Welcome!

News Feed Item

Probe Mines Announces First High-Grade Mineral Resource Estimate for Borden Gold Project, Ontario

TORONTO, ONTARIO -- (Marketwired) -- 06/10/14 -- Highlights:


--  High-Grade Underground constrained resource at 2.5 grams of gold per
    tonne ("g/t Au") cut-off:
    --  1.60 million ounces of gold averaging 5.39 g/t Au in the Indicated
        Resource category; and
    --  0.43 million ounces of gold averaging 4.37 g/t Au in the Inferred
        Resource category.

--  Open Pit-Constrained resource at 0.5 g/t Au cut-off:
    --  2.32 million ounces of gold averaging 1.03 g/t Au in the Indicated
        Resource category; and
    --  0.01 million ounces of gold averaging 0.80 g/t Au in the Inferred
        Resource category.

--  New Resource Estimate highlights the significant contribution of the U/G
    resource to the project.

Probe Mines Limited (TSX VENTURE: PRB) ("Probe" or the "Company") is pleased to announce that the Company has received the Updated Mineral Resource Estimate for its Borden gold deposit from Snowden Mining Industry Consultants ("Snowden"), which includes the first Resource Estimate to contain the High-Grade Underground (U/G) resource. The High-Grade U/G is estimated to contain a constrained Indicated Resource of 1.60 million ounces of gold averaging 5.39 g/t Au and an additional constrained Inferred Resource of 0.43 million ounces of gold averaging 4.37 g/t Au, at a 2.5 g/t Au cut-off grade. In addition, the deposit is estimated to contain an Open pit-constrained Resource of 2.32 million ounces of gold averaging 1.03 g/t Au, at a 0.5 g/t Au cut-off grade.

The Updated Resource Estimate is the most significant to date as it is the first to define a higher-grade U/G resource, in addition to the near-surface pit-constrained gold mineralization, within the Borden Gold Deposit. In all aspects, the Borden deposit has shown significant improvement over previous resource estimates while still remaining open for future expansion and improvement.

High-Grade Underground Constrained Resource Estimate

The Updated Resource Estimate was constrained within a high-grade zone ("HGZ") at a cut-off grade of 2.5 g/t Au. The cut-off grade selected represents a realistic estimate for any potential underground mining operations based on the size of the mineralized zone and possibility of employing bulk-underground mining methods. An image of the high grade zone-constrained Resource is available on the Company's website at: http://www.probemines.com/s/Borden_Lake.asp?ReportID=658146&_Type=Borden-Gold.

The following sensitivity table presents the Resource Estimate within the high grade zone at different cut-offs.

High-Grade Underground Constrained Indicated Mineral Resource Estimate Sensitivity Table 1,2,3,4,5


----------------------------------------------------------------------------
                     Cumulative Tonnage                     Cumulative Au oz
Cut-Off Au                         1,2  Average Au Grade                1,2
(g/t)                           (000's)            (g/t)             (000's)
----------------------------------------------------------------------------
3.5                               5,886             6.80               1,286
----------------------------------------------------------------------------
3.0                               7,222             6.14               1,426
----------------------------------------------------------------------------
2.5                               9,262             5.39               1,604
----------------------------------------------------------------------------
2.0                              12,985             4.48               1,870
----------------------------------------------------------------------------

High-Grade Underground Constrained Inferred Mineral Resource Estimate Sensitivity Table 1,2,3,4,5


----------------------------------------------------------------------------
                    Cumulative Tonnage                      Cumulative Au oz
Cut-Off Au                        1,2   Average Au Grade                1,2
(g/t)                          (000's)             (g/t)             (000's)
----------------------------------------------------------------------------
3.5                              1,521              5.79                 283
----------------------------------------------------------------------------
3.0                              2,125              5.06                 346
----------------------------------------------------------------------------
2.5                              3,034              4.37                 426
----------------------------------------------------------------------------
2.0                              4,317              3.73                 518
----------------------------------------------------------------------------

1.  Tonnes and Au ounces have been rounded to the nearest thousand
2.  Figures/numbers for resource tonnes and ounces may not sum due to
    rounding
3.  Cut-off grade was calculated with the following parameters:
    --  Gold price US$1,300/oz
    --  Exchange rate US$1.00= CDN$1.11
    --  Mining cost Cdn$50.00/tonne
    --  Processing and G&A cost Cdn$22.80/tonne
    --  Process Recovery 92%
4.  Variable specific gravity with an average in the mineralized zone of
    2.78
5.  An over-all grade capping of 100 g/t Au

Open Pit-Constrained Resource Estimate

The Updated Resource Estimate was constrained within a Whittle open-pit shell. The Open Pit-Constrained Resource Estimate is reported at a cut-off grade of 0.5 g/t Au. An image of the pit-constrained Resource is available on the Company's website at: http://www.probemines.com/s/Borden_Lake.asp?ReportID=658146&_Type=Borden-Gold.

It should be noted that, in addition to the re-distribution of ounces from previous pit-constrained models to the new underground constrained resource, the parameters chosen for this updated pit-constrained resource are more conservative than parameters used in previous updates. This results in a more robust overall mineral resource with a focus on higher-grade material at the expense of lower-grade open pit material. Consequently, the pit-constrained resource now contains fewer ounces.

The following sensitivity table presents the Resource Estimate for mineralization falling within the Whittle pit shell, assuming a gold price of US$1,300/oz and a variable metallurgical recovery as per the press release of June 10th, 2014 (further assumptions noted at the end of the table).

Open Pit-Constrained Indicated Mineral Resource Estimate Sensitivity Table 6,7,8,9,10


----------------------------------------------------------------------------
                      Cumulative Tonnage      Average Au    Cumulative Au oz
Cut-Off Au                          6,7            Grade               6,7
(g/t)                            (000's)           (g/t)             (000's)
----------------------------------------------------------------------------
1.5                               10,647            1.97                 676
----------------------------------------------------------------------------
1.0                               27,901            1.50               1,349
----------------------------------------------------------------------------
0.5                               70,301            1.03               2,322
----------------------------------------------------------------------------

Open Pit-Constrained Inferred Mineral Resource Estimate Sensitivity Table 6,7,8,9,10


----------------------------------------------------------------------------
                      Cumulative Tonnage      Average Au    Cumulative Au oz
Cut-Off Au                          6,7            Grade                6,7
(g/t)                            (000's)           (g/t)             (000's)
----------------------------------------------------------------------------
1.5                                   16            1.67                   1
----------------------------------------------------------------------------
1.0                                   55            1.40                   2
----------------------------------------------------------------------------
0.5                                  247            0.80                   6
----------------------------------------------------------------------------

6.  Tonnes and Au ounces have been rounded to the nearest thousand
7.  Figures/numbers for resource tonnes and ounces may not sum due to
    rounding
8.  In the pit optimization, the following parameters were utilized:
    --  Gold price US$1,300/oz
    --  Exchange rate US$1.00= CDN$1.11
    --  Average Mining cost Cdn$2.20/tonne
    --  Processing and G&A cost Cdn$17.37/tonne
    --  Process Recovery: variable
    --  Pit Slopes 48 degrees
9.  Variable specific gravity in the mineralized zone with an average of
    2.78
10. An over-all grade capping of 100 g/t Au

All resources reported in this updated Resource Estimate are from mineral claims owned or operated by Probe Mines, which includes the Joint Venture ("JV") property consisting of three private patented mineral claims in which Probe is currently earning a 50% interest. The Updated Resource Estimate does not include any potential gold resource(s) on claims or property in which Probe does not hold an interest or has the ability to earn an interest.

Dr. David Palmer, President of Probe, states "The change in this deposit since the last Resource Estimate in January 2013 has been nothing short of remarkable. We are extremely pleased with the results of the current Resource Estimate as it demonstrates a better than expected gold resource within the HGZ. We strongly feel that this deposit now represents a possible stand-alone underground operation, with the added potential of continued expansion through further exploration drilling. During 2014 we will be focused on advancing the project into development starting with the completion of a PEA before the end of the year".

Yves Dessureault, Probe's COO, comments "The robust nature of the HGZ definitely suggests that the project is rapidly advancing towards a development scenario. We would like to maintain the momentum of the project through 2014 and, in addition to the PEA, we will be working on more advanced studies to facilitate the project timeline, including metallurgical, geotechnical, and environmental programs, as well as community initiatives".

The updated resource estimate, which meets the guidelines for reporting mineral exploration programs as set out in National Instrument 43-101, was based on over 224,000 drilled metres and over 168,000 assayed meters, that tested the gold horizon along approximately 3,700 metres (m) of strike length and to a vertical depth of over 650 metres at spacings of between 25 to 100 metres. The Underground and Open-Pit Constrained Resources were modeled on 5 m x 5 m x 5 m block size. Mineralization of the Borden Gold Zone is comprised of a volcano-metasedimentary horizon containing a thick, continuous and consistent zone of gold-bearing disseminated sulphide mineralization. The deposit still remains open in all directions.

Mineral resources do not have demonstrated economic viability but from the CIM definition must demonstrate reasonable prospects for eventual economic extraction. CIM defines Mineral Resource as:

"A Mineral Resource is a concentration or occurrence of solid material of economic interest in or on the Earth's crust in such form, grade or quality and quantity that there are reasonable prospects for eventual economic extraction. The location, quantity, grade or quality, continuity and other geological characteristics of a Mineral Resource are known, estimated or interpreted from specific geological evidence and knowledge, including sampling."

The estimate of mineral resources may also be materially affected by other relevant factors or issues. There is no guarantee that the project will be placed into production. BBA Inc, the lead consultant for the Borden Gold project, is currently in the process of completing the NI 43-101 Technical Report for which Snowden is currently completing their relevant sections which will be filed on Sedar within 45 days of this release.

The mineral resource estimate was generated using Ordinary Kriging. The mineralized material was classified into the Indicated or Inferred mineral resource category on the basis of a combination of the following factors: (a) confidence in the geological and mineralization continuity, (b) the position of blocks in relation to the range of influence as defined by the variography and (c) the search ellipse ranges.

Yves Dessureault, Ph.D., P.Eng., is the Qualified Person for Probe Mines. The contents of this news release have been reviewed and approved by Independent Qualified Persons Walter Allan Dzick, P.Geo., of Snowden.

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.

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: 76,374,727

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
The Transparent Cloud-computing Consortium (abbreviation: T-Cloud Consortium) will conduct research activities into changes in the computing model as a result of collaboration between "device" and "cloud" and the creation of new value and markets through organic data processing High speed and high quality networks, and dramatic improvements in computer processing capabilities, have greatly changed the nature of applications and made the storing and processing of data on the network commonplace.
Your business relies on your applications and your employees to stay in business. Whether you develop apps or manage business critical apps that help fuel your business, what happens when users experience sluggish performance? You and all technical teams across the organization – application, network, operations, among others, as well as, those outside the organization, like ISPs and third-party providers – are called in to solve the problem.
Digital transformation is too big and important for our future success to not understand the rules that apply to it. The first three rules for winning in this age of hyper-digital transformation are: Advantages in speed, analytics and operational tempos must be captured by implementing an optimized information logistics system (OILS) Real-time operational tempos (IT, people and business processes) must be achieved Businesses that can "analyze data and act and with speed" will dominate those t...
While DevOps promises a better and tighter integration among an organization’s development and operation teams and transforms an application life cycle into a continual deployment, Chef and Azure together provides a speedy, cost-effective and highly scalable vehicle for realizing the business values of this transformation. In his session at @DevOpsSummit at 19th Cloud Expo, Yung Chou, a Technology Evangelist at Microsoft, will present a unique opportunity to witness how Chef and Azure work tog...
Almost two-thirds of companies either have or soon will have IoT as the backbone of their business in 2016. However, IoT is far more complex than most firms expected. How can you not get trapped in the pitfalls? In his session at @ThingsExpo, Tony Shan, a renowned visionary and thought leader, will introduce a holistic method of IoTification, which is the process of IoTifying the existing technology and business models to adopt and leverage IoT. He will drill down to the components in this fra...
As ridesharing competitors and enhanced services increase, notable changes are occurring in the transportation model. Despite the cost-effective means and flexibility of ridesharing, both drivers and users will need to be aware of the connected environment and how it will impact the ridesharing experience. In his session at @ThingsExpo, Timothy Evavold, Executive Director Automotive at Covisint, will discuss key challenges and solutions to powering a ride sharing and/or multimodal model in the a...
Internet of @ThingsExpo, taking place November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with the 19th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world and ThingsExpo Silicon Valley Call for Papers is now open.
I'm a lonely sensor. I spend all day telling the world how I'm feeling, but none of the other sensors seem to care. I want to be connected. I want to build relationships with other sensors to be more useful for my human. I want my human to understand that when my friends next door are too hot for a while, I'll soon be flaming. And when all my friends go outside without me, I may be left behind. Don't just log my data; use the relationship graph. In his session at @ThingsExpo, Ryan Boyd, Engi...
SYS-CON Events announced today that Pulzze Systems 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. Pulzze Systems, Inc. provides infrastructure products for the Internet of Things to enable any connected device and system to carry out matched operations without programming. For more information, visit http://www.pulzzesystems.com.
We’ve been doing it for years, decades for some. How many websites have you created accounts on? Your bank, your credit card companies, social media sites, hotels and travel sites, online shopping sites, and that’s just the start. We do it often without even thinking about it, quickly entering our personal information, our data, in a plethora of systems. Sometimes we’re not even aware of the information we are providing. It could be very personal information (think of the security questions you ...
Why do your mobile transformations need to happen today? Mobile is the strategy that enterprise transformation centers on to drive customer engagement. In his general session at @ThingsExpo, Roger Woods, Director, Mobile Product & Strategy – Adobe Marketing Cloud, covered key IoT and mobile trends that are forcing mobile transformation, key components of a solid mobile strategy and explored how brands are effectively driving mobile change throughout the enterprise.
SYS-CON Events announced today that ReadyTalk, a leading provider of online conferencing and webinar services, has been named Vendor Presentation Sponsor 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. ReadyTalk delivers audio and web conferencing services that inspire collaboration and enable the Future of Work for today’s increasingly digital and mobile workforce. By combining intuitive, innovative tec...
If you’re responsible for an application that depends on the data or functionality of various IoT endpoints – either sensors or devices – your brand reputation depends on the security, reliability, and compliance of its many integrated parts. If your application fails to deliver the expected business results, your customers and partners won't care if that failure stems from the code you developed or from a component that you integrated. What can you do to ensure that the endpoints work as expect...
There is growing need for data-driven applications and the need for digital platforms to build these apps. In his session at 19th Cloud Expo, Muddu Sudhakar, VP and GM of Security & IoT at Splunk, will cover different PaaS solutions and Big Data platforms that are available to build applications. In addition, AI and machine learning are creating new requirements that developers need in the building of next-gen apps. The next-generation digital platforms have some of the past platform needs a...
WebRTC adoption has generated a wave of creative uses of communications and collaboration through websites, sales apps, customer care and business applications. As WebRTC has become more mainstream it has evolved to use cases beyond the original peer-to-peer case, which has led to a repeating requirement for interoperability with existing infrastructures. In his session at @ThingsExpo, Graham Holt, Executive Vice President of Daitan Group, will cover implementation examples that have enabled ea...