ROUYN-NORANDA, Quebec, Aug. 20, 2018 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz Stock Exchanges and GLBXF – OTCQX International) is pleased to inform shareholders that it has completed line cutting and magnetometer and VLF surveys over the area which covers the newly delineated South Shear on the Francoeur/Arntfield gold mines property where stripping, channel sampling and diamond drilling returned significant gold values (channel sampling up to 9.52 g/t Au over 7.1.m, drilling 4.04 g/t Au over 7.34 m) as reported in press releases dated September 25 and December 6, 2017 and the area 450 metres to the south of the South Shear henceforth called the 450 Zone, where grab samples grading up to 14.16 g/t Au were recovered and reported in the Globex press release dated June 12, 2018. (Grab samples are selective by nature and are unlikely to be representative of average grade).
Globex has now received the permits required to cut an access road to the 450 Zone area and undertake stripping in four separate mineralized areas. In addition, trenches dating back to the 1930’s will be cleared. The stripped areas and cleared trenches will then be pressure washed, mapped and channel sampled. Contracts have been given out.
Globex continues to undertake work on other projects including our Lake Ontario illmenite property (soil sampling and prospecting), New Richmond antimony/gold property (mapping and rock sampling) Fontbonne polymetallic (Zn, Au) property (mapping and rock sampling), Moly Hill Mine (SiO2, Mo) (channel sampling), new Ruisseau Marriot polymetallic (Cu, Zn, Au) property (mapping and rock sampling), Hunter East (Cu) property (mapping and rock sampling), Pyrox (Au, Ni, Cu, Pt, Pd) property (airborne magnetometer survey). Work will be starting shortly on our Dalhousie copper nickel property and Kelly Lake historical copper, nickel, cobalt deposit.
In addition, a large amount of detailed geological compilation and study was undertaken on our newly acquired Gagné gold property in the Joutel Mining Camp, the Gull Island (Cu, Pb, Zn), Opawica River (Au), Lake Wachigabau (Cu Au), Lake Wachigabau North (Au, Cu, Ag) and Lake Wachigabau West (Au), l’Espérance NW (Au) and Shortt Lake South gold and base metal properties located northwest and south of Globex’s Shortt Lake Gold Mine, the Lac Trinity Chibougamau base metal property and the Canal gold and zinc property, the Windfall and Black Dog area gold claims, the Cameron Lake gold property, the Napping Dwarf (Au) claims, the Viking Lake zinc property and the Rosario Troilus gold property.
We have also acquired a number of new properties and increased the size of several. In particular, we recently staked the Discoflo gold property and added a strategic claim to our Turner Fall rare earth property. In addition, we staked a lithium property adjoining the Authier Lithium Deposit on the east side and a number of copper, nickel and cobalt properties.
Our partners continue to work on a number of our optioned or royalty properties including Sayona Mining Ltd. who are advancing the Authier Lithium deposit, a Globex royalty project toward production, Chalice Gold Mines drilling on our Nordeau East and West gold properties, Renforth Resources Inc. drilling on our Parbec gold deposit, Eros Resources Corp. having completed a PEA on the Bell Mountain gold/silver deposit, Galway Metals Inc. on our Montgolfier gold royalty property, EnerSpar Corp drilling on our Johan Beetz Feldspar royalty property, Vanadium One Energy Corp. drilling on our Mont Sorcier Vanadium royalty property, Tres-Or Resources Ltd. drilling and 3D modeling on our Duvay gold royalty property, Falco Resources Ltd. drilling on our Donalda gold mine royalty property, Enforcer Gold Corp. drilling on the Montalembert property, Osisko Metals Inc. prospecting and IP Survey on our Certac royalty property, Radisson Mining Resources drilling on our Kewagama royalty claims to name a few.
Globex suggests that interested parties visit the websites of our partners to obtain detailed information regarding the work undertaken on Globex’s optioned or royalty properties.
Globex has optioned a number of other properties to third parties and will announce the agreements in due course.
In Germany, we completed our first year exploration program on our huge Bräunsdorf silver property including prospecting, mapping, rock sampling, assaying and compilation. We are currently giving out a contract for a drone magnetometer survey over priority areas identified from our previous work (See press release dated June 7, 2018).
In other news, Enforcer Gold Corp has terminated their option of Globex’s Montalembert gold project. One hundred and thirty two (132) cells will be returned to Globex. Globex shall maintain a one and one half percent (1½%) Net Smelter Royalty on cells that Enforcer maintains with 3km of the Globex land package. While Enforcer undertook significant expenditures and work on the property including prospecting, stripping, mapping, channel sampling, geophysics and diamond drilling, Globex considers, due to the nuggety erratic distribution of free gold in the two principal vein systems a bulk sample is warranted in order to establish an average gold grade. Individual channel samples assayed up to 3310 g/t Au over 1.0m and 197.13 g/t Au over 1.2m in drill holes (see Enforcer Press Releases dated Sept. 12, 2017 and Sept. 27, 2017) Also, five silica properties in Newfoundland on which Globex retained a royalty have been allowed to lapse by the purchaser.
Globex has significant cash and negotiable securities and freely tradeable shares of a number of companies. Globex has no debt and owns all its assets which number approximately 156 and are located in Quebec, Ontario New Brunswick, Nova Scotia, Nevada, Tennessee, Washington and Saxony, Germany. On August 16, 2018 Globex announced a Quebec Flow Through share financing of up to $1,250,000 in order to augment our sizeable cash position.
Lastly, we continue to receive monthly royalty payments from Nyrstar NV from production at the Mid Tennessee zinc mine. Despite the zinc price having retrenched over the past several months, the July monthly royalty payment amounted to CDN $138,616 and CDN $1,243,340 since January 1, 2018.
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. |
President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
|Tel.: 819.797.5242 |
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.
51,013,077 shares issued and outstanding