Probe Mines Updates on its McFaulds Lake Area Properties; VTEM Airborne Survey Completedadmin
The Directors of PROBE MINES LIMITED provide an update on its McFauld’s Lake area properties. Following drill programs on both Victory and McFauld’s West projects a VTEM survey was contracted to Geotech Ltd. covering the McFauld’s West and Victory projects, as well as a number of satellite properties. The survey has now been completed and the Company is waiting for preliminary results. A further announcement will be made when the data is available and the results have been interpreted.
The survey will be used to plan a follow-up drill program on the Victory property and guide ground geophysical surveys on the McFauld’s West property in preparation of second phase drilling. It is expected that these programs will commence before freeze up, weather permitting.
The recently completed VTEM airborne survey was flown as a follow-up to the previous diamond drilling program where 30m of sulphide-mineralized ultramafic intrusive rock was intersected in diamond drill hole V08-27. The intersection occurred at the end of a discrete airborne anomaly that can be traced for at least 300m on the property. Assay results from Victory drilling contained anomalous values of nickel, copper and platinum group elements (PGE), with highs of 0.2% combined Ni and Cu and 0.21g/t combined Pt-Pd. Owing to depth limitations of previous airborne data acquired over the area, the VTEM survey was contracted to provide a greater degree of accuracy for proposed fall drilling.
The discovery of anomalous values of nickel, copper and PGE in sulphide mineralized rocks is considered to be a significant turning point in exploration on the Victory project. The mineralization represents a potential nickel-bearing system over 30km from the Eagle One discovery in a separate volcanic belt. Although removed from the original discovery, the geological setting is similar, with the ultramafic rocks occurring at the outer contact of the volcanic belt. The importance of the Victory ultramafic in describing a more regional potential to nickel mineralized systems in the McFauld’s Lake area is significant, and management believes that further discoveries are possible in similar settings.
In response to diamond drilling results on the McFauld’s West property, a VTEM survey was flown in order to provide deeper penetration than the previous AeroTEM survey. Peridotite, similar to that hosting Eagle One sulphide mineralization, was identified in holes MW08-02 and MW08-08, however, no explanation for geophysical anomalies was observed. To more accurately locate potential bedrock conductors the VTEM data will be used to orient a deep-penetrating ground geophysical survey at 100m line spacing, which is at considerably higher resolution than the previous 400m-spaced grid.
The presence of peridotite on the property is encouraging, and management will continue to aggressively explore the property, which includes a second phase drilling program expected to commence in the fall.
Probe Mines Limited is a Canadian base and precious metal exploration company with 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. This includes a 100% interest in the McFauld’s West Project, comprised of 12 claims (192 hectares) situated less than 450 metres from the site of Noront’s significant new nickel-copper discovery, representing one of the closest properties to the discovery. Probe currently has joint venture agreements on its Bristol Township gold project (West Timmins Mining Inc.) and Tamarack base metal project (Mantis Mineral Corp.). The Bristol Project is adjacent to the million-plus ounce gold deposit owned by Lake Shore Gold Corp., which has recently announced a positive pre-feasibility study for the project. Probe also maintains a 5% net smelter royalty on a portion of Agnico Eagle’s Goldex Mine near Val d’Or, Quebec, slated for production in 2008. The company’s shares trade on the TSX Venture Exchange under the symbol PRB.