Probe hits:
Meer chromite, misschien open-pit, plus 12% naar 0,64 cents.
Probe Mines Substantially Extends Black Creek Chromite Deposit, James Bay Lowlands, Ontario
Wednesday September 29, 2010, 8:00 am
TORONTO, ONTARIO--(Marketwire - Sept. 29, 2010) - The Directors of Probe ... are pleased to announce that the Company has completed aten-hole, 2,958 metre, drilling program on the Black Creek chromite
deposit in the Ring of Fire area, James Bay Lowlands, Ontario. The drilling program was successful in extending the Black Creek chromitezone approximately 115 metres along strike (from 200 metres to 315 metres) and to a vertical depth of approximately 320 metres (from 175metres), representing increases of 58% in length and 83% in depth fromprevious drilling. The chromite horizon appears very similar to that observed in previous programs, ranging in width (not true width) from 21to 44.1 metres, and being comprised predominantly of massive chromitewith minor inter-layers of semi-massive and disseminated chromite.Importantly, the drilling indicates the chromite zone is near-vertically dipping at depth, suggesting the majority of the deposit remains within Probe's property. In addition, one drill hole intersected the chromite horizon under less than 4 metres of overburden, confirming that the horizon does project to the bedrock surface and would be a likely candidate for open-pit extraction.
Core samples from all chromitezones have been sent to Actlabs in Thunder Bay and the assay results,when received, will be used to update the recent 43-101-compliantpreliminary chromite resource estimate prepared by Micon
International(see release dated August 23, 2010). The Black Creek deposit currentlycontains an estimated 5,714,000 tonnes averaging 40.00% Cr2O3 in themeasured and indicated categories and an additional 2,726,000 tonnesaveraging 40.99% Cr2O3 in the inferred category. Black Creek is ahigh-grade chromite deposit strategically located between the Black Thorand Big Daddy chromite deposits and represents a key segment of thechromite horizon.
Of the ten holes drilled, six successfullyintersected the Black Creek horizon, three holes were lost due to poorground conditions and one hole failed to intersect chromitemineralization. The latter hole was drilled to re-test the chromite zoneat depth in the area where two holes were lost. The six holes which intersected chromite significantly increased the drill-indicated mineralization along strike and at depth. The chromite mineralization was traced to both of Probe's boundaries and is expected to continue into Cliffs Natural Resources' property to the northeast and the KWG Resources-Spider Resources-Cliffs Natural Resources claim to the southwest, which host the Black Thor and Big Daddy deposits,respectively.
"The third phase drilling program on Black Creek has accomplished what we set out to do. We have extended the deposit along strike by more than 50% and almost doubled the depth from previous drilling", says Dr. David Palmer, President of Probe. "Once assay results are received we will focus on updating the initial 43-101chromite resource estimate, which should increase significantly based onthe visual results from this drilling."