Globex : Project Updates, Acquisitions, Deals
(firmenpresse) - ROUYN-NORANDA, QUEBEC -- (Marketwired) -- 09/22/15 -- GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT: G1M)(STUTTGART: G1M)(BERLIN: G1M)(MUNICH: G1M)(XETRA: G1M)(OTCQX: GLBXF)
While markets have been difficult Globex continues to operate with the firm belief that the exploration sector will again be given its head and that we, in our capacity as a project generator in addition to being an explorer, and royalty company, are well placed to attract partners to participate in unlocking the value of our assets. The Abitibi in particular is our backyard, where our long experience in the region and our talented staff give our shareholders some of the best exposure to discovery available anywhere in the world. Our work as a project generator has continued throughout 2015 allowing us to acquire and advance mineral properties that meet our basic project criteria: historic or qualified mineral resources; past production; established drill targets or drill intersections of economic merit and; location on major ore localizing geological structures. The Company has grown to where it now owns 129 projects including royalties. It continues to grow its stable of precious metal, base metal and industrial mineral projects including the number of projects available for option.
Since our last update in April the Company has made the following acquisitions in Quebec:
Throughout the summer and into the fall of 2015, the Company has continued to investigate and explore its mineral portfolio conducting numerous data compilations, field visits, mapping and sampling projects and drilling.
At our Pandora - Wood Joint Venture Property a $200,000, three-hole drill program totaling 1,802 m started in March and was completed in early April. Two drill holes targeted possible down-dip extensions of two of the best 2013 drill campaign gold intersections located within the North Break. Drill hole CC-15-10 returned 4.22 gpt Au over 2.25 m from 256.85 to 259.10 m and 3.11 gpt Au over 3.0 m from 510.5 to 513.5 m. Drill hole W-15-115 returned 12.26 gpt Au over 2.0 m from 633.0 to 635.0 m and 2.17 gpt Au over 3.0 m from 652.0 to 655.0 m. A third hole was designed to follow up on a shallow 2008 gold intersection south of Ironwood deposit and located in Cadillac sediments. A weakly anomalous interval of 0.35 gpt over 50 cm was intercepted. (Note: True widths are estimated at 55% of intersection widths)
Pandora-Wood constitutes one of Globex's priority gold properties and is located several km west of the currently producing Agnico Eagle Lapa Gold Mine, both located along the prolific gold localizing Cadillac Break. Globex with joint partner Canadian Malartic Corporation will continue work this year and have started a second $200,000 exploration drill program, comprised of 4 holes along the Cadillac structure and a surface litho-geochemical survey on the Amm portion of the property.
Work is ongoing or has already been undertaken by the Company on these Globex properties
In 2015, Globex has welcomed new project partners, bringing investment for exploration to our properties. In June, Globex and Sphinx Resources Ltd. ('Sphinx') completed an agreement whereby Sphinx has acquired 7 claims from Globex in La Motte Township. The claims formed the western part of Globex's Bilson Cubric property, located 60 km east of Rouyn-Noranda. Sphinx has made the acquisition so as to expand their nickel exploration strategy on their adjoining Somanike project, which includes the former producing Marbridge Nickel Mine. Globex has received 1,200,000 common shares of Sphinx and retains a graduated Gross Metal Royalty ("GMR") on production from the property of 1.0% at a nickel price of US $6.00 per pound or less; 1.5% from US $6.00 to US $8.00 per pound; and 2.0% above US $8.00 per pound. Sphinx has also committed to exploration investments of $500,000 over five years.
Since reaching an option agreement with Globex which we reported in February, Renforth Resources Inc. ('Renforth') has been exploring the Parbec Gold Property located 6 km northwest of the large Canadian Malartic open pit gold mine (Agnico Eagle Mines Limited and Yamana Gold Inc.) and adjoining the former East Amphi Gold Mine, all located on or near the gold-localizing Cadillac Break.
In a press release on September 8th, Renforth announced an exploration target potential for the Parbec Gold Property within a range of tonnage between 1,200,000 and 1,700,000 tonnes at a grade range of 4 to 6 g/t Au, for a range of between 176,400 oz and 360,000 oz of potential contained gold. The potential gold target has been identified principally within the Camp Zone with some extension to the #2 Zone and is located between surface and a maximum depth of 300 m or 350 m. The flooded ramp at Parbec property comes to within approximately 30 m of this mineralized area. According to Renforth the potential quantity and grade is conceptual in nature and insufficient exploration work has been done to date to define a mineral resource and future exploration may not do so. The company also mentions that additional mineralization is present on the property outside the boundary of the exploration target.
An important part of Globex's fiscal management and its operational strategy is the negotiating and eventual collection of royalties from properties we have placed with other partners. The Mid Tennessee Mine operated by Nyrstar is our most important royalty asset today and generated royalty income for Globex in the first half of the year despite the considerable volatility in the metals markets during the period. In the first seven months of the year we received approximately $605,000 (CDN) in royalty payments based on zinc prices maintaining monthly average prices above $US 0.90 per pound. We are encouraged by price forecasting by many analysts for zinc prices that our Mid Tennessee royalty will continue to offer Globex an advantage in this difficult exploration environment in the future.
On our la Grosse Femelle Silica Royalty Property, Rogue Resources Inc. continues channel sampling of high-grade quartzite horizons. Latest assays have returned up to 99.8% SiO2.
Globex is in the process of completing an agreement as regards an option of our New Brunswick Manganese Property. The agreement, in order to be finalized, must receive exchange approval and is subject to certain corporate matters of the optioning party. It is expected that it may take up to 2 months to finalize the agreement.
Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101 wrote this press release and supervised the preparation of the technical disclosure in this press release.
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 .
41,243,755 shares issued and outstanding
Contacts:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
819.797.5242
819.797.1470 (FAX)
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Datum: 22.09.2015 - 16:00 Uhr
Sprache: Deutsch
News-ID 421870
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ROUYN-NORANDA, QUEBEC
Kategorie:
Mining & Metals
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