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Re: News Releases - Tuesday, May 26, 2009
Probe Mines Identifies 800m-long Airborne Anomaly on the
Probe-Noront Joint Venture
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Toronto, May 26, 2009 -- The Directors of PROBE MINES LIMITED (TSX-V:
PRB) ('Probe') are pleased to provide a technical update on the
recently announced Joint Venture ('JV') property with Noront Resources.
Airborne geophysical results received for the properties have
delineated a significant coincident electromagnetic-magnetic anomaly on
a claim block located between the Black Thor and Big Daddy chromite
discoveries of Freewest Resources and Freewest-Spider Resources-KWG
Resources, respectively. The 800m long anomaly, which extends across
the southwest corner of the JV claim, is markedly similar to the
geophysical signature of the adjacent chromite bodies and is
interpreted to represent the direct extension of the Black Thor horizon
to the northeast and the Big Daddy horizon to the southwest (see map at
www.probemines.com). In addition, airborne survey results indicate the
magnetic horizon hosting Noront's recently announced Thunderbird
V-Ti-Fe discovery extends north within the northeastern claims of the
Probe-Noront JV properties, and into Probe's 100%-owned Tamarack
project.
Both AeorTEM II and VTEM helicopter-borne electromagnetic-magnetic
surveys were flown over the claims, and comprised 375 and 316 line
kilometers of coverage, respectively. The two surveys independently
confirmed the strong magnetic features attributable to the host
mafic-ultramafic horizon and the strong coincident
magnetic-electromagnetic conductor extending from the Black Thor and
Big Daddy chromite deposits onto the JV ground.
Other conductors have also been identified from the survey, and the
airborne data is undergoing a final interpretation to select and
prioritize targets for an upcoming drill program. The area covered by
the joint venture is highly prospective for Ni-Cu-PGE and chromite-PGE
deposits and the presence of strong geophysical targets indicates the
potential for new discoveries on these claims. The Company is
expecting to finalize a drilling contract in the upcoming weeks, and
will plan to mobilize shortly thereafter. Further details of the
drilling program and airborne results from other properties will be
released in the upcoming weeks.
McFauld's Lake
The McFauld's area continues to receive considerable attention with
recent reports of high-grade chromite and PGE mineralization from
Noront and Freewest Resources, in addition to continuing intersections
of high-grade nickel and copper at Noront's Eagle One, Eagle Two and
AT-12 discoveries. A preliminary economic assessment of the Eagle One
Ni-Cu deposit reported an estimated resource (indicated) of 1,834,000
tonnes averaging 1.96% Ni, 1.18% Cu and 5.1g/t combined platinum,
palladium and gold.
The discovery of chromite at McFauld's has added significantly to the
area's value. The first massive chromite horizon was identified by
Spider Resources in January 2006 while exploring for VMS
mineralization. Noront Resources identified further chromite
mineralization on its Black Bird 1 and 2 showings, while Freewest
Resources returned significant intersections of massive chromite in its
Black Thor and Black Label deposits. Highlights from the Freewest
drilling include a 124m intersection grading 30% Cr2O3. The chromite
occurrences are all located along a laterally extensive magnetic high
that can be traced for approximately 20km in a northeast direction,
along which many of the Probe-Noront joint venture claims occur.
About Probe Mines:
Probe Mines Limited is a Canadian base and precious metal exploration
company with a portfolio of highly prospective mineral properties. The
Company is currently focused on the McFauld's Lake area where it owns
931 claims covering almost 15,000 hectares. In addition, Probe
currently has a joint venture agreement on its Bristol Township gold
project (West Timmins Mining Inc.). The Bristol Project is adjacent to
the million-plus ounce gold deposit owned by Lake Shore Gold Corp.,
which has recently announced a positive pre-feasibility study for the
project. Probe also maintains a 5% net smelter royalty on a portion of
Agnico Eagle's Goldex Mine near Val d'Or, Quebec, which began
production in 2008. The Company has only 33,516,472 shares issued and
outstanding, which 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, or contact:
David Palmer
President
Tel: (416) 777-6703
Karen Willoughby
Investor Relations
Tel: (866) 365-4724
Forward-Looking Statements
The TSX Venture Exchange does not accept responsibility for the
adequacy or accuracy of this release. No stock exchange, securities
commission or other regulatory authority has approved or disapproved
the information contained herein. This News Release includes certain
"forward-looking statements". All statements other than statements of
historical fact, included in this release, including, without
limitation, statements regarding potential mineralization and reserves,
exploration results, and future plans and objectives of Probe, are
forward-looking statements that involve various risks and
uncertainties. There can be no assurance that such statements will
prove to be accurate and actual results and future events could differ
materially form those anticipated in such statements. Important
factors that could cause actual results to differ materially from
Probe's expectations are exploration risks detailed herein and from
time to time in the filings made by Probe with securities regulators.
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Copyright (c) 2009 PROBE MINES LTD. (PRB) All rights reserved. For
more information visit our website at http://www.probemines.com/ or
send mailto:info@probemines.com
Message sent on Tue May 26, 2009 at 5:02:14 AM Pacific Time
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