Mantis Minerals-probe news
posted on
Dec 10, 2007 08:07AM
NI 43-101 Update (September 2012): 11.1 Mt @ 1.68% Ni, 0.87% Cu, 0.89 gpt Pt and 3.09 gpt Pd and 0.18 gpt Au (Proven & Probable Reserves) / 8.9 Mt @ 1.10% Ni, 1.14% Cu, 1.16 gpt Pt and 3.49 gpt Pd and 0.30 gpt Au (Inferred Resource)
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The Tamarack property consists of 360 claim units (5,760 hectares) staked in two blocks covering the northern and southern stratigraphy of the McFauld's Volcanic Belt. In previous drilling by Probe Mines a 7.8 metre section of chalcopyrite-rich VMS mineralization grading 3.1% copper was intersected in the "A-zone", starting at a vertical depth of 50 metres. A second drill hole, collared 50 metres west and down dip from the discovery hole, intersected the A-zone at 97 metres vertical depth and returned 2.4% copper over 6.0 metres. Both intercepts also returned anomalous concentrations of zinc, gold and silver.
Results from the current survey will be used in conjunction with previous airborne and ground geophysical data to identify both VMS and Ni-Cu-PGE targets for a winter drilling program. Numerous untested targets occur in both the western and eastern claim blocks, and it is expected that the current survey will delineate additional conductors.
The McFaulds area is once again receiving considerable attention with the recent discovery of high-grade nickel-copper-PGE mineralization by Noront Resources, southwest and along strike of the Tamarack property. Results from hole NOT07-05 returned a 63.8m intersection of massive and net-textured sulphides in olivine-bearing peridotite grading 5.9% nickel, 3.1% copper, 2.9 g/t Pt and 9.8 g/t Pd; including a 3m interval grading 8.7% nickel, 10.9% copper, 41 g/t Pt and 14 g/t Pd.
Mantis can earn up to 51% of the Tamarack property through the option-joint venture agreement. As part of the agreement, Mantis is required to make exploration expenditures totaling $500,000 over a three-year term.
About Probe Mines:
Probe Mines Limited is a Canadian base and precious metal exploration company with a portfolio of highly prospective mineral properties. The Company is currently focused on the McFauld's Lake area where it owns 931 claims covering almost 15,000 hectares. This includes a 100% interest in 12 claims (192 hectares) situated less than 450 metres from the site of Noront's significant new nickel-copper discovery and represents one of the closest properties to the discovery. Probe currently has joint venture agreements on its Bristol Township gold project (West Timmins Mining Inc.) and Tamarack base metal project (Mantis Minerals Corp.). The Bristol Project is adjacent to the million-plus ounce gold deposit owned by Lake Shore Gold Corp., which has recently announced a positive pre-feasibility study for the project. Probe also maintains a 5% net smelter royalty on a portion of Agnico Eagle's Goldex Mine near Val d'Or, Quebec, slated for production in 2008. 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.