Probe - Noront Joint Venture News
posted on
May 18, 2010 08:32AM
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
Probe Mines Commences 43-101 Resource Estimate on Black Creek Chromite Zone, McFauld's Lake, Northern Ontario
TORONTO, ONTARIO--(Marketwire - May 18, 2010) - The Directors of Probe
Mines Limited (TSX VENTURE:PRB) ("Probe") are pleased to announce that
Micon International Limited ("Micon") have been contracted to prepare a
43-101-compliant resource estimate on its Black Creek Chromite Deposit
located in the McFauld's Lake area of Northern Ontario. The Black Creek
Zone was discovered in 2009 on the Probe-Noront Resources ("Noront") joint
venture property and represents a key segment of the chromite mineralized
horizon situated between Cliffs Natural Resources ("Cliffs") Black Thor
deposit and the Cliffs-Spider Resources-KWG Resources Big Daddy deposit.
The Black Creek zone is currently drilled on 50 metre spacing along a 200
metre strike length and to a vertical depth of approximately 200 metres,
and remains open in all directions. A site visit to the property has been
scheduled for June 8, 2010 and it is expected that the report will be
completed within six to eight weeks of this date.
Micon has been providing consulting services to the mining industry since
1988 and during the last two years has undertaken significant work on the
chromite deposits in the Ring of Fire, producing 43-101-compliant resource
estimates for the Blackbird and Big Daddy chromite deposits immediately
southwest of Black Creek.
Dr. David Palmer, President of Probe Mines, states "Our McFauld's Lake
projects will be a priority for Probe this year and we are fortunate to
have Micon working with us on the resource estimate for Black Creek. They
have considerable experience in both resource estimation and the Ring of
Fire chromite deposits and we look forward to their insight and
recommendations on Black Creek."
About Probe Mines:
Probe Mines Limited is a well financed, Canadian base and precious metal
exploration company with approximately $4MM in treasury and a portfolio of
highly prospective mineral properties. The Company is currently focused on
the McFauld's Lake area where it owns 931 claims covering almost 15,000
hectares, including joint venture properties with Noront Resources covering
87 of these claims. In addition Probe has recently acquired two new gold
projects, Cree Lake and Borden Lake, which show early potential for hosting
significant mineralization. Probe currently has an option-joint venture
agreement with Lake Shore Gold Corp on its Bristol Township gold project
adjacent to Lake Shore's million-plus ounce gold deposit. Recent
exploration results from Lake Shore include an 83.4m intersection grading
12.75 g/t gold less than one kilometre from Probe's claims. 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. The Company has
only 34,116,472 shares issued and outstanding, which 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.