Great news; second this week! Gold news!
posted on
Jul 28, 2009 08:31AM
TORONTO, ONTARIO--(Marketwire - July 28, 2009) - The Directors of PROBE MINES LIMITED (TSX VENTURE:PRB) ("Probe") are pleased to announce that the Company has received notification from West Timmins Mining Inc. ("WTM") that West Timmins will be continuing its option on Probe's 100%-owned Bristol Township Gold Project (see map at www.probemines.com) and is planning a drill program on the property.
Previous drilling on the southwestern section of the Bristol property, proximal to Lakeshore Gold Corp's ("Lakeshore") Timmins Mine Project and other recent gold discoveries, identified alteration similar to that associated with peripheral phases of WTM's recent high-grade porphyry zone discovery on the adjacent Thunder Creek property. WTM has indicated to Probe that this target warrants further testing and a drill program is currently slated for late summer or early fall 2009.
The Bristol Township project consists of two blocks totaling 832 hectares in 52 claims and is strategically located adjacent to Lakeshore's 1.2M ounce Timmins Mine Project and less than one kilometre from Lakeshore's and WTM's recent high-grade gold intersection in the Rusk Zone on the Thunder Creek Joint Venture. The Rusk Zone intersection represents one of the broadest intercepts reported from the West Timmins camp grading 12.75 g/t gold over an extraordinary 83.4m.
The Company is encouraged by recent exploration results in close proximity to the Bristol Project and believes the property has the potential to host similar gold mineralization. West Timmins has an option to earn a 55% interest in the Bristol Township Project by completing $1,000,000 in exploration expenditures and making cash and share payments over a 4-year period ending in June 2010. West Timmins can earn a further 15% by presenting a 43-101-compliant resource report within two years of vesting their 55% interest and making additional cash and share payments.