Probe Mines Limited
COMPANY DATA | INTRODUCTION
| PROJECT IN HAND | MANAGEMENT
NEWS UPDATE | CHINESE
| Address: | Suite 306, 2 Toronto Street Toronto, Ontario Canada M5C 2B6 |
| Tel No.: | (416) 777-6703 |
| Fax No.: | (416) 777-6705 |
| Web Site: | www.probemines.com |
| Corporate Email: | info@probemines.com |
| Contact Person: | David Palmer |
| Position: | President |
| Traded Market: | TSX-V |
| Traded Symbol: | PRB |
| Outstanding Shares: | 22,914,973 |
| Public Float: | Approx. 12,000,000 |
| 52 Week High: | $ 0.96 |
| 52 Week Low: | $ 0.17 |
| Present Price: | Click Here |
INTRODUCTION
Probe Mines Limited is a Canadian base and precious metal exploration company with a portfolio of highly prospective mineral properties. Probe has only recently acquired the Greenlaw and Norway Lake base metal projects, which both host numerous base metal occurrences and untested conductors. The Company's strategy is to aggressively explore its key assets to maximize shareholder value, while joint venturing out non-core assets to advance exploration and preserve capital. A 5% net smelter royalty on the Goldex deposit, scheduled to commence production in 2008, represents a potential revenue stream for the Company.
PROJECT IN HAND
(1) McFauld's Lake
Probe currently controls over 22,000 hectares of greenstone belt stratigraphy around McFauld's Lake, making the
Company one of the largest landowners in the area. Probe's projects in the McFauld's Lake area include the Company's 100%-owned Tamarack (formerly named McFauld's Lake) and Victory projects, and the Double Eagle, Fancamp and McFauld's Lake joint ventures.
The region, in the southern part of the Sachigo River Greenstone Belt, has been the centre of considerable exploration activity since the discovery of polymetallic volcanogenic massive sulphide (VMS) mineralization by DeBeers Canada in 2002.
(A) Tamarack Project
Probe's 100%-owned Tamarack (formerly McFauld's Lake) project consists of 300 claims covering a 4,800 hectare area in the McFauld's Lake area in James Bay Lowlands of Northern Ontario.
The discovery of copper-rich VMS mineralization on the Tamarack project is confirmation that identification and drilling of geophysical anomalies is an excellent exploration technique in the McFauld's Lake area.
In February 2006, the Company commenced a follow-up drill program to further define the A-zone and begin to test the new targets identified by the recent InfiniTEM survey. This work will run in conjunction with preliminary drill testing of the Double Eagle joint venture.
(B) Victory Project
The Victory project lies approximately five kilometres southeast of Probe's Tamarack project and as is typical for this area of subdued topography and Paleozoic cover, is best explored by geophysical surveys followed by diamond drilling. Phase One (2,301 metres in 13 holes) and Two (894 metres in 6 holes) diamond drill programs were completed in August to October 2005, with disseminated to massive sulphides cut in 16 of 19 holes-an exceptional success rate on blind grassroots targets.
Probe is currently planning a 2006 exploration program to fully evaluate its land holdings in the Victory Belt. This work will include interpretation of airborne and ground surveys and drilling of sulphide targets.
(C) Double Eagle Joint Venture
In December 2005, the Company acquired an option to earn a 50% interest in the Double Eagle joint venture (8,528 hectares in 34 claims), located near the Company's 100%-owned Tamarack project in the McFauld's Lake area, James Bay Lowlands, Northern Ontario.
Previous operators conducted airborne and ground geophysical surveys over the Double Eagle. These surveys identified 45 drill-ready bedrock conductors characteristic of VMS-type mineralization, which were not yet drill-tested.
Drilling of the Double Eagle joint venture commenced in February 2006 and will run in conjunction with exploration activities at the Tamarack project.
(D) Fancamp Joint Venture
In January 2006, the Company acquired an option to earn a 100% interest in the Fancamp joint venture (1,024 hectares in 4 claims), located near the Company's 100%-owned Tamarack project in the McFauld's Lake area, James Bay Lowlands, Northern Ontario.
The Fancamp joint venture contains numerous targets identified from both airborne and ground geophysical surveys. This project is drill-ready and has yet to be drill-tested; initial testing will commence in conjunction with Probe's 2006 exploration program in the McFauld's Lake area.
(2) Greenlaw Project
Probe acquired the Greenlaw property, located near Salton, Ontario, approximately 130 km southwest of Timmins, in June 2006. The property hosts at least two known base metal (sulphide) occurrences, with drill intersections of up to 0.27% Cu, 5.73% Pb, 2.17% Zn and 0.32 oz/t Ag over a width of 4.8 m. A second base metal (sulphide) zone, exposed on surface, occurs to the north of the drill discovery and has never been tested. The drilling program focuses on the volcanogenic massive sulphide (VMS) mineralization as well as a number of strong geophysical targets identified in recently completed surveys by Probe. Probe considers the area to have significant potential for the discovery of economic volcanogenic massive sulphide (VMS) style mineralization.
(3) Norway Lake Project
In the Summer 2006, Probe Mines signed an option agreement to acquire a 100% interest in the Norway Lake project owing to the discovery of a new and previously untested base metal occurrence. Probe conducted a representative sampling of the seven metre-wide mineralized zone which returned values of up to 1.1% Cu, 7.7% Zn, 6.5% Pb, 36 g/t Ag and 0.5 g/t Au in one metre sections across the zone.
The Norway Lake project is located approximately 35 kilometres northeast of Atikokan, Ontario, an area known for its long mining history. Surrounding the project area are numerous gold and base metal discoveries. In addition, the area hosts dozens of other gold and base metal showings, which have never been thoroughly evaluated.
The new base metal discovery represents an exciting opportunity for Probe to delineate ore-grade mineralization and the Company is planning an aggressive field program to begin evaluating its potential.
(4) Goldex Mine Royalty
Probe holds a 5% net smelter royalty (NSR) interest on claims covering a portion of the Goldex deposit, owned by Agnico-Eagle Mines Ltd. and located five kilometres west of Val d'Or, Quebec. Goldex lies within the Abitibi Belt, one of the world's most prolific gold and base metal regions.
In 2005, Agnico-Eagle announced that a new gold mine would be built at Goldex. Surface construction and underground development began in 2005 and will continue to be the focus of work in 2006. Full production is anticipated by 2008.
Goldex is a low grade, bulk tonnage gold deposit with ore that is easy to treat and recoverable by gravity and flotation.
A positive production decision at Goldex means that Probe's NSR has moved a step closer to becoming a potential revenue stream for the Company.
(5) Bristol Township Project
The Bristol Township project, which is currently under option to Sydney Resource Corp. ("Sydney"), consists of two blocks totalling 832 hectares in 52 claims.
The Bristol Township project (referred to as the "Beach" project on the Sydney website) is strategically located adjacent to the Timmins West Gold Property of Lake Shore Gold Corp., approximately 15 kilometres southwest of the Timmins, Ontario. As operator of the joint venture, Sydney plans to aggressively drill test known zones of gold mineralization on the property. The Company views the joint venture as an excellent opportunity to advance gold exploration in an important new district, while continuing to focus Probe's resources and treasury on its key projects.
MANAGEMENT
Probe Miens Limited has a well management team with experience in different areas.
Patrick Reid, B.A., Chairman of the Board
Mr. Reid, former Member of Provincial Parliament (MPP) for the riding of Rainy River, Ontario and past-President of the Ontario Mining Association (OMA), brings more than twenty years experience as a senior executive in the mining industry to the Company.
Mr. Reid holds a Bachelor of Arts degree from the University of Manitoba and is a member of the Prospectors and Developers Association of Canada (PDAC). In 2001, he was awarded the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) fellowship for his outstanding contribution to the Canadian Mining Industry and the CIM. Mr. Reid currently sits of the board of several junior resource companies.
David Palmer, Ph.D., P.Geo., President, CEO & Director
Prior to joining Probe in 2003, Dr. Palmer spent fifteen years as an Exploration Geologist and Consultant to the Canadian and international mining industry. He has managed projects and conducted research for major international mining companies in South America, South Africa, India, Greenland and Scandinavia, as well as working extensively throughout Canada. His work has covered a broad range of mineral commodities, including gold, base metals, diamonds, platinum group metals, and copper/nickel deposits.
Dr. Palmer holds a B.Sc. (Geology) degree from St. Francis Xavier University, M.Sc. and Ph.D. (Economic Geology) degrees from McGill University, and is a member of the Association of Professional Geoscientists of Ontario. He has published scientific papers in journals such as Economic Geology and Chemical Geology.
David Palmer, Ph.D., P.Geo. is the Company's Qualified Person as defined under National Instrument 43-101.
Harry Hodge, B.Sc., P.Eng., Director
Mr. Hodge has over forty years experience in the Canadian mining and exploration industry and has held several senior positions, including Senior Mine Geologist, Eastern Canada for Noranda Mines Ltd., Chief Geologist for Conwest Exploration Co. and Manager, Minerals Division, Eastern Canada for Shell Canada Resources. Mr. Hodge is the past-President of Probe and remains an integral part of the Company, providing technical experience, as well as constantly reviewing new business opportunities.
Dennis Peterson, B.Comm., LL.B., Corporate Secretary & Director
Mr. Peterson is a securities lawyer specializing in corporate finance matters for small cap companies. His practice focuses primarily on junior companies in the natural resource sector listed on the Toronto Stock Exchange and the TSX Venture Exchange. Mr. Peterson has extensive experience in all aspects of prospectus financings, private placements, mergers and acquisitions in the junior public markets.
NEWS UPDATE
On November 30, 2006 Probe Mines Ltd. has retained Karen Willoughby to provide investor relations services for the company. Ms. Willoughby has no relationship, direct or indirect interest, or right to acquire such an interest in Probe Mines, and will actively focus on shareholder and investment specialist communications.
On November 28, 2006 Probe Mines Ltd. has released the results of a diamond drilling program on its Greenlaw base-metal project in the Shunsby volcanic belt. The results confirm the presence of base-metal-rich volcanic horizons on the property. Mineralization occurs as disseminated and stringer-type sphalerite as well as galena, with minor chalcopyrite, hosted by quartz-rich horizons within a felsic volcanic sequence.
On October 10, 2006, Probe Mines Limited announced that it has entered into a binding letter of intent with Avenue Financial for the acquisition of a 51% interest in Probe's 100%-owned Tamarack Project located in the McFauld's Lake area, James Bay Lowlands, Ontario. Probe is looking forward to working together with Avenue to advance the Tamarack Project. This collaboration will also allow Probe to focus its time and resources on its recently acquired Norway Lake and Greenlaw projects, as well as continued project generation and acquisition.
On October 3, 2006, Probe Mines Limited announced that diamond drilling will commence shortly on the Greenlaw base and precious metal project. Norex Drilling of Porcupine, Ontario has been awarded the contract, and will begin mobilizing immediately after Thanksgiving. The drilling program will focus on two mineralized zones as well as a number of strong geophysical targets identified in recently completed surveys by Probe Mines.