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Discuss the various junior resource companies within the McFaulds Lake Area

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Message: To be fair, there should be skepticism with FNC property as well
4
Dec 20, 2007 08:38AM

All should realize that in Summer 2006 Probe drilled 1 hole on FNC property and abandoned it by giving up on the option.

Here is the timeline although up until now I have been unable to determine where the hole was drilled although I am fairly certain it was within FNC's closest claim to NOT.

-1-

Probe negotiates options to acquire property

Probe Mines to Option Fancamp Property in the McFauld’s Lake Area, James Bay Lowlands Toronto, January 30, 2006 – The Directors of Probe Mines Limited (TSX-V: PRB) are pleased to announce that an agreement has been reached with Fancamp Exploration Ltd. to option four claims covering 1,024 hectares in the McFauld’s Lake area of Northern Ontario. Probe has the right to earn a 100% interest in the property by incurring exploration expenditures of $100,000 over two years, $30,000 of which must be spent prior to March 31, 2006, and issuing 100,000 common shares of Probe upon signing of the agreement and 100,000 common shares on the first anniversary, subject to regulatory approval.

The project comprises 64 claim units, contiguous with the Double Eagle project, optioned by Probe in December, 2005 and approximately 20 kilometres southwest and along strike from Probe’s 100%-owned Tamarack Project, formerly known as the McFauld’s Lake project. The properties lies within the Sachigo volcanic belt, which hosts several volcanogenic massive sulphide (VMS) occurrences, including Probe’s Tamarack discovery zone, the “AZone”, which yielded 3.1% Cu over 7.8 meters in near-surface mineralization in initial drill testing.

The Fancamp property contains numerous targets identified from both airborne and ground geophysical surveys. As with the Double Eagle project, this ground is drill-ready and has yet to be drill-tested. With this latest acquisition, Probe now has in excess of 50 conductors along strike of the A-Zone and other VMS discoveries in the McFauld’s Lake area. Initial drill testing of conductors will commence in conjunction with Probe’s upcoming exploration program, the first phase of which is scheduled to begin in February. Probe now has access to over 22,000 hectares of greenstone stratigraphy, representing one of the major land positions in the McFauld’s Lake area.


-2-

Fancamp Joint Venture Probe exploration in Summer 2006 resulted in the following...

One hole of 171m was drilled on the recently acquired joint venture property with Fancamp Exploration Ltd. (TSX-V: FNC).


-3-

Probe will not persue the option for Fancamp property

In January 2006, the Corporation acquired an option to earn a 100% interest in the Fancamp property, comprised of 4 claims covering 1,024 hectares, located near the Corporation’s Tamarack Project in the McFauld’s Lake area of the James Bay Lowlands in Northern Ontario (the “Fancamp Joint Venture”). Under the terms of the agreement, the Corporation may earn its interest in the property by incurring exploration expenditures of $100,000 over two years, $30,000 of which must be spent prior to March 31, 2006, and issuing 100,000 common shares of the Corporation upon execution of the agreement and 100,000 common shares on the first anniversary of the agreement. The Fancamp Joint Venture property contains numerous targets identified from both airborne and ground geophysical surveys. Initial drill testing on the property commenced in February 2006 in conjunction with the Corporation’s 2006 exploration program in the McFauld’s Lake area.

During the period the Company decided not to pursue the option and $37,831 in expenses were written off.  

Although Probe stated in a release at the time of the drilling that "Diamond drill hole FC1 intersected a thick section of felsic intrusive rocks, dominated by altered quartz feldspar porphyry (QFP) containing disseminated sulphide throughout, locally making up to 15% of the rock. Assays returned some anomalous base and precious metal values, reaching up to 744ppm Cu and 85ppb Au. The significant width of the sulphide mineralized QFP (100m), and anomalous metal values, indicates a potential for richer mineralization in the system, while geophysics indicates additional targets in the area. Unfortunately these targets could not be drilled as part of the winter program owing to a lack of water, but will be evaluated in the next phase of exploration", they did walk away from it (if it had the nickel grades found in Noront's cores a geo would have seen it with the naked eye, died, and gone to heaven).

I would expect that all potential investors would be interested in knowing that there was a hole drilled and exactly where a 170m hole was drilled before making a decision on investing in this company.

1
Dec 20, 2007 09:54AM

Dec 20, 2007 10:00AM
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Dec 20, 2007 10:15AM
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