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| | July 26, 2004
PROBE MINES LIMITED Commences Diamond Drilling Program on McFauld's Lake VMS Project Following Positive Ground Geophysical Results
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| | PROBE MINES LIMITED (TSX-V: PRB) is pleased to announce the commencement of a diamond drilling program on its 100% owned McFauld's Lake Volcanogenic Massive Sulphide (VMS) Property in the James Bay Lowlands of Ontario.
The program is based on results of a recently completed Time Domain Electromagnetic (TDEM) ground survey, which identified 18 bedrock conductors. This survey represents the first phase of exploration on the property, following airborne geophysical surveys, and was designed to test selected airborne anomalies. The results of the ground geophysical program are very encouraging, identifying multichannel electromagnetic anomalies ranging in size from 250m to over 900m in length. One of the stronger anomalies occurs less than 5 kilometers from, and along strike of, the McFauld's #3 VMS discovery of Spider Resources (TSX-V: SPQ), reported to contain sections of Cu-rich VMS mineralization up to 14.8m in width and grading 5.5% Cu.
This first phase diamond drilling program willtest a minimum 5 of the 18 conductors, and will provide valuable geological information for the development of a follow-up "phase-two" programs designed to test the remaining airborne and ground anomalies. A total of 1000m of drilling is required to test the five targets.
The McFauld's Lake area represents one of Canada's most recent VMS discovery, and is considered to have excellent potential to develop into a world-class base and precious metal mining camp, such as that at Noranda, Quebec. To date, at least four VMS discoveries have been made in the area, and exploration activity is expected to increase along the virtually unexplored volcanic belt. Stratabound base-metal deposits of this type are one of the most important sources of copper, lead and zinc in Canada and typically occur in clusters along one or more volcanic horizons.
Probe Mines Limited is a base and precious metal exploration company with a portfolio of high-quality mineral properties. As well as McFauld's Lake, Probe Mines is exploring for gold in the prolific Timmins mining camp on its Bristol Township property and also maintains a royalty interest in claims covering part of Agnico-Eagle Mines Limited (TSX: AGE) Goldex Mine property in Val d'Or, Quebec, which is currently undergoing feasibility studies. Probe's shares trade on the TSX Venture Exchange under the symbol PRB.
Dr. David Palmer, P.Geo., is the qualified person responsible for the technical information in this release. To find out more about Probe Mines Limited (TSX-V: PRB), visit our website at www.probemines.com. or contact:
David Palmer
President, Probe Mines Limited
Tel: 416-777-6703
[email protected]
Harry J. Hodge
Director, Probe Mines Limited
Tel: 416-363-4376
[email protected]
Tim German
Ensign Corporate Communications
Tel: 416-214-3655
[email protected]
CAUTIONARY STATEMENT
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein. This News Release includes certain "forward-looking statements". All statements other than statements of historical fact, included in this release, including, without limitation, statements regarding potential mineralization and reserves, exploration results, and future plans and objectives of Probe, are forwardlooking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially form those anticipated in such statements. Important factors that could cause actual results to differ materially from Probe's expectations are exploration risks detailed herein and from time to time in the filings made by Probe with securities regulators. |
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| | You can view the Next News Releases item: Tue Oct 5, 2004, PROBE MINES LIMITED To Commence Diamond Drilling on Timmins Gold Project, Following Strong Geophysical and Geochemical Results
You can view the Previous News Releases item: Thu Jun 10, 2004, Probe Mines Engages Ensign Corporate Communications for Investor Relations, Corporate Update: Exploration Accelerates on McFauld's Lake and Bristol Projects
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