ROUYN-NORANDA, Québec, April 23, 2018 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (TSX:GMX) (FRANCFORT:G1MN) (STUTTGART:G1MN) (BERLIN:G1MN) (MUNICH:G1MN) (XETRA:G1MN) (OTCQX:GLBXF) is pleased to announce that it has purchased a 2% Net Smelter Royalty (NSR) on three claims that constitute the Kewagama Gold Mine Property located in Cadillac Township, Quebec.
The Kewagama Gold Mine is owned by Radisson Mining Resources Inc. (TSX-V:RDS) and forms the eastern portion of their O’Brien Gold Project covering an area of 111.7 ha (276 acres).
In a March 20, 2018 press release, Radisson reported a NI 43-101 Resource Estimate on the combined 36E Gold Zone and Kewagama property as well as a portion of the recently discovered Vintage Gold Zone. At a cut-off of 3.5 g/t Au, the following resources were reported.
|Tonnes||Grade (g/t Au)||Contained oz Au|
Note: Mineral Resources are not Mineral Reserves and as such have not demonstrated economic viability.
The resource estimate was produced by InnovExplo Inc. under the direction of Independent QP Christine Beausoleil, P.Geo with an effective date of March 20, 2018. Globex has not reviewed the NI 43-101 report as it has not yet been posted on SEDAR and thus should not be relied upon.
Preliminary metallurgical testing in 2014 demonstrated combined recoveries in the 93-94% range by flotation or cyanidation with gravity concentration.
Kewagama Project Highlights
- The Kewagama Gold Mine property straddles the world class gold localizing Cadillac Fault.
- The property adjoins on strike to the west, the O’Brien Gold Mine, one of the highest grade gold mines in the Abitibi Greenstone Belt with reported production of 1,197,147 tonnes grading 15.25 g/t Au (InnovExplo Report, April 2015 per Radisson website)
- The gold resource covered by the Kewagama Royalty is open to depth.
- The new Vintage Gold Zone north and parallel of the main 36E-Kewagama resource is open both along strike and to depth.
- The deepest hole on the Vintage Zone (OB17-49) assayed 6.9 g/t Au over 4 m.
- The NI-43-101 resource is projected to be accessible in part using existing infrastructure at the O’Brien and Kewagama Gold Mines
- Other zones, depending upon additional work, may be added to the resource estimate.
- 32,000 meters (104,987 ft) of drilling was undertaken by Radisson in 2016 and 2017, 29,787 m of which was incorporated into the current resource estimate.
- Over 5,000 m of drilling was completed on the Vintage Gold Zone since the resource estimate cut-off date.
- The Kewagama Royalty adjoins to the east, Globex’s Wood-Pandora Joint Venture Property which includes the historical Central Cadillac, Wood and Pandora Mines as well as the Ironwood Gold Deposit.
Photos accompanying this announcement are available at
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 with reference to the information published in Radisson’s Press Release dated March 20, 2018.
|We Seek Safe Harbour.||Foreign Private Issuer 12g3 – 2(b)|
|CUSIP Number 379900 50 9|
|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
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