Work Progresses on Globex Royalty Properties
ROUYN-NORANDA, Quebec, Feb. 14, 2024 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders of the following news.
Cartier Resources Inc. (ECR-TSXV) have reported that they have started a 25,000-metre drill program on the Cadillac East portion of their Large Chimo Gold Mine property. Judging from the target positions displayed in their press release dated February 1, 2024, the bulk of the drill holes will be on Globex’s 3% Gross Metal Royalty claims.
At the same time, Brunswick Exploration (BRW-TSXV) has started their winter drill program on Globex’s Lac Escale claims (Mirage Project). The drilling will test a lithium bearing dyke swarm over a 2.8 km strike length where Brunswick’s previous exploration has outlined numerous lithium bearing pegmatite dykes of considerable width and grade (click to Brunswick press release).
Manganese X Energy Corp. (Mn-TSXV) have signed a Memorandum of understanding with US battery technology leader C4V, leading to a potential offtake deal from the company’s Battery Hill high-purity manganese project in Woodstock, NB. “The nonbinding agreement is based on the potential supply of electric vehicle (EV) compliant high-purity manganese monohydrate, a sample of which is currently being prequalified by C4V for its Giga Factory joint ventures. The sample was produced as part of Manganese X’s pilot plant project, using its patent-pending ground-breaking manganese purification technology to process Battery Hill manganese carbonate into EV Compliant high-purity manganese sulphate monohydrate as a pre-cursor to the cathode.”
In a February 14th, 2024 press release, Emperor Metals Inc. (AUOZ-CSE) announced that they completed a 424 line-km aeromagnetic geophysical survey comprising 14.5 km2 at the Duquesne West gold project in Duparquet township, Quebec. The survey used tighter line spacing allowing for “new and improved detail advancing Emperor’s understanding of the structural Framework and lithological controls crucial to mineralization.”
Emperor believes that "This dataset not only enhances our understanding of the complex geological environment at Duquesne West but also aligns perfectly with our strategic objectives. By identifying signatures indicative of both high-grade and bulk tonnage gold deposits, we're now equipped to expand our exploration efforts across multiple fronts. This improved aeromagnetic detail is meaningful for our 2024 drilling program, setting the stage for a transformative year. With these insights, we're more confident than ever in our ability to uncover new targets for expanding known mineralization and exploring new prospects."
At Globex’s Fayolle royalty property, IAMGOLD are mining by open-pit and transporting the ore to their Westwood mill. Globex has begun to receive quarterly royalty payments on Globex’s 2% Net Smelter Royalty purchased many years ago. In December, Globex received a $58,814.68 royalty payment.
Kiboko Gold Inc. (KIB-TSXV) reported (February 7, 2024 press release) that they have “concluded that the evaluation of the Fontana area has not identified a near surface gold deposit of economic significance. Consequently, the Company has decided to discontinue mineral resource evaluation of this area and will focus exploration efforts on other areas of the property.” They have indicated that the expansive 100 km2 contiguous claim package has a portfolio of prospective targets including the underexplored Claverny gold zone and Duvay and Monpas areas.
At the Silidor aggregate quarry, as of December 31, 2023, 577,548 tonnes of rock were blasted, and 105,822 tonnes crushed and delivered. A stock pile of 56,794 tonnes is in inventory. Globex previously received $150,000 as an advance payment on the first 300,000 tonnes deliverable.
At Globex’s 100% owned Wyse township, Ontario high grade silica property, we have completed mapping and channel sampling various horizons. A number of samples were sent to SGS Mineral Services for QEMSCAN analysis to identify various impurities. As expected, mica (muscovite) was found to be the principal impurity followed by trace amounts of iron oxides and a number of other very minor impurities. Based upon these findings, Globex has engaged CTRI, the Centre technologie des residus industrial in Rouyn-Noranda to undertake initial metallurgical testing applying various methods such as flotation and magnetics to remove these impurities. The market value of silica depends upon the purity. The greater the purity the higher the market price.
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.
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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. |
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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.
