Home > Market Activity > Get Quotes > News > News Article

Globex Mining Enterprises Inc.

Exchange: TSX Exchange | Dec 11, 2017, 4:27 AM EST

GMX
$ 0.425 real time data Change Up
Change:
0.015 (3.66%)
Volume:
13,650
Real-time price
Day Low 0.395
Day High 0.425


 Back
,
Globex Adds to Francoeur/Arntfield Gold Property and Sells Donalda Gold Mine Property

ROUYN-NORANDA, QUÉBEC--(Marketwired - Sept. 27, 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 sold the Donalda Gold Mine property near Rouyn-Noranda to Falco Resources Ltd. (TSX VENTURE:FPC). 

In consideration for the acquisition of the Donalda Gold Mine property, Falco has agreed to pay $300,000 in cash and issue 350,000 units to Globex. Each unit consists of one (1) common share of Falco and one (1) common share purchase warrant of Falco. Each warrant will entitle the holder thereof to purchase one (1) common share of the Company at a price of C$1.15 per common share, for a period of 5 years following the closing date. Additionally, Falco has agreed to grant Globex a 2.5% Gross Metal Royalty on all mineral production from the Donalda Gold Mine property and to transfer a 100% ownership of Falco's Dickenson gold property located on the east side and adjoining Globex's Francoeur/Arntfield gold property. The Dickenson property consists of three claims totally 211.38 ha. Historical drilling on the Dickenson property returned numerous gold intersections. Geologically, the claims may cover up to 1.5 km of the eastward extension of the gold localising Francoeur-Wasa Fault which is associated with six historical mines on Globex's Francoeur/Arntfield gold property. In addition, the property holds the potential down dip extensions of gold zones being explored as part of Globex's ongoing exploration on the Francoeur/Arntfield land package.

The Donalda Mine Property

The Donalda Mine Property is located within the town of Rouyn-Noranda, Québec, due east of the Horne 5 deposit and Quemont mine infrastructure. The property consists of seven mining claims, covering approximately 146 hectares in the Rouyn Township.

During mine production, a 620 metre shaft provided access to the two known gold bearing vein structures. The majority of the gold was extracted from the Donalda #1 vein (782,360 tonnes at 5.58g/t were mined over seven years of production) which was mined over a strike length of 825 metres and with a dip length of 400 metres. The #2 vein was discovered about 300 metres below the #1 vein. The small amount of production coming from Donalda #2 Vein (32,145 tonnes at 5.76 g/t were mine over one year of production), and was extracted via the adjoining Quemont mine.

Both vein structures remain open down dip and could have significant exploration upside. The gold bearing structures were known by previous operators to persist down-dip at least as far as the Horne Creek fault. Surface diamond drilling carried out by Minnova Inc. in 1986 located the extension of the #1 vein south of the Horne Creek fault, which was not mined. Very little exploration has been undertaken below the 700 metres depth.

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

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

50,172,424 shares issued and outstanding

Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
819.797.1470
819.797.5242
info@globexmining.com
www.globexmining.com

Copyright © QuoteMedia. Data delayed 15 minutes unless otherwise indicated. View delay times for all exchanges. Market Data powered by QuoteMedia. See the QuoteMedia Terms of Use.