SYS-CON MEDIA Authors: Elizabeth White, Pat Romanski, Yeshim Deniz, Glenn Rossman, Cynthia Dunlop

News Feed Item

Probe Mines Provides Updates on Exploration at Borden Gold

TORONTO, ONTARIO -- (Marketwired) -- 05/06/14 -- Probe Mines Limited (TSX VENTURE: PRB) ("Probe" or the "Company")

Highlights:


--  Summer Drilling program to commence on the Borden Gold project on May
    13, 2014;

--  Four drills focused on High-Grade Zone ("HGZ") infill drilling program

--  Regional exploration and drilling planned for summer 2014, target
    generation in progress

Probe Mines Limited (TSX VENTURE: PRB) ("Probe" or the "Company") is pleased to announce an update on exploration plans for its Borden Gold Project located near Chapleau Ontario. Recent and previous drilling results indicate a robust high-grade gold system with significant potential for continued improvement in grade and size, which will be the focus of infill drilling in 2014. In addition to deposit-scale exploration, preliminary regional exploration programs have highlighted a number of areas for further drilling on the East Limb project to the east of Borden Gold during summer 2014.

Recent drilling results from the winter program between Sections 2100mSE and 2600mSE continue to indicate that the Borden gold zone is a robust gold system with the potential for grades at, or above, levels seen in previous drilling up to Section 2000mSE. The recent expansion between Sections 2100mSE and 2600mSE suggests that the gold mineralizing system is as good, or better, than that seen in previous limits owing to robust zones such as the 71.0 metres averaging 3.5 g/t gold ("Au") returned on Section 2400mSE in Hole BL14-611. A mineralized envelope of this scale has not been observed in previous drilling and indicates the presence of a strong gold system in the new expansion zone. In addition, it is expected that a second phase, or infill, program on this new segment will result in improved grades and delineation of the highest grade material in the core of the zone. This is typical of the HGZ drilling, and generally for the Borden Deposit, where some of the best mineralization has been found in the infill programs. The highest grades achieved to date, announced in Hole BL13-573 on Section 1850, were only identified in the third infill program on the HGZ (see News Release dated February 10, 2014). The first phase drilling typically allows the bracketing of the mineralized zone, while the infill drilling is used to more precisely define the high-grade gold mineralization. It's anticipated that a similar improvement in grade will be achieved for the recent expansion zone through infill drilling. As well, the mineralization appears to be leveling off as it extends to the southeast. This has had two effects: 1) it benefits the exploration and potential development of the deposit by reducing depths and simplifying logistics, thereby making drilling and development work less expensive; and 2) the recent winter expansion drilling program was targeting a predicted deeper zone and therefore undercut the mineralization in the initial holes. Although the initial holes still intersected mineralization, they were predominantly in the lower part of the zone in lower-grade material. Once it was determined that the zone had leveled off and was not as deep, the drill program was adjusted to target the high-grade core. This can be observed in a simple comparison of the recent drill results on Section 2200mSE with previous infill section 1850mSE (http://www.probemines.com/i/maps/HGZ_Image_05-06-14.jpg), which indicates that the highest-grade material is above the current level of drilling and only requires more infill to delineate. The recent 600 metres expansion confirmed that the same gold system and that the same grades and widths are expected, if not better.

Based on these positive results, the Company will continue its infill drill program with an initial focus on the HGZ. Although it is not possible to infill all the southeastern sections from drilling on land, we are confident that some infill in the new expansion zone is possible from land, between sections 2000mSE and 2200mSE. The 2014 program will commence in one week and will again utilize four drills. It is expected that the infill program will comprise over 40,000 metres of drilling during 2014.

In addition to drilling on the Borden Gold Deposit, the Company is planning a 5,000 metre exploration drilling program on its East Limb project, approximately 30 kilometres east of Borden. The program, expected to commence this summer, will target anomalies generated within the eastern extension of the Borden Belt. The Company has spent the past 12 months evaluating the East Limb project through airborne geophysical, soil geochemical and ground geophysical surveys, as well as geological mapping and prospecting, and has selected five preliminary areas for follow-up drilling. Field crews will continue to do reconnaissance-scale evaluation of the 350 square kilometer East Limb property in order to identify further areas for detailed exploration.

On the Borden Gold deposit development front, the Company is working on an updated resource estimate, expected before the end of the quarter, which will include all drilling completed to date and will provide the first estimate of the HGZ. The last resource estimate only included up to Section 1300mSE, and the expansion and infill drilling, in both the HGZ and lower grade bulk tonnage mineralization, is expected to improve the Resource significantly. The resource estimate will form the basis of a preliminary economic assessment ("PEA") which is in-progress, and expected to be released before the end of the year. As well, work is continuing on advanced metallurgy and the environmental baseline study, the latter which is now in its third year.

Dr. Yves Dessureault, Chief Operating Officer of Probe, states, "Progress has been encouraging and suggests that the HGZ is a large, continuous mineralized zone amenable to lower-cost bulk underground mining methods at reasonable cut-off grades. Later this year, the completion of a PEA will be a significant de-risking milestone for the project and create value for our shareholders."

Dr. David Palmer, President and CEO of Probe, comments, "The Winter Program really was a tremendous success, we found exactly the same indications of a strong, large, high-grade mineralized zone that we have seen in every first-pass drilling program that has been completed on the HGZ to date. We are confident that the HGZ will continue to expand and improve with the infill drilling. Since the discovery hole in 2010, the Borden Deposit, and particularly the HGZ, has always benefited and improved in grade with more drilling, and has now grown to over 3.7 kilometres in strike length."

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.

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.

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: 75,784,727

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.

@CloudExpo Stories
Samsung VP Jacopo Lenzi, who headed the company's recent SmartThings acquisition under the auspices of Samsung's Open Innovaction Center (OIC), answered a few questions we had about the deal. This interview was in conjunction with our interview with SmartThings CEO Alex Hawkinson. IoT Journal: SmartThings was developed in an open, standards-agnostic platform, and will now be part of Samsung's Open Innovation Center. Can you elaborate on your commitment to keep the platform open? Jacopo Lenzi: S...
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic • Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff hap...
SYS-CON Events announced today that Utimaco will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Utimaco is a leading manufacturer of hardware based security solutions that provide the root of trust to keep cryptographic keys safe, secure critical digital infrastructures and protect high value data assets. Only Utimaco delivers a general-purpose hardware security module (HSM) as a customiz...
SYS-CON Events announced today that SOA Software, an API management leader, will exhibit at SYS-CON's 15th International Cloud Expo®, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. SOA Software is a leading provider of API Management and SOA Governance products that equip business to deliver APIs and SOA together to drive their company to meet its business strategy quickly and effectively. SOA Software’s technology helps businesses to accel...
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
SYS-CON Events announced today that ElasticBox is holding a Hackathon at DevOps Summit, November 6 from 12 pm -4 pm at the Santa Clara Convention Center in Santa Clara, CA. You can enter as an individual or team of up to 10 developers. A New Star Is Born Every Month! All completed ElasticBoxes will then be sent to a judging panel - 12 winners will be featured on the ElasticBox website in 2015. All entrants will receive five full enterprise licenses for one year + ElasticBox headphones + Elasti...
Once the decision has been made to move part or all of a workload to the cloud, a methodology for selecting that workload needs to be established. How do you move to the cloud? What does the discovery, assessment and planning look like? What workloads make sense? Which cloud model makes sense for each workload? What are the considerations for how to select the right cloud model? And how does that fit in with the overall IT tranformation? In his session at 15th Cloud Expo, John Hatem, head of V...
Cloud services are the newest tool in the arsenal of IT products in the market today. These cloud services integrate process and tools. In order to use these products effectively, organizations must have a good understanding of themselves and their business requirements. In his session at 15th Cloud Expo, Brian Lewis, Principal Architect at Verizon Cloud, will outline key areas of organizational focus, and how to formalize an actionable plan when migrating applications and internal services to...
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, will discuss how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP ...
Ixia develops amazing products so its customers can connect the world. Ixia helps its customers provide an always-on user experience through fast, secure delivery of dynamic connected technologies and services. Through actionable insights that accelerate and secure application and service delivery, Ixia's customers benefit from faster time to market, optimized application performance and higher-quality deployments.
SYS-CON Events announced today that Calm.io has been named “Bronze Sponsor” of DevOps Summit Silicon Valley, which will take place on November 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Calm.io is a cloud orchestration platform for AWS, vCenter, OpenStack, or bare metal, that runs your CL tools puppet, Chef, shell, git, Jenkins, nagios, and will soon support New Relic and Docker. It can run hosted, or on premise and provides VM automation / expiry, self-service portals,...
In her General Session at 15th Cloud Expo, Anne Plese, Senior Consultant, Cloud Product Marketing, at Verizon Enterprise, will focus on finding the right mix of renting vs. buying Oracle capacity to scale to meet business demands, and offer validated Oracle database TCO models for Oracle development and testing environments. Anne Plese is a marketing and technology enthusiast/realist with over 19+ years in high tech. At Verizon Enterprise, she focuses on driving growth for the Verizon Cloud pla...
SYS-CON Events announced today that Aria Systems, the recurring revenue expert, has been named "Bronze Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Aria Systems helps leading businesses connect their customers with the products and services they love. Industry leaders like Pitney Bowes, Experian, AAA NCNU, VMware, HootSuite and many others choose Aria to power their recurring revenue bu...
The Internet of Things (IoT) is going to require a new way of thinking and of developing software for speed, security and innovation. This requires IT leaders to balance business as usual while anticipating for the next market and technology trends. Cloud provides the right IT asset portfolio to help today’s IT leaders manage the old and prepare for the new. Today the cloud conversation is evolving from private and public to hybrid. This session will provide use cases and insights to reinforce t...
As Platform as a Service (PaaS) matures as a category, developers should have the ability to use the programming language of their choice to build applications and have access to a wide array of services. Bluemix is IBM's open cloud development platform that enables users to easily build cloud-based, creative mobile and web applications without having to spend large amounts of time and resources on configuring infrastructure and multiple software licenses. In this track, you will learn about the...
Blue Box has closed a $10 million Series B financing. The round was led by a strategic investor and included participation from prior investors including Voyager Capital and Founders Collective, as well as the Blue Box executive team. This round follows a $4.3 million Series A closed in December of 2012 and led by Voyager Capital. In May of this year, the company announced general availability of its private cloud as a service offering, Blue Box Cloud. Since that release, the company has dem...
SYS-CON Events announced today that Verizon has been named "Gold Sponsor" of SYS-CON's 15th International Cloud Expo®, which will take place on November 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA. Verizon Enterprise Solutions creates global connections that generate growth, drive business innovation and move society forward. With industry-specific solutions and a full range of global wholesale offerings provided over the company's secure mobility, cloud, strategic network...
SimpleECM is the only platform to offer a powerful combination of enterprise content management (ECM) services, capture solutions, and third-party business services providing simplified integrations and workflow development for solution providers. SimpleECM is opening the market to businesses of all sizes by reinventing the delivery of ECM services. Our APIs make the development of ECM services simple with the use of familiar technologies for a frictionless integration directly into web applicat...
The only place to be June 9-11 is Cloud Expo & @ThingsExpo 2015 East at the Javits Center in New York City. Join us there as delegates from all over the world come to listen to and engage with speakers & sponsors from the leading Cloud Computing, IoT & Big Data companies. Cloud Expo & @ThingsExpo are the leading events covering the booming market of Cloud Computing, IoT & Big Data for the enterprise. Speakers from all over the world will be hand-picked for their ability to explore the economic...
Cloudwick, the leading big data DevOps service and solution provider to the Fortune 1000, announced Big Loop, its multi-vendor operations platform. Cloudwick Big Loop creates greater collaboration between Fortune 1000 IT staff, developers and their database management systems as well as big data vendors. This allows customers to comprehensively manage and oversee their entire infrastructure, which leads to more successful production cluster operations, and scale-out. Cloudwick Big Loop supports ...