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Re: News Releases - Wednesday, May 19, 2010
Probe Mines Provides Update on McFauld's Lake Exploration
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Toronto, May 19, 2010 -- The Directors of PROBE MINES LIMITED (TSX-V:
PRB) ("Probe") are pleased to provide an exploration update on its Ring
of Fire properties in the McFauld's Lake area of Northern Ontario. The
first phase of work, to be completed during June 2010, includes a
ground geophysical survey on claims adjacent to the Eagle's Nest
nickel-copper deposit, which form part of the Probe-Noront Resources
("Noront") joint venture; soil geochemical surveys on the Tamarack and
Victory Projects; and an airborne geophysical survey of the McFaulds
West property. All of the above work programs are in preparation for
summer drilling programs scheduled to commence once results have been
received and evaluated. Probe currently has a drill in its McFauld's
Camp which will be used for shallow (less than 500m) drilling and has
access to rigs capable of deeper (greater than 500m) drilling.
Ground Geophysical Survey
Line cutting has begun on the Probe-Noront joint venture claims,
situated approximately 400 metres north of the Eagle's Nest
nickel-copper deposit, in preparation for large-loop geophysical
surveys utilizing a Crone system equipped with a SQUID B-Field sensor.
The survey is being run in conjunction with Noront and is part of a
larger survey covering the entire Eagle's Nest area. The large
loop-SQUID system has been used effectively in the Raglan area of
Quebec to identify small, nickel-copper massive sulphide bodies at
depths below 100m. No estimate is available at this time for the
completion of the survey, however, more details will be announced as
the survey progresses. As soon as results are received Probe is
planning to begin a drill program to test anomalies identified by the
current survey as well as previously identified ZTEM airborne, Insight
chargeability, magnetic and geochemical targets on the property.
Soil Geochemical Programs
Concurrent with the June 8th site visit by Micon on the Company's Black
Creek chromite deposit (see news release dated May 18, 2010), crews
will be mobilizing to the 100%-owned Tamarack and Victory projects to
commence soil sampling programs. The surveys will target geophysical
anomalies associated with the copper-rich A-Zone VMS discovery on
Tamarack and numerous conductors proximal to an ultramafic unit
identified in previous drilling on the Victory project. The surveys
are designed to prioritize conductors for follow-up drilling, expected
to commence in July, depending on results of the geochemical programs.
The surveys will utilize the Soil Gas Hydrocarbon (SGH) technique which
has been shown to be effective in discriminating base metal sulphide
targets below cover.
Airborne Geophysical Survey
A VTEM electromagnetic-magnetic survey has been contracted to Geotech
Ltd. to cover the Company's 100%-owned McFauld's West property located
approximately four kilometres north of the Eagle's Nest nickel-copper
deposit. The property was staked in 2008 and covers magnetic anomalies
along the projected extension of structures interpreted to be the
conduits for the ultramafic magma responsible for the deposition of
nickel-bearing massive sulphides. The VTEM survey represents the first
exploration conducted on this property and will be used to locate
potential massive sulphide conductors. The survey is expected to
commence shortly.
Dr. David Palmer, President of Probe Mines, states "We are eager to
begin work in the McFauld's Lake area and would like to reassure
investors that these projects remain the Company's priority and we will
be aggressively exploring them during the 2010 season. In fact, this
year will be the first where all four projects will see work programs
during the same season. Owing to the logistics involved with this
remote area and frequent periods of inactivity while waiting for
results, the Company has acquired a number of new, easily accessible,
grass-roots projects that will allow us to remain active and generate
news between programs at McFauld's. It is felt that these new projects
offer significant potential to add Shareholder value in Probe in
addition to our work in the Ring of Fire."
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious
metal exploration company with approximately $4MM 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. In addition Probe
has recently acquired two new gold projects, Cree Lake and Borden Lake,
which show early potential for hosting significant mineralization.
Probe currently has an option-joint venture agreement with Lake Shore
Gold Corp on its Bristol Township gold project adjacent to Lake Shore's
million-plus ounce gold deposit. Recent exploration results from Lake
Shore include an 83.4m intersection grading 12.75 g/t gold less than
one kilometre 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
34,116,472 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) 2010 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 Wed May 19, 2010 at 5:17:07 AM Pacific Time
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