FREE ARTICLE PREVIEW: You are enjoying a free sample of exclusive
subscriber content. There is a limit of three free articles per week.

TABLE OF CONTENTS Mar 3 - 9, 2014 Volume 100 Number 3 - 0 comments

More high-grade gold for Probe

TEXT SIZE bigger text smaller text

The latest results from Probe Mines (TSXV: PRB; US-OTC: PROBF) Borden gold project continue to impress, as the company has been one of the best performing junior gold stocks since the new year.

The latest support to a rising share price came in the form of results from eight holes and 10 intercepts that were part of the infill drill program at its high-grade zone (HGZ).

Highlights from HGZ were 39.5 metres grading 7 grams gold including 28.5 metres of 9.1 grams gold; 16 metres of 12.4 grams gold; and 34.8 metres of 5.1 grams gold, including 12.6 metres of 11.4 grams gold.

“Overall, the infill results on the HGZ returned a weighted-average grade of 3.68 grams per tonne gold over an average intercept of 23.7 metres,” BMO Capital Markets analyst John Hayes wrote in a research note.

HGZ holds even higher-grade sections that, when rolled in with the latest results, have a weighted average grade of 8.95 grams gold over 6.4 metres, Hayes writes.

The Borden Lake deposit, which sits on the outskirts of Chapleau west of Timmins in northern Ontario, is still open at depth and along plunge.

Probe is running a drill program from atop the frozen waters of Borden Lake, chasing the HGZ as it plunges underneath the lake bottom.

At its shallowest the deposit is 220 metres deep, and Probe has defined it to a depth of 570 metres as it plunges southeast.

But HGZ is just one part of a broader deposit.

“In places [HGZ] appears in sharp contrast to the broad mineralized envelope, but up-plunge it appears less distinct,” Hayes explains. “Developing high-grade tonnage nearer surface would be beneficial to project economics.”

He says he expects further infill drilling to trace the zone closer to surface.

Hayes rates Probe as “market perform,” but does not have a target price for the stock.

At press time company’s stock traded for $3 apiece — 73¢ since the start of the year — for a $227-million market capitalization.

© 1915 - 2016 The Northern Miner. All Rights Reserved.

Related News
Probe's David Palmer our Mining Person of the Year
Goldcorp's Jeannes at Roundup 2015: Gold's comeback is underway
TSX Venture returns to positive territory, Jan. 19-23
Related Press Releases
Probe Metals Announces Grant of Options
Probe Metals Receives $4.0 million Goldex Royalty Payment
Probe Metals Inc. Commences Trading on the TSX Venture Exchange Under the Symbol PRB


An outcrop at Probe Mines' Borden gold project near Chapleau, Ontario. Credit: Probe Mines
An outcrop at Probe Mines' Borden gold project near Cha...

Companies in This Story

Probe Metals Inc

Monitor These Topics
More Topics »

Horizontal ruler
Horizontal Ruler

Post A Comment

Note: By submitting your comments you acknowledge that Northern Miner has the right to reproduce, broadcast and publicize those comments or any part thereof in any manner whatsoever. Please note that due to the volume of e-mails we receive, not all comments will be published and those that are published will not be edited. However, all will be carefully read, considered and appreciated.

Your Name (this will appear with your post) *

Email Address (will not be published) *

Comments *

* mandatory fields