TORONTO, ONTARIO -- (Marketwire) -- 03/20/12 -- PROBE MINES LIMITED (TSX VENTURE: PRB) ("Probe" or the "Company") is pleased to announce that it has received further assays from its ongoing drilling program at the Company's Borden Lake Gold Project near Chapleau, Ontario. Results for diamond drill holes BL12-143 to BL12-159 were received and indicate that the Borden Lake gold zone is continuing at depth beyond previously announced holes. Of the 17 holes announced, 12 represent step-out holes to depth and indicate extensions of the mineralized zone of up to 170 metres deeper than previously reported for these sections. Additionally, results indicate that the zone is continuing to thicken and/or increase in grade with depth on sections 200mSE; 300mSE; 400mSE; 500mSE and 1300mSE. The remaining seven holes were drilled on sections 900mSE to 1300mSE at shallow depths to test the up-dip projection of the horizon.
Highlights from the drilling include intersections of up to 149 metres averaging 1 g/t gold ("Au") in Hole BL12-157 (Section 200mSE), including a 31 metre interval averaging 2.7 g/t Au, and 103.7 metres grading 1 g/t Au in Hole BL12-147 (Section 400mSE), containing a 10-metre section averaging 2.2 g/t Au. The majority of intersections also contain higher-grade intervals, ranging between 1.2 g/t Au and 3.3 g/t Au over appreciable widths. All of the above holes will be included in an updated NI 43-101 Resource Estimate, currently in progress.
Updated plan and section maps are available on the Company's website at www.probemines.com.
The following table shows selected results from each hole, and is followed by more detailed descriptions of each hole by Section. For the majority of holes, drill width approximates true width. For holes BL12-143, -144, -153, -156 and -157 true width is approximately 80% of drilled width.
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From To Width Au
DDH Section (m) (m) (m) (g/t)
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BL12-143 Discovery 284.8 338 53.2 0.7
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including 291 298 7 1.3
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also including 307 318 11 1.0
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also including 330 332.7 2.7 1.8
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BL12-144 500mSE 217 320 103 0.9
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including 254 303 49 1.2
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including 254 258 4 2.9
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BL12-145 1300m SE 156.6 254 97.4 0.4
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including 244 254 10 1.0
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BL12-146 100m SE 178 257 79 0.8
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including 209 230 21 1.5
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BL12-147 400m SE 211.3 315 103.7 1.0
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including 218 228 10 2.2
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also including 254 279 25 1.4
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BL12-148 900m SE 80 92.2 12.2 0.5
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BL12-149 300m SE 183 287 104 0.8
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including 187 222 35 1.0
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including 187 191 4 2.8
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also including 229.3 260 30.7 1.0
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BL12-149 301.6 313 11.4 2.2
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including 310 310.8 0.8 24.6
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BL12-150 1000m SE 55 58.6 3.6 0.9
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BL12-150 86 93.9 7.9 0.6
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BL12-150 156 157 1 1.6
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BL12-151 100m SE 214 294.6 80.6 0.8
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including 235.6 245.6 10 1.4
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BL12-152 1100m SE 87 94.9 7.9 0.7
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BL12-152 183 187 4 0.7
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BL12-152 196 197 1 2.1
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BL12-153 100m SE 229.7 260 30.3 0.5
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BL12-153 288 342 54 0.9
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including 316 321 5 1.9
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BL12-154 300m SE 192 282 90 1.0
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including 233.6 257.2 23.6 1.9
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BL12-155 1200m SE 162 163 1 2.8
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BL12-156 300m SE 206 321 115 0.8
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including 263 291 28 1.8
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including 277 284 7 3.3
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BL12-157 200m SE 166 315 149 1.0
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including 256 287 31 2.7
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BL12-158 1300m SE 121 127.6 6.6 0.6
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BL12-159 200m SE 304 377 73 0.9
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including 347 372 25 1.4
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Discovery Section
Diamond drill hole BL12-143 was drilled to extend the depth of mineralization on the Discovery Section and successfully identified gold mineralization to 337 metres vertical depth, an increase of 74 metres from Hole BL11-26, and contained a 53 metre interval averaging 0.7 g/t Au, including higher grade zones at 1.0 and 1.8 g/t Au.
Section 100m SE
Diamond drill holes BL12-146, BL12-151 and BL12-153 successfully extended the gold mineralization on Section 100m SE from 171 metres vertical depth (previous Hole BL11-28) to 341 metres vertical depth for an increase of 170 metres of vertical depth. Intervals of up to 79 metres averaging 0.8 g/t Au, including 21 metres of 1.5 g/t Au, were reported in these sections.
Section 200m SE
Diamond drill holes BL12-157 and BL12-159 successfully extended the gold mineralization on Section 200m SE from 271 metres vertical depth (previous Hole BL11-60) to 354 metres vertical depth for an increase of 83 metres of vertical depth. The section shows an increasing grade, with depth, to Hole BL12-157, which contains an interval of 149 metres averaging 1.0 g/t Au, including 31 metres grading 2.7 g/t Au, representing the thickest intersection of these results.
Section 300m SE
Diamond drill holes BL12-149, -154 and -156 extended the mineralized zone an additional 132 metres vertical depth from previous drilling (BL11-32) on Section 300m SE, and indicates the zone becomes higher grade with depth, containing an intersection of 115 metres averaging 0.8 g/t Au, including an interval of 28 metres grading 1.8 g/t Au within the broader mineralized envelope.
Section 400m SE
Diamond drill hole BL12-147 extended the mineralization on Section 400m SE a further 63 metres of vertical depth and indicates that the zone is thickening and increasing in grade at deeper levels. The hole contained a mineralized intersection of 103.7 metres averaging 1.0 g/t, which includes a 10 metre interval grading 2.2 g/t Au.
Section 500m SE
Diamond drill hole BL12-144 extended the mineralized zone an additional 16 metres of vertical depth from previous step-out holes announced recently (see news release dated March 13, 2012) and indicates that the zone is increasing in grade at deeper levels. The hole contained a mineralized intersection of 103 metres averaging 0.9 g/t, which includes a 49 metre interval grading 1.2 g/t Au.
Section 900m SE
A single shallow diamond drill hole, BL12-148, was drilled on section 900m SE and shows the gold zone is projecting to surface, however, at lower grades. Previous drilling shows the zone improving at depth and further drilling will be required to better delineate mineralization on this section.
Section 1000m SE
A single shallow diamond drill hole, BL12-150, was drilled on section 1000m SE and shows the gold zone is projecting to surface, however, at lower grades. Previous drilling shows the zone improving at depth and further drilling will be required to better delineate mineralization on this section.
Section 1100m SE
A single shallow diamond drill hole, BL12-152, was drilled on section 1100m SE and shows the gold zone is projecting to surface, however, at lower grades. Previous drilling shows the zone improving at depth and further drilling will be required to better delineate mineralization on this section.
Section 1200m SE
A single shallow diamond drill hole, BL12-155, was drilled on section 1200m SE and shows the gold zone is projecting to surface, however, at lower grades. Previous drilling shows the zone improving at depth and further drilling will be required to better delineate mineralization on this section.
Section 1300m SE
Two diamond drill holes, BL12-145 and BL12-158, were drilled to test the deeper and shallow portions of the mineralization, respectively. Hole BL12-145 tested the mineralized horizon to a vertical depth of 239 metres and shows the gold zone to be thickening and increasing in grade with depth. The hole contained a mineralized intercept of 97.4 metres averaging 0.4 g/t Au and contains a higher grade zone of 10 metres grading 1 g/t Au. Drill hole BL12-158 shows the gold zone is projecting to surface, although is thinner and lower grade. Further drilling will be required to better delineate mineralization on this section.
Borden Lake Updated Resource Estimate
The NI 43-101-compliant Updated Resource Estimate, being prepared by Micon International ("Micon"), for the Borden Lake gold project is nearing completion and is expected shortly. The updated resource estimate will provide a more rigorous evaluation of the gold grade distribution within the deposit and focus on upgrading a significant portion of the initial inferred resource category as well as expanding the resource by adding new inferred resources.
The Borden Lake gold resource was initially estimated by Micon along approximately 1,600 metres of strike length from surface to vertical depths of up to 340 metres. The Company reported a NI 43-101 Initial Resource Estimate for the Borden Lake gold zone, at a cut-off grade of 0.3 g/t Au, of 11,607,000 tonnes averaging 0.8 g/t gold for 305,000 ounces of gold in an Indicated Resource and an additional Inferred Resource of 169,322,000 tonnes averaging 0.69 g/t gold for 3,755,000 ounces of gold.
Dr. David Palmer, President of Probe, states "The drilling at Borden Lake continues to return impressive intersections of mineralization, with the deposit expanding and improving, while still remaining open in all directions. Given the encouraging results, the Company is accelerating its work at Borden Lake and is in the process of increasing its field programs and infrastructure in the area. We see an incredible amount of potential in this project and we will focus on realizing value by steadily advancing it to successively higher levels."
Probe has instituted a strict quality assurance and quality control ("QA-QC") program for the Borden Lake drill core sampling, with each fire assay furnace batch of 40 samples including two certified reference materials (standards), one blank sample and one core duplicate sample. Quality control guidelines and ongoing QAQC monitoring are being carried out by Probe personnel.
The contents of this press release have been reviewed and approved by Micon International Limited for the section describing the NI 43-101-compliant Updated Resource Estimate currently in progress.
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal exploration company with approximately $33MM in treasury and a portfolio of highly prospective mineral properties. The Company is actively exploring a significant new gold resource on its Borden Lake project near Chapleau, Ontario and owns 875 claims covering approximately 14,000 hectares in the McFauld's Lake area, including a 100% interest in the Black Creek chromite deposit. 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, and a 45% interest in a joint venture property with Lake Shore Gold Corp, which surrounds Lake Shore's Timmins Mine project. 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.
Forward-Looking Statements
This News Release includes certain "forward-looking statements". These statements are based on information currently available to the Company and the Company provides no assurance that actual results will meet management's expectations. 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. Actual results relating to, among other things, results of exploration, project development, reclamation and capital costs of the Company's mineral properties, and the Company's financial condition and prospects, could differ materially from those currently anticipated in such statements for many reasons such as: changes in general economic conditions and conditions in the financial markets; changes in demand and prices for minerals; litigation, legislative, environmental and other judicial, regulatory, political and competitive developments; technological and operational difficulties encountered in connection with the activities of the Company; and other matters discussed in this news release. This list is not exhaustive of the factors that may affect any of the Company's forward-looking statements. These and other factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking statements. The Company does not undertake to update any forward-looking statement that may be made from time to time by the Company or on its behalf, except in accordance with applicable securities laws.
Shares Issued: 64,747,922
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.
Contacts:
Probe Mines Limited
David Palmer
President
(416) 777-6703
Probe Mines Limited
Karen Willoughby
Investor Relations
(866) 936-6766
www.probemines.com
