Globex Optionee Maple Gold Reports Assay Results at Eagle Mine

ROUYN-NORANDA, Quebec, April 06, 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 report that Maple Gold Mines Ltd. (TSX-V: MGM) (OTCQB: MGMLF) (FSE: M3G) has provided results from the final 20% of assays that were received from the previously completed 14,720 metres ("m") of drilling at the Eagle Mine Property ("Eagle") under option from Globex Mining Enterprises Inc. (See today’s Maple press release).

The final batch of assays received from drilling completed at Eagle corresponds to approximately 3,000 m of the 14,720 m drilled to-date. The results continue to demonstrate continuity of mineralization and the potential significance of the multiple horizons/splays to the northwest of the former Eagle mine.

Highlights include:

• EM-22-008W intersected 6.2 grams per tonne ("g/t") gold ("Au") over 2.0 m in the South Mine Horizon ("SMH") and 4.2 g/t Au over 3.9 m in sediments further downhole.
• EM-22-006W1 intersected multiple intercepts including 6.5 g/t Au over 1.2 m and 2.0 g/t Au over 3.0 m in the SMH and 2.3 g/t Au over 3.0 m at the microgabbro/Harricana sediment contact further downhole.
• EM-22-006W4 intersected 4.0 g/t Au over 0.7 m within a broader 1.1 g/t Au over 14.2 m intercept within the SMH.
• EM-22-017A intersected 2.9 g/t Au over 2.0 m and additional lower grade over broader near-surface intervals (1.0 g/t Au over 15.5 m from 93 m downhole).

Overview Summary and Key Takeaways from Drilling at Eagle

The Eagle-Telbel Mine trend produced 1.1 M oz. at 6.5 g/t Au from 1974 – 1993, during a period when the price of gold averaged approximately $350 per ounce.

The Company’s drilling to-date at Eagle has served to confirm that gold mineralization is not limited to a narrow stratigraphic interval (Eagle-Telbel Mine Horizon) but instead covers a significantly broader stratigraphic interval of over 100 m straddling the Harricana Deformation Zone. Drill core observations also support the Company’s concept of a significant structural component to gold mineralization in the form of an orogenic gold overprint.

Figure 1: Plan view map showing drilling to-date at Eagle with highlighted intercepts.

Several highlights from the Company’s first year of drilling at Eagle are summarized below (see Figure 1 above for locations):

• EM-22-005: 4.0 g/t Au over 7.5 m, including 6.4 g/t Au over 3.0 m
• EM-22-009: 11.4 g/t Au over 3 m, including 24.4 g/t Au over 1 m
• EM-22-013: 2.3 g/t Au over 10.4 m, including 5.0 g/t Au over 3.2 m
• EM-22-015: 10.3 g/t Au over 7.8 m, including 41.1 g/t Au over 1.0 m
• EM-22-015: 4.3 g/t Au over 3.9 m, including 7.4 g/t Au over 1.5 m
• EM-22-016: 3.1 g/t Au over 7.3 m, including 4.0 g/t Au over 3.6 m

When combining the Company’s drilling results and observations with notable historical results and new geophysical data, several priority target areas emerge along the SMH and North Mine Horizon ("NMH"); including multiple cross-plunging target concepts that will form part of the focus for the Company’s next phase of drilling (~5,000 m). The Company has initiated target definition and permitting work for a planned summer 2023 follow-up program at Eagle (see press release March 16, 2023).

Figure 2: Oblique view showing SMH and NMH trends with grade contouring and highlighted pierce points with corresponding intercepts and target areas.

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. Most of this press release is verbatim from Maple Gold’s April 6, 2023, 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 www.sedar.com.

Photos accompanying this announcement are available at

https://www.globenewswire.com/NewsRoom/AttachmentNg/58240415-70f4-4851-9e20-4a3b521693ef

https://www.globenewswire.com/NewsRoom/AttachmentNg/5b9c50ce-8b87-480c-b1fb-81da0e05bd06

Figure 1

Plan view map showing drilling to-date at Eagle with highlighted intercepts.

Figure 2

Oblique view showing SMH and NMH trends with grade contouring and highlighted pierce points with corresponding intercepts and target areas.