ROUYN-NORANDA, QUÉBEC--(Marketwired - July 19, 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 permits to undertake three 100 metre long trenches in the area of previously announced drill hole FS-16-35 which returned 1.19.g/t Au over a calculated true width of 40.19 m (132 feet) (See press release dated January 25, 2017) and will commence excavation this week.
An area of approximately 100 m by 70 m has been cleared in preparation for the trenching and contracts have been given out so that trenching can begin. The 100 m long trenches will be excavated so as to expose bedrock for 70 m (230 ft) to the east of the mineralized drill hole where overburden is thought to be shallower. Once the trenches are completed and the bedrock power washed, the geology will be mapped in detail and all exposed rock channel sampled and assayed for precious metals. Interestingly, further to the east of the area to be trenched, historical maps show numerous grab samples of quartz veins and mineralized showings with significant gold values but do not indicate any systematic sampling. It is hoped that the current program of trenching will confirm the wide zone of gold mineralization encountered in hole FS-16-35 and extend the mineralization to the east, thereby supporting the concept of an open pittable, large tonnage, low grade gold exploration model target. Previous work on the property was oriented toward high grade underground exploration models.
In other work in the area, some 230 core samples have been submitted for assay from old drill holes where sampling was restricted to quartz veins or heavy pyrite mineralization. While most of the core was dumped by previous owners, some boxes were preserved over limited core lengths on either side of targeted gold zones in some drill hole. These boxes have been recovered, re-logged, split and sent in for assay. Once all assays are received, Globex hopes to have more confirmation of widespread low grade gold mineralization along the Francoeur Wasa Fault and secondary structures. For the most part, Globex is limiting our initial work toward amassing data within the first 100 m of surface.
Globex controls approximately 7.5 km of the Francoeur Wasa Fault structure and is focusing much of this summer's exploration upon increasing our understanding of the structures gold potential.
Ongoing work elsewhere on the Francoeur/Arntfield property includes prospecting, surface sampling, mapping, compilation and structural interpretation.
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.
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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
Globex Mining Enterprises Inc.
Jack Stoch, P.Geo., Acc.Dir.
President & CEO