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Re: News Releases - Monday, July 27, 2009
Probe Mines Provides Update on McFaulds Lake Drilling, Massive
Chromite Horizon Identified
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Toronto, July 27, 2009 -- The Directors of PROBE MINES LIMITED (TSX-V:
PRB) ('Probe') are pleased to provide Shareholders with visual results
from the continuing summer drilling program on its McFauld's Lake
properties in the James Bay Lowlands of Northern Ontario. The first
phase of drilling consisted of nine holes for a total of 2,249m on
claim 4208219, which forms part of the Probe Mines -- Noront Resources
(TSX-V: NOT) Joint Venture ground. A thick package of peridotite,
comprised of olivine-bearing ultramafic rocks, containing a significant
horizon of predominantly massive chromite with subordinate semi-massive
and disseminated chromite sections has been identified. The chromite
horizon has been intersected in four drill holes, representing a strike
length of 100m, to a vertical depth of 186m, and is open in all
directions. The thicknesses of the intersections range between 29.1m
and 56.6m (approximately 25m to 47m true thickness). Sampling of the
core has been completed and the samples are currently with Activation
Labs in Thunder Bay where they will be analysed for associated
elements. Results are expected in August and will be released as soon
as they are available. The results presented here are visual, and can
be considered estimates only. Geochemical analysis will be required to
properly characterize the mineralization encountered in drill holes and
may not confirm visual estimates.
Claim 4208219 lies directly between Freewest Resources' Black Thor
chromite zone and the Big Daddy chromite horizon of the KWG
Resources-Spider Resources-Freewest Resources joint venture, and this
new discovery is interpreted to be the extension of these zones.
Mineralization intersected in the four holes is similar to that
described for the neighbouring bodies, being comprised of thick
sections of massive chromite intermixed with lesser amounts of
disseminated chromite mineralization. As the operator of the Probe
Mines-Noront Resources Joint Venture, Probe is currently evaluating
results and will provide recommendations for further work to the joint
venture Technical Committee. The nature and scope of the second phase
of the summer drilling program will be announced after the Technical
Committee has made its decision.
Dr. David Palmer, President of Probe, states that, "Visual results from
the core to date are very encouraging. The McFauld's Lake area has the
potential to host World-class chromite deposits and we are extremely
pleased to have identified the chromite horizon on our joint venture
ground. Our focus will now be on delineating the chromite zone in
order to better evaluate its potential."
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. 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 $4.2M 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 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
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 Mon Jul 27, 2009 at 5:07:54 AM Pacific Time
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