the southeast, identify new mineralization to the hanging wall side (northeast) of the main zone and improve the quality and consistency of the main zone through infill drilling. These results include drilling in the area of the new high-grade discovery, which returned a 51-metre intersection (true width) averaging 10.3 g/t Au in Hole BL12-256 (see News Release dated December 12, 2013). As part of the evaluation of this new high-grade zone, infill section, 1150m SE, was drilled to assess the continuity of the mineralization between previous sections. All holes on Section 1150 returned significant values of gold with highlights of 42.9 metres grading 3.4 g/t Au in Hole BL13-362, including a 31-metre interval averaging 4.3 g/t Au and a 26.7-metre intersection in Hole BL13-359 averaging 3.2 g/t Au, including a 12.6-metre interval grading 5.9 g/t Au. The following table shows selected results from Section 1150m SE drilling, with all intervals approximating true width. Updated plan and section maps are available on the Company's website at http://www.probemines.com/s/Borden_Lake.asp?ReportID=489901&_Type=Borden-Gold-Project&_Title=2D-Borden-Lake-Drill-Plan-and-Section-Maps:

Section 1150m SE Drilling

DDH	Section	From (m)	To (m)	Width (m)	Au (g/t)
BL12-353	1150m SE	320.7	350.4	29.7	1.8
including		335	343.8	8.8	3.8

BL13-359	1150m SE	335.5	362.2	26.7	3.2
including		349.6	362.2	12.6	5.9

BL13-362	1150m SE	334.1	377	42.9	3.4
including		344	375	31.0	4.3
including		364.4	369.1	4.7	14.1
BL13-365	1150m SE	345	387.8	42.8	1.3
including		354	375	21.0	1.7
including		369.1	375	5.9	2.7
also including		380	383.6	3.6	2.5

The Company is currently drilling step-out holes in the southeast to test the extent of the High-Grade Zone further along strike. Results from previous drilling suggest that the high-grade mineralization is an integral part of the horizon and is improving along strike. An analysis of the higher-grade core mineralization on Sections 1000m SE, 1050m SE, 1100m SE, 1150m SE and 1200m SE indicate a continual improvement in thickness and grade, and it is expected that this trend could continue with further drilling. The following table shows selected results from current and previously reported intersections on these sections illustrating the consistent improvement of the higher-grade core along strike to the southeast:

Higher-Grade Zone Intercepts

DDH	Section	From (m)	To (m)	Width (m)	Au (g/t)
BL12-215	1000m SE	321.4	355.4	34.0	1.3

BL12-340	1050m SE	341.3	374	32.7	1.7

BL12-233	1100m SE	338.9	376	37.1	1.9

BL13-362	1150m SE	334.1	377	42.9	3.4

BL12-256	1200m SE	328	379	51.0	10.3

Infill Drilling

Of the fifty-two (52) new holes, a further forty-five (45) in-fill holes are presented, which confirm the internal consistency of the main zone mineralization and, in a number of cases, an improvement in grade. Hole BL12-327 returned a significant interval of 53.7 metres averaging 1.6 g/t Au, including 25.2 metres of 2.5 g/t on Section 250m NW, confirming that the infill program on previous sections in the northwest portion of the deposit is still being successful in defining higher-grade gold values. On Section 900m SE, Hole BL13-358 intersected a thick zone of higher-grade mineralization averaging 4.5 g/t Au over 36.5 metres, containing 11.7 metres grading 11.9 g/t Au and includes the highest value returned to date from the property of 102 g/t over one metre. Multiple high-grade samples were returned from other infill holes, including one metre of 83.6 g/t Au in Hole BL12-336 and one metre of 72 g/t gold in hole BL12-344, on Sections 50m SE and 250m SE, respectively. Overall the results from the infill drilling are encouraging, with over 80% of the intervals and sub-intervals returning greater than 1 g/t Au average grades. Please refer to the end of this News Release for a table of drilling results.

Hangingwall Drilling

Only two holes of the 52 were drilled to test for hangingwall zones, with both successful identifying narrow zones of higher grade material, including 7 metres averaging 1.3 g/t Au in Hole BL12-328, and a shallow intersection of 3.5 metres grading 1.4 g/t Au in Hole BL12-354, on Sections 150m NW and 500m SE, respectively.

The following table shows the selected highlights from the Hangingwall drilling. Drill width approximates true width for both holes:

Hangingwall Drilling Results

DDH	Section	From (m)	To (m)	Width (m)	Au (g/t)
BL12-328	150m NW	181	188	7.0	1.3

BL12-354	500m SE	2.3	5.8	3.5	1.4

Depth Extension Drilling

Only one hole targeted depth extensions to the mineralized zone. Hole BL12-316 was drilled on Section 800m SE and identified the gold zone to approximately 400 metres vertical depth.

The following table shows the selected highlights from Hole BL12-316. Drill width approximates true width for this hole:

Depth Extension Drilling Results

DDH	Section	From (m)	To (m)	Width (m)	Au (g/t)
BL12-316	800m SE	355.3	360	4.7	4.4
BL12-316		383	412	29.0	0.7
including		403	409	6.0	1.4

Exploration Update

Owing to the encouraging results on the Borden Gold Project, Probe Mines plans a minimum of 80,000 metres of drilling in 2013, with a budget allocation of $15 million. The majority of this drilling will be focused on further delineation of the Borden Gold Deposit, with much of this centered on the expansion and definition of the new high-grade zone. Drills have now been mobilized to test the area around the high-grade intersections. In order to take advantage of winter ice conditions drilling is now focused on testing the mineralized zone 500 metres along strike to the southeast of the high-grade intersection identified in Hole BL12-256 (Section 1200m SE). It is anticipated that high-grade gold mineralization, if present, would exist at greater depths and potentially be amenable to underground mining methods.

In addition to drilling on the Borden Gold Deposit, up to 25% of the 2013 drill budget will be allocated towards testing regional targets on the Borden Gold and new East Limb properties. These areas have seen almost no previous exploration and the Company believes that the potential for additional discoveries is high. Drilling will commence on new regional targets once they have been identified and prioritized.

There are presently four drills operating on the deposit.

Dr. David Palmer, President and CEO of Probe, states "The results from the Borden Gold deposit drilling include some of the best intersections we have seen to date and indicate a coherent transition into higher grade gold values to the southeast. Our priority now is to continue defining and evaluating this high-grade mineralization and drilling is now underway to begin accomplishing this task. The Borden Gold project continues to distinguish itself and evolve into what might become one of Ontario's most significant gold deposits. With over $30 million in treasury, we are well-funded through 2014 and able to advance the Borden Gold project and continue building value for our shareholders."

Infill Drilling Results

The following tables show selected results from the Infill Holes. For the majority of holes, drill width approximates true width. For holes BL12-314, -318, -331, -338, -344, -345, -351, -352, -356 and -366 true width is approximately 90% of drilled width:

Infill Drilling Results

DDH	Section	From (m)	To (m)	Width (m)	Au (g/t)
BL12-314	250m NW	373.9	382.5	8.6	0.7

BL12-315	450m SE	353.2	379.6	26.4	1.2
including		353.2	366	12.8	1.9
including		362	366	4.0	3.1

BL12-317	450m NW	313	318	5.0	0.9

BL12-318	450m SE	344	347.9	3.9	0.7
BL12-318		355	360	5.0	1.0
BL12-318		369	376	7.0	0.7
BL12-318		382	398	16.0	0.7

BL12-319	150m NW	286	306	20.0	1.5
including		296	297	1.0	12.3

BL12-320	950m SE	240	244	4.0	1.4
BL12-320		330.1	355	24.9	1.3
including		348	353.7	5.7	2.6

BL12-321	350m NW				NSI

BL12-322	350m NW	100	103	3.0	1.1
BL12-322		139	174.6	35.6	0.8

BL12-323	300m NW	211	220	9.0	0.7

BL12-324	350m SE	319.6	337	17.4	0.8
including		322	328	6.0	1.1
BL12-324		348	372.1	24.1	1.0

BL12-325	950m SE	315.3	327	11.7	1.4
BL12-325		337.2	360	22.8	1.1

BL12-326	150m NW	189.6	199	9.4	1.7

BL12-327	250m NW	94	108.3	14.3	0.7
BL12-327		125.3	179	53.7	1.6
including		135.8	161	25.2	2.5

BL12-329	150m NW	141	206	65.0	1.1
including		157	171	14.0	1.9
also including		191	199	8.0	2.2

BL12-330	950m SE	304.9	312.6	7.7	0.9
BL12-330		344	354	10.0	1.0
BL12-330		364	379	15.0	1.3

BL12-331	350m SE	360.4	363	2.6	6.3
BL12-331		393	400	7.0	0.7
BL12-331		403.3	410.2	6.9	0.9

BL12-332	50m NW	104	171	67.0	1.3
including		104	129	25.0	1.6
including		123.5	129	5.5	3.4

BL12-333	50m SE	97.6	162	64.4	1.2
including		112	128	16.0	1.6
also including		145	162	17.0	1.5

BL12-334	L330250	213	235.2	22.2	1.5
including		229	233	4.0	2.9

BL12-334		239	261	22.0	0.8

BL12-335	1050m SE	335	340.1	5.1	0.9
BL12-335		351	372.3	21.3	2.5

BL12-336	50m SE	88.3	92	3.7	25.0
including		89	90	1.0	83.6
BL12-336		179.8	230	50.2	1.0
including		186	201	15.0	1.6
also including		203.5	226	22.5	1.0

BL12-337	350m SE	201.5	272	70.5	1.1
including		217	255	38.0	1.4
including		233	238	5.0	2.5

BL12-338	L330250	315	326	11.0	1.7
including		323	324	1.0	10.9
BL12-338		348.7	360	11.3	0.7

BL12-339	50m SE	232	253.8	21.8	1.0
including		249	253	4.0	2.2

BL12-340	1050m SE	317	321	4.0	3.2
BL12-340		341.3	374	32.7	1.7
including		350	370	20.0	2.0

BL12-341	300m SE	298	308	10.0	0.7
BL12-341		337	371	34.0	1.2
including		348	358	10.0	2.2

BL12-342	50m NW	195.1	223.4	28.3	1.0

BL12-343	250m SE	166	237.6	71.6	1.0
including		173	197	24.0	1.5
also including		226	237.6	11.6	1.5

BL12-344	250m SE	212	213	1.0	72.0
BL12-344		228.7	261	32.3	1.2
BL12-344		266.4	288	21.6	0.6

BL12-345	50m NW	279	312	33.0	1.3
including		291	309	18.0	1.8

BL12-346		316.3	326.5	10.2	1.0
BL12-346	1050m SE	346	392.2	46.2	0.9
including		347.3	356	8.7	1.3
also including		374	392.2	18.2	1.2

BL12-347	450m SE	196	201.1	5.1	1.3
BL12-347		205	234	29.0	0.7
BL12-347		247.9	280	32.1	1.0

BL12-348	150m SE	174	239	65.0	1.2
including		190	208	18.0	1.4
also including		213	237.9	24.9	1.6
BL12-348		284.4	288	3.6	5.0
including		286.1	286.9	0.8	19.8

BL12-349	400m SE	253.1	327	73.9	1.1
including		279	314	35.0	1.6

BL12-350	1100m SE	371.2	428.6	57.4	0.8
including		393	417.4	24.4	1.2
including		414	417.4	3.4	2.2

BL12-351	150m SE	246	311	65.0	1.0
including		246	252.2	6.2	1.7
also including		259	271	12.0	1.1
also including		278	294	16.0	1.4

BL12-352	450m SE	267.7	281	13.3	8.2
including		271	278.7	7.7	13.8
BL12-352		295.9	323	27.1	1.0
including		301.5	306	4.5	1.4
also including		314	319.2	5.2	1.4

BL12-355	150m SE	116.6	178	61.4	1.4
including		127	150	23.0	2.5
also including		150	178	28.0	0.7

BL12-356		277	295	18.0	4.8
including		280	281	1.0	55.3
also including		289	291	2.0	7.7
BL12-356	500m SE	300	342	42.0	1.2
including		306	326.7	20.7	1.7

BL13-357	750m SE	358.7	388.2	29.5	1.4

BL13-358	900m SE	249.5	286	36.5	4.5
including		262	273.7	11.7	11.9
including		263	264	1.0	102.0

BL13-360	750m SE	296	322.9	26.9	1.1
BL13-360		349	357.2	8.2	1.2
BL13-361	850m SE	257.5	294.7	37.2	1.1
including		260	275	15.0	1.8
including		260	267	7.0	2.1
also including		282.3	288	5.7	1.3

BL13-363	850m SE	248	280.5	32.5	2.4
including		259.4	268.4	9.0	5.1

BL13-364	750m SE	327	335	8.0	2.4
BL13-364		361	391.9	30.9	1.0
including		362	367	5.0	1.7

*NSI -- no significant intervals

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. 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

For further information, please contact:

Karen Willoughby, Director of Corporate Communications
Tel: (866) 936-6766
Email: info@probemines.com
Patrick Langlois, Vice President, Corporate Development
Tel: (416) 777-6703
Email: patrick@probemines.com

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.

Copyright � 2013 PROBE MINES LIMITED (PRB) All rights reserved. For more information visit our website at http://www.probemines.com/ or send email to info@probemines.com ..
Message sent on Thu Feb 21, 2013 at 3:28:25 AM Pacific Time

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