ROUYN-NORANDA, Québec, Dec. 19, 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 report to shareholders that it has completed a property exchange with Monarques Gold Corporation (MQR-TSX)
In exchange for 17 Globex claims in Beauchastel Township, Quebec on the east side of Monarques’ Wasamac Mine property and one claim on the west as well as one claim in Courville Township, Globex acquired 65 cells or claims or portions of cells as follows:
a) 20 claims and cells tying onto the northwest of Globex’s Francoeur Mine property including additional on strike and down dip potential of the mine including the West Gold Zone which has a NI 43-101 measured and indicated resource of 320,000 tonnes grading 6.47 g/t Au and an inferred resource of 18,000 tonnes grading 7.17 g/t Au using a cut‐off grade of 4.3 gpt Au and a gold price of CDN $1,300 (approx. USD $965) (Source: Richmont Mines Web Page Disclosure ‐ Mineral Reserve & Resource Table as at December 31, 2015).
b) 8 cells or portion of cells adjoining to the south of the new 450 Zone where recent channel sampling returned the following: (See press release dated October 16, 2018 for details)
| Stripped Area #10 |
| 7.04 g/t Au over 9.50 m (open) |
| 6.68 g/t Au over 5.40 m (open) |
| 2.08 g/t Au over 4.90 m |
| 4.34 g/t Au over 5.05 m (open) |
| Stripped Area #12 |
| 4.47 g/t Au over 3.50 m |
| 3.77 g/t Au over 1.85 m |
The acquisition of these cells has facilitated line cutting now underway in order to test the 450 Zone with an induced polarization survey.
c) 30 cells or portions of cells covering approximately 4 km of the gold localizing Larder Lake-Cadillac Break which has been largely untested due to a sedimentary rock cover. The Larder Lake-Cadillac Break is one of the prime gold localizing gold structures associated with numerous gold deposits in Quebec and Ontario.
d) 7 claims covering the Western Buff #1 and #2 Zones. Limited historical work as updated in 1971 by the Northern Miner reported the following:
| Western Buff # 1 | 22,000 tons grading 3.85% Cu Channel sampling in 2009 reported up to 12.22% Cu over 1 m (GM64496) |
| Western Buff # 2 | 76,000 tons grading 2.17% Cu Grab samples* in 2009 returned up to 6.03% Cu and 3.98% Cu (GM64496) |
Two other veins on the property returned grab samples* (GM 48825) with the following values:
| Vein # 3 | 2.68 oz/t Ag, 38.11% Pb and 8.8% Zn |
| Vein # 4 | 2.08 oz/t Ag and 41.18% Pb |
*Grab samples are selective by nature and are unlikely to be representative of average grades.
Globex is pleased to have acquired 100% interest in these mineral titles which enhance and expand the potential of the Francoeur/Arntfield Gold Mines project.
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 LEI 529900XYUKGG3LF9PY95 | |
| 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 Fax: 819.797.1470 info@globexmining.com www.globexmining.com |
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
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