ROUYN-NORANDA, QUEBEC--(Marketwired - Sep 18, 2013) - CHIBOUGAMAU INDEPENDENT MINES INC. (TSX VENTURE:CGB)(STUT:CLL) and GLOBEX MINING ENTERPRISES INC. (GMX.TO)(G1M.F)(GLBXF) are pleased to inform shareholders of the assay results received from a second drill hole, BJ-13-13, undertaken to test a mineralized geological target in an area of historical drilling.
Hole BJ-13-13 was drilled above and roughly at right angles to previously announced hole BJ-13-09 which intersected 1.58% Cu and 11.1 g/t Ag over 36.5 m.
Hole BJ-13-13 has an azimuth of 200°, a dip of 45° and a length of 102 metres and was drilled in order to sample and help define the controlling structure of historical mineralization in the area. Previous historical drilling was done in several directions as, in the Chibougamau Mining Camp, there are several prominent directions of ore emplacement. This hole tested a second of the historical strike directions of mineralization on the property. Hole BJ-13-13 intersected 11.5 m (37.7 ft) of mineralization grading 5.23% Cu, 50.0 g/t Ag and 0.97 g/t Au at shallow depth as indicated below:
|From (m)||To (m)||Width (m)||Cu (%)||Ag (g/t)||Au (g/t)|
Chibougamau Independent Mines core sampling and quality assurance/quality control procedures and assay methods are available on the Chibougamau Independent Mines' website at www.chibougamaumines.com under Technical, Technical Information.
Mineralization consists of semi-massive to stringer sulphides with varying amount of chalcopyrite and pyrite in a siderite, sericite schist from core length 58.5 m to 70.0 m.
The assays from drill hole BJ-13-13 are the second set of results received from a series of six drill holes. At this point in time, we are unable to definitively define a true width or strike to the mineralized body but it is likely that this hole intersected the ore control structure at nearly a right angle.
One of the exploration concepts behind the spin-out of the Chibougamau area assets by Globex Mining Enterprises Inc. to shareholders was that historical exploration and mining based on the lower metal prices, offered the opportunity to discover new mineralization or define previously partially outlined resources within this established mining camp.
Claude P. Larouche, B.Sc. Eng., M.Sc., Geol., ing (OIQ) is senior on site manager of this project.
The property is owned 100% by Chibougamau Independent Mines Inc. Globex Mining Enterprises Inc. retains a 3% Gross Metal Royalty on any production from the property.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
Jack Stoch, P.Geo. President and CEO of Globex Mining Enterprises Inc and Chibougamau Independent Mines Inc. wrote this press release in his capacity as QP under applicable regulations.
|We Seek Safe Harbour.||Foreign Private Issuer 12g3 - 2(b)|
|CUSIP Chibougamau Independent Mines - CBG-V 167101 10 4|
|CUSIP Globex Mining Enterprises - GMX 379900 50 9|
Forward Looking Statements
Except for historical information this News Release may contain certain "forward looking statements". These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the Companies expectations and projections. A more detailed discussion of the risks is available in the current Globex's "Annual Information Form" available on SEDAR at www.sedar.com
- Commodity Markets
- Stocks & Offerings