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ROUYN-NORANDA, Quebec, Feb. 16, 2021 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, L&S Exchange, TTM Zone, Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that it has acquired 100% interest in the Bald Hill Antimony Property located in Queens County, south central New Brunswick, 40 km northwest of the town of Sussex and approximately 60 km southeast of the City of Fredericton.
The Bald Hill property consists of 26 claims covering the Bald Hill antimony deposit and surrounding area. An additional 8 claims adjoining Globex’s Devils Pike gold deposit property was also acquired. (See Press Release dated January 7, 2016).
The Bald Hill antimony zone was most recently explored by Rockport Mining Corp. Surface trenching returned up to 43% Sb over 2.0 m and 2.90% Sb over 8.18 m. By 2010 the zone had been followed in widely spaced holes for a strike length of approximately 450 metres and to a depth of 300 metres. In 2010 Conestoga-Rovers and Associates of Fredericton, New Brunswick produced a report titled “National Instrument 43-101 Technical Report on the Bald Hill Antimony Project, southern New-Brunswick, Canada, NTS Map Sheet 21G/09 and 21H/12 for Rockport Mining Corp. authored by Heather MacDonald, MSc., P.Geo.”
“Based upon 16 widely spaced drill holes totaling 3,554 metres and 609 assays, an antimony zone 450 metres in length was outlined including drill intersections of up to 11.7% Sb over 4.51 metres (core length).”
The report states the following:
“The potential tonnage and grade of a potential mineral deposit at the Bald Hill Property which is the target of further exploration, is expressed as ranges in the Table 6 below. The potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.”
Potential Quantity and Grade Ranges
GRADE (Sb %)
700,000 to 900,000
4.33% to 5.40%
25,000 to 100,000
2.13% to 3.19%
725,000 to 1,000,000
4.11% to 5.32%
A subsequent NI 43-101 report titled: National Instrument 43-101 Technical Report: Bald Hill Antimony Project (claim group 5061) Southern New-Brunswick, Canada, NTS Map Sheet 21G/09 and 21H/12, Prepared for Tri-Star Antimony Canada Inc. by Peter Banks, B.Sc., P.Geo. and John Langton, M.Sc., P.Geo. of MRB & Associates, October 28th, 2014 dealt with addition exploration work and conclusions derived from the work up to that date as reported in brief under “Interpretations and Conclusions” and reproduced below.
“Rockport’s drilling on the Bald Hill main grid has confirmed the Sb mineralization over a significant area of approximately 700 m on surface (Note by Jack Stoch: additional 250 m strike length) and to 300 m depth. Surface mineralization and soil geochemical anomalies indicate that the mineralization extends for at least 1.5 km, along strike from the delineated mineralized zones. The 2014 trenching program, centered approximately 1.0 km along strike to the southeast from the main Bald Hill occurrences, exposed new antimony mineralization grading 9.04% Sb over 2.60 metres.”
“In addition to the on-site exploration programs, preliminary processing and metallurgical test-work of Bald Hill lithological drill-core and bulk samples was carried out. This work comprised bulk mineralogy, basic chemical profiling, textural features of the ore minerals and preliminary analysis of liberation characteristics and amenability of the ore to gravity concentration and/or flotation, preliminary ore-characterization, mineralogical and chemical profiling, and optical ore examinations.”
“The work completed by Rockport on the Bald Hill Project substantiates the occurrence of a potential resource of economically interesting antimony mineralization. The Project is a valid exploration target that remains largely untested with respect to its full dimensions and its regional structural relationships.”
Sixty percent or more of North America’s antimony is imported from China. Antimony is considered a strategic element and has numerous uses including hardening lead in ordinance, in lead-acid batteries, as a fire retardant with halogen in plastics, paints, textiles in aircrafts and automobiles, etc. The current price is approximately $2.75 per pound.
Globex has also acquired a digital data bank of some 16,500 files on the property and surrounding area.
Globex believes that the property has excellent exploration potential and considering the strategic importance of antimony, a significant addition to Globex’s large bank of mineral properties currently made up of 192 property interests, including 96 gold assets, 60 base metal assets, 36 specialty metal and industrial mineral assets including 71 royalties. The Bald Hill antimony property was acquired for a single cash payment.
This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.
We Seek Safe Harbour.
Foreign Private Issuer 12g3 – 2(b)
CUSIP Number 379900 50 9
For further information, contact:
Jack Stoch, P.Geo., Acc.Dir.
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 expectations and projections of Globex Mining Enterprises Inc. (“Globex”). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com.