ROUYN-NORANDA, QUEBEC--(Marketwired - June 20, 2017) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1MN)(STUTTGART:G1MN)(BERLIN:G1MN)(MUNICH:G1MN)(XETRA:G1MN)(OTCQX:GLBXF) is pleased to update shareholders regarding various optioned and royalty projects.
RJK Exploration Ltd. (TSX VENTURE:RJX.A) on June 19, 2017 reported additional results from their drilling on Globex's Maude Lake Property. Drill results include 12.6 m grading 4.50 g/t Au in hole RJK-17-06. Hole RJK 17-06 returned the following:
|Hole RJK 17-06|
|From (m)||To (m)||Core Length (m)||Gold (g/t)|
|True widths were not provided|
Hole RJK-17-06 targeted a gold zone in historic hole 85-06 which intersected 17.56 g/t Au over 8.08 m. The gold zone in hole RJK-17-06 was intersected 15 m to the north of the gold intersection in historic hole 85-06.
RJK is also drilling a deep hole in a hitherto untested area to test a large deep geophysical anomaly.
Please see RJK's press releases dated June 12 and 19, 2017 for details.
Under the RJK/Globex agreement, RJK pays Globex an annual cash payment of $250,000. The next payment is due on July 16, 2017. Globex retains a 2.5 % Gross Metal Royalty on all production from the property.
Tres-Or Resources Ltd (TSX VENTURE:TRS) has released assay results from the first two drill holes of their drill program on Globex's Fontana Gold Property, northeast of Amos, Quebec.
|Hole||From (m)||To (m)||Width (m)||Au g/t|
|True widths were not estimated|
See Tres-Or Resources (TSX VENTURE:TRS) press release dated May 31, 2017 for details.
Globex retains a 3% Gross Metal Royalty on the Fontana claims and continues to receive option payments as per the option agreement.
On June 14, 2017 Sayona Mining Ltd. (ASX:SYA) announced an updated JORC- compliant Mineral Resource on the Authier Lithium Project. Contained Lithium oxide increased 21%. The following resource was announced:
|JORC Category||Tonnes (Mt)||Grade (% Li2O)||Contained Li2O|
Globex retains a 1% Gross Metal Royalty on one claim over the center of the proposed open pit as well as royalties on other portions of the property. Visit Sayona's website www.sayonamining.com.au for details.
Chalice Gold Mines Ltd. (TSX:CXN) has renewed work on their East Cadillac Gold Project which includes Globex's Nordeau East and West Properties. Globex optioned the Nordeau properties to Chalice in exchange for cash payments totalling $590,000 over 4 years, expenditures of $2.5 million and a 3% Gross Metal Royalty.
On March 7, 2017, Chalice published results of a NI 43-101 Technical Report and Mineral Resource Estimate by MRB & Associates (John Langton, P.Geo, Abderrazak Ladidi, P.Geo) dated February 12, 2017 on the East Cadillac Gold Project with an updated mineral resource estimate on the Nordeau West Gold Zone as follows:
|Category||Tonnes (t)||Grade (Au)||Contained Gold (G2 Au)|
The Technical Report and Resource Estimate is available on SEDAR and on Globex's website.
Manganese X Energy Corp. (TSX VENTURE:MN) has started a 1,600 metre drill program on Globex's Houlton Woodstock Manganese Royalty Property in New Brunswick. In particular, the Sharpe and Moody Hill areas are being targeted where wide space drill holes in 2016 intersected manganese oxide grades such as 16.73 % MnO over 32.85 m and 13.87 % MnO over 52.6 m. (See Manganese X press release dated May 25, 2017 for details.) Globex retains a 3% Gross Metal Royalty on all production from the property.
Enerspar Corp. (TSX VENTURE:ENER) is currently finalizing plans for their summer work program on the Johan Beetz Feldspar Property purchased from Globex. Feldspar has many uses including the expanding tempered glass market. Globex retains a 2.5% Gross Metal Royalty on all production from the property. Visit the Enerspar Corp. website at www.Enerspar.com for more details on the property.
Enforcer Gold Corp. (TSX VENTURE:VEIN) is actively exploring on Globex's Montalembert high grade gold property. On June 6, 2017, they announced the start of a 45 line-km IP survey over the main Galena and No 2 vein gold bearing vein systems. Other work including additional stripping to extend the Galena and No2 veins, channel sampling, property-wide prospecting and geochemical sampling, 5,000 m to 8,000 m of core drilling and 1,000 m of RC drilling are planned. Globex retains a 3.5% Gross Metal Royalty on all production from the property but a 6% Gross Metal Royalty on the first 150,000 ounces of gold produced. See Globex press release dated November 17, 2016 for full option terms.
On April 25, 2017, Khalkos Exploration Inc. (TSX VENTURE:KAS) announced that it has purchased 3 claims from Globex. On May 23, 2017, Khalkos entered into an option agreement with Dundee Precious Metals Inc. wherein Dundee may earn up to 71% interest in Khalko's Malartic property which includes Globex's three royalty claim by expenditures totalling $6 million. It is expected that exploration expenditures will include work on Globex's 2% Gross Metal Royalty claims.
Great Thunder Gold Corp (TSX VENTURE:GTG) has engaged a P.Geo to identify drill targets and apply for drill permits on Globex's Chubb and Bouvier Lithium Properties, south of Amos, Quebec. Both properties have surface exposures and drill hole intersections of lithium bearing spodumene. Globex retains a 2% Gross Metal Royalty on all production from the claims.
On May 18, 2017, Nyrstar NV published a JORC disclosure conformable resource update to December 31, 2016 on their mines including the Middle Tennessee Mines (Gordonsville, Elmwood and Cumberland Mines) on which Globex retains a 1.4% Royalty at current zinc prices.
The resource is based upon a Mineral and Ore Reserve Statement by Independent Competent Persons J. Morton Shannon, P.Geo (APGO and APEGBC) for the Mineral Resources and Gary Methven, P.Ing. (APEGBC), for the Ore Reserves, both of AMC Mining Consultants (Canada) Limited.
The published resource is the following:
|2016 - Reserves||Tonnes (Mt)||Grade Zn (%)|
|2016 - Resource|
|Total Measured and Indicated||3.41||3.50|
Nyrstar is currently reactivating the Middle Tennessee mining and milling operations. It was reported in Nyrstar's first quarter report that "the Middle Tennessee mine is re-starting ahead of its previously communicated schedule with mill processing operations to be commenced in Q2 2017 and full capacity of 50 Kt per annum of zinc in concentrate to be reached by November 2017." Globex expects to begin receiving royalty payments before year end.
The Sayona Mining Limited, Chalice Gold Mines Limited and Nyrstar NV resource and reserve calculations reported herein were undertaken by qualified persons in their respective reporting jurisdictions. The resource and reserve calculations have not been reviewed by a qualified person for Globex under National Instrument 43-101. This being the case, we are required to indicate that the resources and reserves are not being considered by Globex as current and should not be relied upon.
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.
|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
49,052,706 shares issued and outstanding
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.