ROUYN-NORANDA, Quebec, Jan. 29, 2025 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX - Toronto Stock Exchange, G1MN - Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF - OTCQX International in the US) is pleased to provide a brief update regarding our Tyrone property and Kewagama Gold Royalty.
Globex's Tyrone property is located in the Eeyou Istchee James Bay region of Quebec and consists of 41 claims surrounded by Azimut Exploration Inc.'s Kukamas property currently subject to a joint venture with KGHM International Ltd.
Azimut, on January 20, 2025, announced initial near surface drill results from holes targeting a recent nickel, copper, platinum group element discovery. The initial drill holes returned significant mineralization including the following:
8.42% Ni, 0.55% Cu, 7.25 g/t PGE over 1.9 m
6.06% Ni, 0.38% Cu, 3.34 g/t PGE over 2.6 m
3.55% Ni, 0.19% Cu, 2.19 g/t PGE over 2.5 m
This discovery is located near the southeast boundary of Globex's Tyrone property. Previous mapping and geophysics suggest that the mineralized rock formations trend onto Globex's Tyrone claims. The Tyrone property has numerous showings and drill intersections of precious and base-metals as shown on the maps below.
Shareholders can access the Azimut press release here for details on the adjoining discovery.
Tyrone Geology Map - Globex Mining Enterprises Inc.
Tyrone Vertical Gradient Map - Globex Mining Enterprises Inc.
Globex is also pleased to report that Radisson Mining Resources Inc. announced on January 13, 2025, that they will be undertaking 22,000 metres of drilling on the O'Brien Gold Mine property at Cadillac, Quebec.
A portion of the drilling will target gold zones on the Kewagama Gold Mine portion of the property on which Globex holds a 2% Net Smelter Royalty. Previous drilling on the Kewagama Gold Mine property was successful in intersecting high-grade gold mineralization such as the following:
7.97 g/t Au over 3.20 m
6.40 g/t Au over 4.00 m
9.70 g/t Au over 4.00 m, incl. 37.7 g/t Au over 1 m
6.53 g/t Au over 4.50 m
7.13 g/t Au over 1.00 m
Source: Radisson Press Release of May 7, 2024.
Globex also holds a 1% Net Smelter Royalty on the western portion of the O'Brien property covering the New Alger Gold Mine (also called the Thompson-Cadillac Gold Mine).
Below please see a longitudinal section of the O'Brien property highlighting the Kewagama intersections and a more detailed portion of the Kewagama Gold Mine portion of the longitudinal section and a cross section.
Globex is very pleased by the potential progress indicated in both property areas.
2024-05-03-longitudinal-Kewagama - Radisson Mining Resources
2024-05-07 Pontiac Sediment Trend 4 - Radisson Mining Resources
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.
| 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 SEDARplus.ca.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/0d9544a3-e6e8-462b-b5b7-d31c389c1173
https://www.globenewswire.com/NewsRoom/AttachmentNg/8ac4de3e-1f29-4d25-81a3-2e50d269fd8a
https://www.globenewswire.com/NewsRoom/AttachmentNg/deb32fa2-1b5c-47f8-aefc-626237bf9769
https://www.globenewswire.com/NewsRoom/AttachmentNg/ab71cb77-a522-4b1b-8676-ca1c4d5dd8ae
