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Re: News Releases - Tuesday, November 24, 2009
Probe Mines' Phase II Drilling Results Yield More High-Grade
Chromite for the Black Creek Discovery, McFauld's Lake Area,
Ontario; Significant Core Intervals of up to 43.7% Cr2O3
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Toronto, November 24, 2009 -- The Directors of PROBE MINES LIMITED
(TSX-V: PRB) ('Probe') are pleased to announce that final analytical
results have been received for all 11 holes completed during the Phase
II drilling program on the Probe Mines -- Noront Resources (TSX-V: NOT)
Joint Venture Project in the McFauld's Lake area of Northern Ontario.
All 11 holes successfully intersected the Black Creek chromite horizon
and returned significant values of Cr2O3 over considerable widths.
Highlights include:
Hole MJV09-11: 34.5m averaging 33.8% Cr2O3, including 15.0m averaging
43.7% Cr2O3
Hole MJV09-12: 42.6m averaging 34.6% Cr2O3, including 21.7m averaging
43.1% Cr2O3
Hole MJV09-13: 63.6m averaging 33.9% Cr2O3, including 34.7m averaging
41.4% Cr2O3
Hole MJV09-14: 39.3m averaging 36.8% Cr2O3, including 24.2m averaging
42.8% Cr2O3
Hole MJV09-15: 25.0m averaging 34.8% Cr2O3, including 12.4m averaging
43.7% Cr2O3
Hole MJV09-16: 40.0m averaging 32.0% Cr2O3, including 9.0m averaging
42.4% Cr2O3
Hole MJV09-18: 29.2m averaging 32.0% Cr2O3, including 17.1m averaging
41.6% Cr2O3
The Phase II program was successful in expanding the original discovery
along strike and at depth. The horizon has now been delineated over a
200 metre strike length and to a vertical depth of 200m, and is open in
all directions. The drilling comprises five individual sections along
the mineralized horizon, with sections spaced at 50 metres apart. Each
section consists of three holes targeting the mineralization from
near-surface to depths of approximately 200m. The following table
provides selected analytical results for drill intervals (not true
thickness) in all holes, by section, drilled to date on the chromite
horizon:
Precious metal results for the chromite zones indicate anomalous values
for platinum and
palladium, with maximums of 0.5 g/t and 1.1 g/t,
respectively.
Fifteen drill holes, totaling almost 4,000m, have now been completed on
the Black Creek Zone, with all intersecting significant widths of
massive chromite mineralization. In addition to extending the Black
Creek Zone in length, depth and thickness, the Phase II program was
also successful in delineating the body at a 50m-spacing in all
dimensions. This will allow for a much more accurate estimation of the
size and average grade of the zone as identified thus far.
The chromite-bearing horizon, which is hosted by a thick package of
olivine-bearing peridotites and pyroxenites, lies directly between the
Black Thor chromite discovery of Freewest Resources ('Freewest') and
the Freewest/KWG Resources/Spider Resources Big Daddy chromite zone and
northeast of Noront Resources Blackbird discoveries.
Dr. David Palmer, President of Probe, states that, "We are very pleased
with the latest results from the Black Creek chromite discovery, as
they continue to show significant widths and grades to the deposit. In
light of recent events in the Ring of Fire, particularly the attention
being focused on its chromite resources and the realization of their
potential value, we will continue our efforts on evaluating the Black
Creek horizon."
Probe has instituted a strict quality control program for all
analytical work carried out on this program, which includes the use of
reference standards, blanks and duplicate sampling. Strict quality
control guidelines have been set out by Independent Qualified Person
("IQP") Ms. Tracy Armstrong, P.Geo., of P & E Mining Consultants Inc.
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 to the northeast of Probe's
discovery. 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 well financed, Canadian base and precious
metal exploration company with approximately $4.0M in treasury and 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, including joint venture properties
with Noront Resources covering 87 of these claims. Probe currently has
an option-joint venture agreement with West Timmins Mining on its
Bristol Township gold project adjacent to the million-plus ounce gold
deposit owned by Lake Shore Gold Corp. Recent exploration results from
Lakeshore include an 83.4m intersection grading 12.75 g/t gold 800
metres from Probe's claims. 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 Nov 24, 2009 at 6:09:54 AM Pacific Time
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