GOLD: Probe raises $26M for exploration at Borden

ONTARIO – Toronto-based Probe Mines has completed a $26-million flow-through private placement with which to continue exploring its Borden gold property near Chapleau. The company issued 8.4 million flow-through shares priced at $3.10 per share. The shares have a four-month hold period as required by law.

Plans for the Borden project include both open pit and underground mines.

The pit resource, using a 0.5 g/t Au cut-off, includes 70.30 million indicated tonnes grading 1.03 g/t Au pus 247,000 inferred tonnes at 0.80 g/t. Respectively, they contain 2.32 million oz and 6,000 oz of gold.

The high grade underground resource, with a cut-off of 2.5 g/t Au, contains 9.26 million indicated tonnes grading 5.39 g/t Au plus 3.03 million inferred tonnes at 4.37 g/t Au. The two categories contain 1.60 million oz of gold and 426,000 oz, respectively.

Probe says the Borden deposit is associated with Timiskaming-age sediments in part of the Kapuskasing structural zone. The deposit was discovered in 2010.

Click here to see a 360° view resource model and a 3-D model of drilling results.