Mackie Research - Let There Be Rock: Higher Grade

Increasing the resource confidence: Probe Mines has released assays from an additional 52 holes completed as part of its ongoing drill program at its Borden Gold project, near Chapleau, Ontario. 45 holes were in-fill holes which continued to increase the confidence of the overall resource grade and size. Importantly is a higher-grade core of 1.66 g/t containing 2.34 Moz which materially enhances the overall economic potential of exploitation.

High-grade SE shows additional grades: Drilling in the SE (section 1200 SE) to test continuity of 10.3 g/t over 51 also showed a higher-grade portion of the resource is developing a strike length. 4 holes drilled on section 1150 SE (between 1100 SE and 1200 SE) all intersected mineralization, the best being 5.9 g/t over 12.6 metres and 14.1 g/t over 4.7 metres, all within a broader lower grade section of 3.2 g/t over 26.7metres and 3.4 g/t over 42.9 metre, respectfully. While only a 50 metre stepout, a competent mass of higher-grade material seems to exist at the extreme SE edge of the current resource. More drilling is warranted.

Infill drilling continues to prove up continuity and increase confidence in resource quality and size: The current round of drilling materially adds to the overall confidence in the size and quality of the recently published resource. Further, it is evident that “something” different is happening at the southeast edge of the resource, which could add materially to overall resource size and quality. However, more drilling in this region is required.

We have not adjusted our target price for the increased confidence in the resource. However, we continue to believe Probe have successfully defined a resource which will become a mine. We remain a BUY, target $4.60

ACTION – Maintain BUY Rating and $4.60 Target