Probe Mines Reports Updated Resource Estimate for the Borden Gold Zone, Chapleau, Ontario

By Midnight Trader,  January 15, 2013, 09:59:59 AM EDT

Probe Mines Limited (PRB.V) today released an updated resource estimate for the Borden Gold Zone in Chapleau, Ontario.

Highlights:

At a 0.5 grams of gold per tonne (g/t Au) cut-off, the Borden Gold Zone is estimated to contain a Pit Constrained Indicated Resource of 3,686,000 ounces of gold averaging 1.02 g/t Au and an additional Pit Constrained Inferred Resource of 625,000 ounces of gold averaging 1.08 g/t Au, representing an overall increase of approximately 26%, at a similar average grade, from the previous Resource Estimate.

At a 1.0 g/t Au cut-off, the Borden Gold Zone estimated to contain a distinct, higher-grade zone with a Pit Constrained Indicated Resource of 1,982,000 ounces of gold averaging 1.64 g/t Au and an additional Pit Constrained Inferred Resource of 361,000 ounces of gold averaging 1.77 g/t Au, representing an overall increase in the Resource size of approximately 32%, and an increase in grade of approximately 12%.

New Resource Estimate highlights the increasing grade of the Borden Gold Zone (up to 48%) observed at all cut-off levels and has the potential to enhance project's economic viability.

85% of the total Pit Constrained resource is now in the Indicated category, representing an increase of 18% from the previous Resource Estimate, from 3,112,000 ounces to 3,686,000 ounces of gold, at a 0.5 g/t Au cut-off grade.

Significant increase in Global Inventory Sensitivity to the Resource Estimate with an Indicated inventory of 5,190,000 ounces of gold and an additional Inferred Inventory of 1,179,000 ounces of gold at a 0.2 g/t cut-off grade.




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Commodities

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