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

Contacts:
Probe Mines Limited
Karen Willoughby
Director of Corporate Communications
(866) 936-6766
[email protected]

Probe Mines Limited
Patrick Langlois
Vice President, Corporate Development
(416) 777-6703
[email protected]
www.probemines.com

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
Blockchain. A day doesn’t seem to go by without seeing articles and discussions about the technology. According to PwC executive Seamus Cushley, approximately $1.4B has been invested in blockchain just last year. In Gartner’s recent hype cycle for emerging technologies, blockchain is approaching the peak. It is considered by Gartner as one of the ‘Key platform-enabling technologies to track.’ While there is a lot of ‘hype vs reality’ discussions going on, there is no arguing that blockchain is b...
Leading companies, from the Global Fortune 500 to the smallest companies, are adopting hybrid cloud as the path to business advantage. Hybrid cloud depends on cloud services and on-premises infrastructure working in unison. Successful implementations require new levels of data mobility, enabled by an automated and seamless flow across on-premises and cloud resources. In his general session at 21st Cloud Expo, Greg Tevis, an IBM Storage Software Technical Strategist and Customer Solution Architec...
The need for greater agility and scalability necessitated the digital transformation in the form of following equation: monolithic to microservices to serverless architecture (FaaS). To keep up with the cut-throat competition, the organisations need to update their technology stack to make software development their differentiating factor. Thus microservices architecture emerged as a potential method to provide development teams with greater flexibility and other advantages, such as the abili...
Nordstrom is transforming the way that they do business and the cloud is the key to enabling speed and hyper personalized customer experiences. In his session at 21st Cloud Expo, Ken Schow, VP of Engineering at Nordstrom, discussed some of the key learnings and common pitfalls of large enterprises moving to the cloud. This includes strategies around choosing a cloud provider(s), architecture, and lessons learned. In addition, he covered some of the best practices for structured team migration an...
Product connectivity goes hand and hand these days with increased use of personal data. New IoT devices are becoming more personalized than ever before. In his session at 22nd Cloud Expo | DXWorld Expo, Nicolas Fierro, CEO of MIMIR Blockchain Solutions, will discuss how in order to protect your data and privacy, IoT applications need to embrace Blockchain technology for a new level of product security never before seen - or needed.
The use of containers by developers -- and now increasingly IT operators -- has grown from infatuation to deep and abiding love. But as with any long-term affair, the honeymoon soon leads to needing to live well together ... and maybe even getting some relationship help along the way. And so it goes with container orchestration and automation solutions, which are rapidly emerging as the means to maintain the bliss between rapid container adoption and broad container use among multiple cloud host...
Blockchain is a shared, secure record of exchange that establishes trust, accountability and transparency across business networks. Supported by the Linux Foundation's open source, open-standards based Hyperledger Project, Blockchain has the potential to improve regulatory compliance, reduce cost as well as advance trade. Are you curious about how Blockchain is built for business? In her session at 21st Cloud Expo, René Bostic, Technical VP of the IBM Cloud Unit in North America, discussed the b...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
Imagine if you will, a retail floor so densely packed with sensors that they can pick up the movements of insects scurrying across a store aisle. Or a component of a piece of factory equipment so well-instrumented that its digital twin provides resolution down to the micrometer.
ChatOps is an emerging topic that has led to the wide availability of integrations between group chat and various other tools/platforms. Currently, HipChat is an extremely powerful collaboration platform due to the various ChatOps integrations that are available. However, DevOps automation can involve orchestration and complex workflows. In his session at @DevOpsSummit at 20th Cloud Expo, Himanshu Chhetri, CTO at Addteq, will cover practical examples and use cases such as self-provisioning infra...
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life settle...
The cloud era has reached the stage where it is no longer a question of whether a company should migrate, but when. Enterprises have embraced the outsourcing of where their various applications are stored and who manages them, saving significant investment along the way. Plus, the cloud has become a defining competitive edge. Companies that fail to successfully adapt risk failure. The media, of course, continues to extol the virtues of the cloud, including how easy it is to get there. Migrating...
No hype cycles or predictions of a gazillion things here. IoT is here. You get it. You know your business and have great ideas for a business transformation strategy. What comes next? Time to make it happen. In his session at @ThingsExpo, Jay Mason, an Associate Partner of Analytics, IoT & Cybersecurity at M&S Consulting, presented a step-by-step plan to develop your technology implementation strategy. He also discussed the evaluation of communication standards and IoT messaging protocols, data...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...