ROUYN-NORANDA, Quebec, Feb. 12, 2019 (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 update shareholders on our recent work undertaken on the new 450 Gold Zone on our Francoeur/Arntfield Gold Mines property located approximately 18 km west of Rouyn-Noranda, Quebec in Beauchastel Township (32D03).
On October 16, 2018, Globex announced the results of channel sampling undertaken on a new underexplored area of the property, the 450 Gold Zone.
| # 10 Stripped Area | ||
| Samples | Gold Grade and Horizontal Width | Comments |
| 29 801 to 29 810 | 7.04 g/t Au over 9.50 m (31.2 ft) | Open to North |
| 29 817 to 29 822 | 6.68 g/t Au over 5.40 m (17.7 ft) | Open to South |
| 29 827 to 29 831 | 2.08 g/t Au over 4.90 m (16.1 ft) | --- |
| 29 833 to 29 836 | 4.34 g/t Au over 5.05 m (16.6 ft) | Open to North |
| The four sets of channel samples cover an east west strike length of approximately 26 m (85 ft). The mineralization is open in all directions. | ||
| # 12 Stripped Area (Approximately 200 m east of stripped area #10 on a separate mineralized structure) | ||
| Samples | Gold Grade and Horizontal Width | Comments |
| 29 872 to 29 876 | 4.47 g/t Au over 3.50 m (11.5 ft) | Open to North |
| 29 884 to 29 886 | 3.77 g/t Au over 1.85 m (6.1 ft) | -- |
Following the receipt of these channel sample assays, Globex decided to undertake a 13.4 km IP Survey over a strike length of 1.2 km centered upon the newly unearthed 450 Gold Zone mineralization.
Of particular note from the survey results are several merging anomalies that coincide with the 450 Gold Zone. Several other anomalies were also delineated including one lengthy one at the northern limit of the grid which coincides with the South Shear Gold Zone (see press release dated December 6, 2017).
Globex has decided to undertake a drill program on the 450 Gold Zone and the corresponding IP anomalies. In addition, several holes will be drilled beneath the Main and South Shear Gold Zones in which previous shallow drilling and stripping outlined gold over the 350 metre strike length tested. The drilling permit has been received and a number of companies have been asked to bid on the work.
Other news:
Renforth Resources Inc. is currently drilling on Globex’s Parbec Gold property west of the large Canadian Malartic open pit gold mine. Globex has received, as a final option payment, $200,000 and a certificate for 250,000 Renforth shares. This is in addition to a 2,500,000 share payment and a 1% NSR in the New Alger Gold Mine Property, received as part of an extension afforded Renforth to complete option exploration expenditures at Parbec. Renforth’s drilling at Parbec continues to intersect significant gold values close to surface. Their latest press releases (January 29 and February 7, 2019) reported up to 11.56 g/t Au over 1.1 m and 24.62 g/t Au over 0.9 m respectively.
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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| 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.