Globex Acquires Thirteen Kilometres of Cells On Strike of Azimut Gold Discovery
ROUYN-NORANDA, Quebec, Feb. 12, 2020 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that it has acquired 61 cells totaling 3,219.6 hectares, covering 13 km along regional strike to the southwest of Azimut Exploration’s Patwon Prospect (Elmer Gold Property) gold discovery. On January 14, 2020, Azimut Exploration Inc. reported seven drill holes grading 3.15 g/t Au over 102.0 m, 2.84 g/t Au over 108.2 m, 1.93 g/t Au over 82.0 m, 1.68 g/t Au over 97.0 m, 1.54 g/t Au over 54.1 m, 1.15 g/t Au over 129.0 m, 0.62 g/t Au over 101.3 m and two channel samples grading 9.52 g/t Au over 7.1 m and 9.56 g/t Au over 5.36 m (not true widths). Samples were assayed by ALS Minerals of Val-d’Or, Quebec. Reference to Quebec Sigeom data suggests no exploration has been recorded upon the large cell block staked by Globex.
Furthermore, Globex acquired directly to the north of the large cell block, by staking, three cells (158.2 ha) covering a portion of a priority exploration target, also within the Patwon regional strike, which is described in a press release dated January 15, 2020 as “project best target, a possible gold-silver-copper VMS (volcanic massive sulphide) mineralized system” based upon soil anomalies coupled with centimeter to metre sericitic and silicified floats with 2-10% sulphides and quartz stringers with up to 6.72 g/t Au and untested geophysical anomalies (See Opinaca Project Map below).
In addition to this acquisition which places Globex solidly within the regional gold discovery play, Globex recently acquired two other projects in the James Bay Area. Nineteen (19) cells were staked covering a series of surface showings of high grade gold and copper in NTS 33G12 henceforth called the Tyrone Project within Azimut’s large Kakamas cell block where Azimut is following up upon strong copper/arsenic/antimony Lake-bottom sediment anomalies (See Tyrone Project Map below).
Surface sampling by several companies have returned assays such as the following from grab and channel sampling:
| Showing | Assays (assays > 3 g/t Au highlighted) | Sample Type |
| Chiskamish Est |
12.15 g/t Au, 3.9 g/t Ag 3.8 g/t Au over 2 m incl. 6.9 g/t Au over 1 m |
Grab Channel |
| Chiskamish Ouest |
6.4 g/t Au 1.3 g/t Au over 0.5 m; 0.4 g/t Au over 1 m 1.8 g/t Au and 3.1% As |
Grab Channel Grab |
| Lac Chiskamish | 36% Fe over 212 m 38.8% Fe over 175 m 40.27% Fe (39.42% Fe2O3 and 16.34% FeO) |
Chip |
| Zone Ouest-Hemlo | 2.17 g/t Au; 1.43 g/t Au | Grab |
| Sandwich |
36 g/t Au, 71 g/t Ag 4.4 g/t Au over 1 m |
Grab Channel |
| Chiskamish extension-Est |
13.1 g/t Au, 4.9 g/t Ag 1.5 g/t Au; 1.9 g/t Au over 1 m 2.5 g/t Au over 1 m |
Grab Channel Channel |
| PC | 7.32 g/t Au, 1.1 g/t Ag | Grab |
| Baie Nord 3 | 10.2 g/t Au | Grab |
| Brèche 167 | 0.70 g/t Au, 19 g/t Ag, 2.4% Cu, 0.59 g/t Au, 8.1 g/t Ag, 1.78% Cu, |
Grab |
| Mayappo-Sud |
3.3 g/t Au 1.4 g/t Au over 3 m incl. 3.5 g/t Au over 1 m |
Grab Channel |
| Zone PH | 13.8 g/t Au, 17.2 g/t Ag, 0.64% Cu | Grab |
| Flocon Blanc-Perdrix |
3.35 g/t Au, 36.4 g/t Ag and 2.18% Cu 7.65 g/t Au, 62 g/t Ag and 10.96% Cu 1.92 g/t Au, 38.1 g/t Ag and 6.59% Cu |
Grab |
| Tyrone 1 |
12.2 g/t Au and 4.34% Cu 4.7 g/t Au, 49 g/t Ag, 7.4% Cu 14.1 g/t Au, 11 g/t Ag, 0.2% Cu |
Grab |
| Tyrone 2 | 0.5 g/t Au, 18 g/t Ag, and 6.4% Cu 4.4 g/t Au, 108 g/t Ag and 1.2% Cu DDH : 0.6 g/t Au, 8.3 g/t Ag and 1.34% Cu over 3 m |
Grab Grab Diamond Drill Hole |
| Tyrone 3 | 0.6 g/t Au, 7.9 g/t Ag, 0.1% Cu | Grab |
| Tyrone 4 | 2 g/t Au, 5.4 g/t Ag, 0.5% Cu and DDH : 1.13 g/t Au over 1.5 m |
Grab Diamond Drill Hole |
| Tyrone 5 |
3.1 g/t Au, 17.5 g/t Ag and 0.95% Cu 4.3 g/t Au, 29 g/t Ag and 1.98% Cu 1.9 g/t Au, 16 g/t Ag and 0.9% Cu 1.4 g/t Au, 20 g/t Ag and 0.5% Cu |
Grab |
*Grab samples are selective by nature and are unlikely to be representative of average grades.
A number of follow-up drill holes failed to produce results similar to the surface sampling. Globex will compile and analyze the historical data in order to determine what the next step in exploration should be.
The second project Globex staked is 4 cells covering the H1 and H2 kimberlite bodies 70 km south of the Renard diamond mine in NTS 33A01 north of Chibougamau, Quebec. Previous limited drilling outlined a number of kimberlite bodies on the property including one which returned a micro-diamond. Globex will have the mineralogical data reviewed in order to evaluate the previous work in light of new approaches to diamond exploration. At the same time, Globex will reassess further exploration on its Lake Savignac diamond project.
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 |
|
| 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 |
Tel.: 819.797.5242 Fax: 819.797.1470 info@globexmining.com www.globexmining.com |
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
Opinaca Project Map: https://www.globenewswire.com/NewsRoom/AttachmentNg/e424c1b6-a8b2-4684-bae9-a7c0dbbb95b3
Tyrone Project Map: https://www.globenewswire.com/NewsRoom/AttachmentNg/df3867c5-d574-4f6e-8c30-119cf65badbd
Figure 1
Rivière Opinaca Regional Geology Map
Figure 2
Tyrone Regional Geology Map
