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ROUYN-NORANDA, QUÉBEC–(Marketwired – Sept. 25, 2017) – GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1MN)(STUTTGART:G1MN)(BERLIN:G1MN)(MUNICH:G1MN)(XETRA:G1MN)(OTCQX:GLBXF) is pleased to inform shareholders that Globex has received the first assay results of channel sampling from the most eastern trench excavated on the Francoeur/Arntfield property, 18 km west of Rouyn-Noranda, Quebec. The first trench is on what is thought to be a poorly explored gold structure immediately south of the main Francoeur-Wasa Fault which is the localizing structure for the Francoeur and Arntfield gold deposits.
Sixteen channel samples of approximately 1 metre each were cut and analysed for gold (see map attached or map on Globex’s website). The north end of the trench is moderately altered andesite which grades from 0.03 g/t Au to 0.14 g/t Au. Immediately south, the rock becomes heavily altered (carbonate, sericite, albite, silica) and is strongly sheared. Very fine pyrite varying from 1/2% up to 10% is observed. The southern portion of the trench returned 9.52 g/t Au over 7.1 m including 15.4 g/t Au over 4.1 m. The southernmost channel sample assayed 15.33 g/t Au over 1.1 m before being hidden beneath overburden.
|Sample #||Sample length (m)||Gold (g/t)|
A single channel sample (D110467) taken approximately 2.5 m to the east of sample D110465 assayed 7.78 g/t Au over 1 m in an area where the mineralized rock is mixed with un-mineralized andesite (see map).
The rock units strike roughly east-west and dip from 50° to 60° to the north. The true width of the mineralized horizon is unknown at this point in time.
All samples were delivered to Expert Laboratories Inc., located at 127 Boulevard Industriel, Rouyn- Noranda, Quebec. The laboratory conducted all aspects of the sample preparation. Samples were dried and crushed to 90% passing a -10 mesh screen. A 300-gram subsample was taken for pulverization to a nominal 90% passing -200 mesh with the remaining crushed rejects being retained.
A 29.166-gram sub-sample of this pulp (1 assay-ton) was taken and was fused following the standard procedures used in a fire assay method. The gold content of all samples was determined using Atomic Absorption Spectroscopy (Method Code: Au FA-GEO, lower detection limit 5 ppb). Any samples found to contain greater than 1 g/t Au were subjected to a re-assay, whereby the gold content was determined using a gravimetric fire assay method.
Globex has sold four claims in LaPeltrie and Carhail Townships (32E14), the Penarroya Gold Property, to Midland Exploration Inc. for a 1% Gross Metal Royalty and the submittal of assessment credits required to renew the claims.
The Matchi-Manitou Gold Property which consists of three claim in Pershing Township (32C02) was sold to Renforth Resources Inc. for $2,000 and a 2% Gross Metal Royalty. The Matchi-Manitou property is an area of historical drilling with significant gold intersections.
Lastly, Globex has staked five silica projects in Newfoundland and Labrador and three in Quebec. All were sold to a private silica focused company for cost and a 1% Gross Mineral Royalty.
This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101 with input from Manon Garant, P.Geo.
|We Seek Safe Harbour.||Foreign Private Issuer 12g3 – 2(b)|
|CUSIP Number 379900 50 9|
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
50,207,424 shares issued and outstanding
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
Mon, 25 Sep 2017 13:32:25 GMT