Globex Completes Geophysical Survey on Tyrone Property

ROUYN-NORANDA, Quebec, May 04, 2023 (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 inform shareholders that it engaged Geotech Ltd. to undertake a 171 kilometre airborne electromagnetic and magnetic survey on our 100% owned Tyrone property locate in the Eeyou Istchee James Bay area of Quebec (33G12).

The Tyrone property consists of 23 cells totaling 1174 hectares and is strategically located separating two large blocks of cells held by Azimut Exploration Inc. (AZM-V) which are under option to KGHM International Ltd. a subsidiary of major copper/silver producer KGHM Polska Miedz S.A., a Polish mining company with projects in Europe, North America, and South America.

Azimut describes their flanking property (the Kukamas property) as follows ( see Azimut’s press release of December 8, 2022):

The Kukamas Property covers a 41-kilometre cumulative strike length along a highly prospective greenstone belt (the Yasinski Group) within the La Grande Subprovince of the Archean Superior Province. Kukamas displays one of the strongest geochemical footprints for copper-gold mineralized systems in the James Bay region, marked by strong values in copper, silver, arsenic and antimony in lake-bottom sediments. The geology is characterized by extensive shear zones, clastic metasediments, iron formations, and mafic to felsic metavolcanics surrounding granitic intrusions. The project is considered as largely underexplored. Numerous known prospects sit on or adjacent to the Property (the Globex cells). Historical grab samples collected on the project graded up to 10.63 g/t Au and 20.7 % Cu. (Note that grab samples are selective by nature and unlikely to represent average grades.) Two main target types are considered: Shear-related copper-gold systems, and Intrusion-related nickel-copper-cobalt-PGE systems. The project is easily accessible with major infrastructure nearby. It is located 4 kilometres north of the Trans-Taiga Road and the LG-3 airstrip (Km 100), along an access road leading to the LG-3 hydroelectric generating station just north of the Property. The nearest town is Radisson, 80 kilometres to the northnorthwest

The Globex property sits strategically between the two large blocks of Azimut’s cells and has numerous surface showings with high grade precious and base-metal values including gold in a wide and lengthy iron formation.

The following table lists reported mineral occurrences on the Globex property including some of the previously reported precious and base-metal assays garnered from the Quebec Government Sigeom system.

*Grab samples are selective by nature and are unlikely to be representative of average grades.

Tyrone Geology Map

In other news, St Barbara Limited in their Q3 March FY23 Quarterly presentation have indicated that there would be continued exploration at the Mooseland gold mine property in Nova Scotia located 13 km from their mill, where Globex maintains a 2% Gross Metal Royalty. The Mooseland property has an Inferred Resource of 3,454,000 tonnes grading 4.71 g/t Au for a total of 523,000 oz. Au per a NI 43-101 Resource Report titled “ Updated NI 43-101 Resource Report for the Mooseland Gold Property, Halifax County, Nova Scotia, dated September 16, 2020 by WM. Douglas Roy, M.A.Sc., P.Eng. and Patrick J.F. Hannon, M.A.Sc., P.Eng., MineTech International Limited, Halifax Nova Scotia.”

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.

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.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/338d33bf-0db7-4147-b9f4-45ad79e0d7b0

Figure 1

Tyrone Geology Map