Welcome!

News Feed Item

Probe Mines Provides Updates on Exploration at Borden Gold

TORONTO, ONTARIO -- (Marketwired) -- 05/06/14 -- 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

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devices - comp...
Kubernetes, Docker and containers are changing the world, and how companies are deploying their software and running their infrastructure. With the shift in how applications are built and deployed, new challenges must be solved. In his session at @DevOpsSummit at19th Cloud Expo, Sebastian Scheele, co-founder of Loodse, will discuss the implications of containerized applications/infrastructures and their impact on the enterprise. In a real world example based on Kubernetes, he will show how to ...
The 19th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Digital Transformation, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportuni...
SYS-CON Events announced today that Venafi, the Immune System for the Internet™ and the leading provider of Next Generation Trust Protection, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Venafi is the Immune System for the Internet™ that protects the foundation of all cybersecurity – cryptographic keys and digital certificates – so they can’t be misused by bad guys in attacks...
SYS-CON Events announced today that Hitrons Solutions will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Hitrons Solutions Inc. is distributor in the North American market for unique products and services of small and medium-size businesses, including cloud services and solutions, SEO marketing platforms, and mobile applications.
Is the ongoing quest for agility in the data center forcing you to evaluate how to be a part of infrastructure automation efforts? As organizations evolve toward bimodal IT operations, they are embracing new service delivery models and leveraging virtualization to increase infrastructure agility. Therefore, the network must evolve in parallel to become equally agile. Read this essential piece of Gartner research for recommendations on achieving greater agility.
As the world moves toward more DevOps and Microservices, application deployment to the cloud ought to become a lot simpler. The Microservices architecture, which is the basis of many new age distributed systems such as OpenStack, NetFlix and so on, is at the heart of Cloud Foundry - a complete developer-oriented Platform as a Service (PaaS) that is IaaS agnostic and supports vCloud, OpenStack and AWS. Serverless computing is revolutionizing computing. In his session at 19th Cloud Expo, Raghav...
DevOps at Cloud Expo – being held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA – announces that its Call for Papers is open. Born out of proven success in agile development, cloud computing, and process automation, DevOps is a macro trend you cannot afford to miss. From showcase success stories from early adopters and web-scale businesses, DevOps is expanding to organizations of all sizes, including the world's largest enterprises – and delivering real results. Am...
Fact: storage performance problems have only gotten more complicated, as applications not only have become largely virtualized, but also have moved to cloud-based infrastructures. Storage performance in virtualized environments isn’t just about IOPS anymore. Instead, you need to guarantee performance for individual VMs, helping applications maintain performance as the number of VMs continues to go up in real time. In his session at Cloud Expo, Dhiraj Sehgal, Product and Marketing at Tintri, wil...
Ixia (Nasdaq: XXIA) has announced that NoviFlow Inc.has deployed IxNetwork® to validate the company’s designs and accelerate the delivery of its proven, reliable products. Based in Montréal, NoviFlow Inc. supports network carriers, hyperscale data center operators, and enterprises seeking greater network control and flexibility, network scalability, and the capacity to handle extremely large numbers of flows, while maintaining maximum network performance. To meet these requirements, NoviFlow in...
StarNet Communications Corp has announced the addition of three Secure Remote Desktop modules to its flagship X-Win32 PC X server. The new modules enable X-Win32 to safely tunnel the remote desktops from Linux and Unix servers to the user’s PC over encrypted SSH. Traditionally, users of PC X servers deploy the XDMCP protocol to display remote desktop environments such as the Gnome and KDE desktops on Linux servers and the CDE environment on Solaris Unix machines. XDMCP is used primarily on comp...
SYS-CON Events announced today that StarNet Communications will exhibit at the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. StarNet Communications’ FastX is the industry first cloud-based remote X Windows emulator. Using standard Web browsers (FireFox, Chrome, Safari, etc.) users from around the world gain highly secure access to applications and data hosted on Linux-based servers in a central data center. ...
SYS-CON Events announced today that eCube Systems, a leading provider of middleware modernization, integration, and management solutions, will exhibit at @DevOpsSummit at 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. eCube Systems offers a family of middleware evolution products and services that maximize return on technology investment by leveraging existing technical equity to meet evolving business needs. ...
SYS-CON Events announced today Telecom Reseller has been named “Media Sponsor” of SYS-CON's 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Telecom Reseller reports on Unified Communications, UCaaS, BPaaS for enterprise and SMBs. They report extensively on both customer premises based solutions such as IP-PBX as well as cloud based and hosted platforms.
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.