ROUYN-NORANDA, QUEBEC--(Marketwired - April 8, 2015) - GLOBEX MINING ENTERPRISES INC. (News - Market indicators)(FRANKFURT:G1M)(OTCQX:GLBXF) is pleased to update shareholders on ongoing activities within the Corporation.
Globex has acquired 100% interest in the Carpentier Township, Quebec pyrophyllite body located approximately 30 km north-east of Val-d'Or. The property covers most of an extensive pyrophyllite horizon including two outcrop areas where drilling has indicated pyrophyllite schist zones are 150 to 300 meters wide, approximately 400 metres in length and extend to a known depth of 150 metres. The two zones are approximately 1,200 metres apart and occur along the same horizon. The area between the outcrops has not been drilled but it is believed that the two drilled zones are part of a single, extensive mineral horizon. The zones are open below the deepest drilling at 150 metres vertical. Historical drilling also encountered quartz porphyry dykes containing in some cases, gold mineralization as listed in the four drill holes below.
Pyrophyllite is an industrial mineral having numerous applications including in the ceramics, plastics, pulp and paper, paint, fibreglass and coatings industry to name a few.
East of Kipawa, Quebec at our Turner Falls rare earth property, Globex acquired by staking two adjoining areas of rare earth mineralization, the Certitude and Certitude North zones. Prior work by Matamec Exploration Inc. returned significant values in rare earths, Y2O3 and ZrO2. The following charts outline surface sample assays in the public domain.
Certitude - 5.1 % TREO and 36% HREO + Y2O3. Average of 13 samples with TREO% over 0.5%.
Up to 3.6% Nb2O5 and 360 ppm Ta2O5
Certitude North - Manual stripping
0.24% TREO at 32% HREO/TREO, 0.06% Y2O3 and 1.26% ZrO2 over 11.1m
0.31% TREO at 29% HREO/TREO, 0.60% Y2O3 and 0.59% ZrO2 over 0.8m
0.29% TREO at 46% HREO/TREO, 0.09% Y2O3 and 1.72% ZrO2 over 1.1m
Northwest of the Turner Falls property, Globex also acquired the TH Property by staking. Surface sampling in 2010 retrieved the following values.
N.B: Assays above are taken directly from Matamec Exploration Inc. press releases dated March 1, 2012, April 25, 2013 and September 20, 2010. Individual element assays were not provided for the Certitude and Certitude North Zones.
Our research has indicated that none of these rare earths mineralized areas have been drilled.
Globex staked a number of cells at the east end of the recently acquired Montgolfier gold property which now includes approximately 24 kilometers of the gold localizing Casa Berardi Break. The additional claims cover a geophysical anomaly of interest. Also in the Casa Berardi area in Estrées Township (Wawagosic Property), Globex staked 22 cells covering several areas of massive sulphide occurrences. Our research found that several areas displaying strong electromagnetic conductors with coincident magnetic highs have not been drilled. We have completed horizontal electromagnetic and magnetometer surveys over the most promising areas and outlined a number of anomalies.
Globex also acquired a large (40.6 sq.km) salt and potash licence located in Nova Scotia. (See press release dated April 7, 2015 for details)
In Tonnancour Township, Globex completed horizontal electromagnetic and magnetic surveys over four areas where an airborne EM survey indicated anomalies which may be within extensions of the geologic rock units that enclose the Tonnancour massive sulphide zone drilled in 2011 by Globex (See Press Releases dated August 8 and 11, 2011). Two of several drill holes returned 5.23% Cu, 13.12% Zn, 41.0 g/t Ag and 0.72 g/t Au over 4.23 metres and 5.02% Cu, 4.96% Zn, 35.7 g/t Ag and 0.75 g/t Au over 4.5 metres in intersections of typical Abitibi massive polymetallic sulphides. The new ground geophysics has defined several priority drill targets.
In the Rouyn-Noranda mining camp, Globex sold quarrying rights on three claims for $250,000. Globex maintains mineral and exploration rights below 100 metres in the quarry area as well as over the rest of the claims area including access rights.
At the Wood-Pandora property, near Cadillac Quebec, Globex with Canadian Malartic Corporation (Agnico Eagle Mines Ltd. and Yamana Gold Inc.) have recently completed an initial three holes drill program. Results will be announced when they all become available.
On our Timmins Talc Magnesite Project, Globex has drafted a new Business Plan in which capital costs have been reduced, improving the discounted NPV and after-tax IRR above those previously announced in the property's 2012 PFS. The Draft Business Plan was drawn up using internal and external expertise and data from the published PFS. The draft Business Plan offers Globex direction for the development of a new Technical Report when project finance options are identified. Currently, Globex is presenting the TTM project to select financing and investment groups in an effort to raise the funds to place the property into production. The investment climate is particularly challenging at this time and there is no certainty that the project can be financed in the current investment climate despite the compelling after tax IRR and discounted NPV.
In Nevada, Lincoln Mining Corporation returned the Bell Mountain gold-silver property to Laurion Minerals Exploration Inc. Laurion subsequently optioned the property to Boss Power Corporation, subject to due diligence and a final cash payment. Boss Power is focused upon placing the property into production. The Bell Mountain deposit is heap leachable and open pittable. Globex retains a 2% Gross Metal Royalty on production from the property when the gold price is between $500 and $1,200 per ounce and a 3% Gross Metal Royalty when it is $1,200 per ounce or above.
In the Gaspe region of Quebec, north of the town of New Richmond, Globex acquired a property with antimony and gold values. The New Richmond showing has historical assays of up to 43.75% Sb, 3.4 g/t Au and 4.5 g/t Ag in select samples (GSC Memoire 183). Other government files also report significant values in file GM 52893 such as the following: 3.39 g/t Au and 3.05 % Sb, 2.85 g/t Au and 4.56% Sb and 3.39 g/t Au and 3.05% Sb. Demand for antinomy is increasing as supplies dwindle.
On our Magusi-Fabie Bay polymetallic massive sulphide property, Mag Copper Ltd., which optioned the project from Globex, announced the signing of a non-binding letter of intent, subject to a 90 day due diligence period with AR2K Industries Ltd. and J.S. Redpath Ltd. If finalized, they will bulk sample the Magusi Cu, Zn, Au, Ag deposit and subject to the results, bring the Magusi deposit into production. Globex expects additional payments per the underlying option agreement and extensions, and retains a 3% Gross Metal Royalty on the property. (See Mag Copper press release dated April 2, 2015 for details). Mag Copper also recently undertook geophysical surveys on select areas of the large land package.
Tres-Or Resources Ltd. has made a $50,000 option payment to Globex as regards the Fontana gold property, east of Amos, Quebec and has signed a term sheet to vend up to 90% of Globex's Duvay gold property to Secova Metals Corp. Globex retains a 2% Gross Metal Royalty at a gold price above $800 per ounce as well as an annual minimum payment of $10,000.
On Globex's Massicotte Royalty Property (1% Gross Metal Royalty) previously sold to Adventure Gold, Adventure Gold has recently undertaken a 23.5km induced polarization survey. The Massicotte property is located east of Detour Gold Mine Property and specifically the Zone 58N and Zone 75 gold areas.
At our Normetmar zinc property, Globex compiled all previous drilling in the area of the zinc deposit and generated new drill cross sections. We continue to wait (3 years) for the Quebec Government to conclude the granting of certain mining claims for several claims east of our Normetmar claim block.
Initial surface sampling was undertaken at our new Moly Hill Mine Property. Value up to 3.14% Mo and 1.71%Bi were returned from surface grab samples. Bismuth (Bi) currently sells for over US$7.00 per pound and molybdenum oxide for over US$8.00 per pound. (Note: Grab samples are not representative of average mineral content but rather can show the presence of select elements.)
Four drill holes were completed on our Vauze property in order to test outlying geophysical conductors. Anomalous base metal values were encountered but no economic intersections. None of the drilling was in the area of the former mine.
On our Tiblemont property, recent drilling on the main linear gold localizing structure was incorporated into our data base and an additional drill program proposed.
Renforth Resources Inc. has commenced data compilation and modeling of data from Globex's Parbec gold property. This involves but is not limited to over 24,000m of drill logs and assays from over 100 drill holes, underground, technical and assay data and geophysical surveys.
As regards Eco Refractory Solutions, the underlying agreement had certain targets which in the current market environment have proven to be unachievable. This being the case, the venture has terminated.
At Globex's zinc royalty property in Tennessee operated by Nyrstar, production continues unabated. As the zinc price has remained over US$0.90 per pound, Globex continues to receive monthly royalty payments. As payments are in US funds and the Canadian dollar has fallen 20% against the US dollar, Globex receives 20% more in Canadian dollars. Royalty revenue from the Tennessee mine in 2014 was over one million dollars.
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
