Probe Mines Provides Updates on Exploration at Borden Gold
TORONTO, ONTARIO--(Marketwired - May 6, 2014) - Probe Mines
Limited (TSX-VENTURE:PRB) ("Probe" or the "Company")
Highlights:
- Summer Drilling program to commence on the Borden Gold project
on May 13, 2014;
- Four drills focused on High-Grade Zone ("HGZ") infill drilling
program
- Regional exploration and drilling planned for summer 2014,
target generation in progress
Probe Mines Limited (TSX-VENTURE:PRB) ("Probe" or the "Company")
is pleased to announce an update on exploration plans for its
Borden Gold Project located near Chapleau Ontario. Recent and
previous drilling results indicate a robust high-grade gold system
with significant potential for continued improvement in grade and
size, which will be the focus of infill drilling in 2014. In
addition to deposit-scale exploration, preliminary regional
exploration programs have highlighted a number of areas for further
drilling on the East Limb project to the east of Borden Gold during
summer 2014.
Recent drilling results from the winter program between Sections
2100mSE and 2600mSE continue to indicate that the Borden gold zone
is a robust gold system with the potential for grades at, or above,
levels seen in previous drilling up to Section 2000mSE. The recent
expansion between Sections 2100mSE and 2600mSE suggests that the
gold mineralizing system is as good, or better, than that seen in
previous limits owing to robust zones such as the 71.0 metres
averaging 3.5 g/t gold ("Au") returned on Section 2400mSE in Hole
BL14-611. A mineralized envelope of this scale has not been
observed in previous drilling and indicates the presence of a
strong gold system in the new expansion zone. In addition, it is
expected that a second phase, or infill, program on this new
segment will result in improved grades and delineation of the
highest grade material in the core of the zone. This is typical of
the HGZ drilling, and generally for the Borden Deposit, where some
of the best mineralization has been found in the infill programs.
The highest grades achieved to date, announced in Hole BL13-573 on
Section 1850, were only identified in the third infill program on
the HGZ (see News Release dated February 10, 2014). The first phase
drilling typically allows the bracketing of the mineralized zone,
while the infill drilling is used to more precisely define the
high-grade gold mineralization. It's anticipated that a similar
improvement in grade will be achieved for the recent expansion zone
through infill drilling. As well, the mineralization appears to be
leveling off as it extends to the southeast. This has had two
effects: 1) it benefits the exploration and potential development
of the deposit by reducing depths and simplifying logistics,
thereby making drilling and development work less expensive; and 2)
the recent winter expansion drilling program was targeting a
predicted deeper zone and therefore undercut the mineralization in
the initial holes. Although the initial holes still intersected
mineralization, they were predominantly in the lower part of the
zone in lower-grade material. Once it was determined that the zone
had leveled off and was not as deep, the drill program was adjusted
to target the high-grade core. This can be observed in a simple
comparison of the recent drill results on Section 2200mSE with
previous infill section 1850mSE
(http://www.probemines.com/i/maps/HGZ_Image_05-06-14.jpg), which
indicates that the highest-grade material is above the current
level of drilling and only requires more infill to delineate. The
recent 600 metres expansion confirmed that the same gold system and
that the same grades and widths are expected, if not better.
Based on these positive results, the Company will continue its
infill drill program with an initial focus on the HGZ. Although it
is not possible to infill all the southeastern sections from
drilling on land, we are confident that some infill in the new
expansion zone is possible from land, between sections 2000mSE and
2200mSE. The 2014 program will commence in one week and will again
utilize four drills. It is expected that the infill program will
comprise over 40,000 metres of drilling during 2014.
In addition to drilling on the Borden Gold Deposit, the Company
is planning a 5,000 metre exploration drilling program on its East
Limb project, approximately 30 kilometres east of Borden. The
program, expected to commence this summer, will target anomalies
generated within the eastern extension of the Borden Belt. The
Company has spent the past 12 months evaluating the East Limb
project through airborne geophysical, soil geochemical and ground
geophysical surveys, as well as geological mapping and prospecting,
and has selected five preliminary areas for follow-up drilling.
Field crews will continue to do reconnaissance-scale evaluation of
the 350 square kilometer East Limb property in order to identify
further areas for detailed exploration.
On the Borden Gold deposit development front, the Company is
working on an updated resource estimate, expected before the end of
the quarter, which will include all drilling completed to date and
will provide the first estimate of the HGZ. The last resource
estimate only included up to Section 1300mSE, and the expansion and
infill drilling, in both the HGZ and lower grade bulk tonnage
mineralization, is expected to improve the Resource significantly.
The resource estimate will form the basis of a preliminary economic
assessment ("PEA") which is in-progress, and expected to be
released before the end of the year. As well, work is continuing on
advanced metallurgy and the environmental baseline study, the
latter which is now in its third year.
Dr. Yves Dessureault, Chief Operating Officer of Probe, states,
"Progress has been encouraging and suggests that the HGZ is a
large, continuous mineralized zone amenable to lower-cost bulk
underground mining methods at reasonable cut-off grades. Later this
year, the completion of a PEA will be a significant de-risking
milestone for the project and create value for our
shareholders."
Dr. David Palmer, President and CEO of Probe, comments, "The
Winter Program really was a tremendous success, we found exactly
the same indications of a strong, large, high-grade mineralized
zone that we have seen in every first-pass drilling program that
has been completed on the HGZ to date. We are confident that the
HGZ will continue to expand and improve with the infill drilling.
Since the discovery hole in 2010, the Borden Deposit, and
particularly the HGZ, has always benefited and improved in grade
with more drilling, and has now grown to over 3.7 kilometres in
strike length."
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, 2014, the Company is well-positioned with
approximately $29.4 million in treasury. 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
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" which are not comprised of historical
facts. 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. Although
these statements are based on information currently available to
the Company, the Company provides no assurance that actual results
will meet management's expectations. Risks, uncertainties and other
factors involved with forward-looking information could cause
actual events, results, performance, prospects and opportunities to
differ materially from those expressed or implied by such
forward-looking information.
Forward looking information in this news release includes, but
is not limited to, the Company's objectives, goals or future plans,
statements regarding exploration results, potential mineralization,
the estimation of mineral resources, exploration and mine
development plans, timing of the commencement of operations and
estimates of market conditions. Factors that could cause actual
results to differ materially from such forward-looking information
include, but are not limited to, failure to identify mineral
resources, failure to convert estimated mineral resources to
reserves, the inability to complete a feasibility study which
recommends a production decision, the preliminary nature of
metallurgical test results, delays in obtaining or failures to
obtain required governmental, environmental or other project
approvals, political risks, inability to fulfill the duty to
accommodate First Nations and other indigenous peoples,
uncertainties relating to the availability and costs of financing
needed in the future, changes in equity markets, inflation, changes
in exchange rates, fluctuations in commodity prices, delays in the
development of projects, capital and operating costs varying
significantly from estimates and the other risks involved in the
mineral exploration and development industry, and those risks set
out in the Company's public documents filed on SEDAR. Although the
Company believes that the assumptions and factors used in preparing
the forward-looking information in this news release are
reasonable, undue reliance should not be placed on such
information, which only applies as of the date of this news
release, and no assurance can be given that such events will occur
in the disclosed time frames or at all. The Company disclaims any
intention or obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, other than as required by law.
Shares Issued: 75,784,727
Probe Mines LimitedKaren WilloughbyDirector of Corporate
Communications(866) 936-6766info@probemines.comProbe Mines
LimitedPatrick LangloisVice President, Corporate Development(416)
777-6703patrick@probemines.comwww.probemines.com
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