Globex Options Former Eagle Gold Mine
ROUYN-NORANDA, Quebec, July 19, 2021 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, L&S Exchange, TTM Zone, Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that it has optioned the 77-hectare, Eagle Gold Mine property located in Joutel township, Quebec to Maple Gold Mines Ltd.
Under the agreement, Maple has the option to pay $1,200,000, half in cash and half in shares, over a 5-year period to Globex and undertake $1,200,000 in exploration over 4 years in order to earn 100% interest in the Eagle Gold Mine property. The terms of the option are the following:
| Anniversaries | ½ Cash, ½ Shares | Work | Comment | |
| On Signing | $100,000 | - | Firm | |
| At 6 months | $100,000 | - | Firm | |
| At 12 months | $100,000 | $200,000 | Work Expenditure Firm by Month 12 | |
| At 18 months | $125,000 | - | ||
| At 24 months | $125,000 | $300,000 | ||
| At 36 months | $150,000 | $300,000 | ||
| At 48 months | $200,000 | $400,000 | ||
| At 60 months | $300,000 | - | ||
Globex will retain a 2.5% Gross Metal Royalty (GMR) of which 1% GMR may be purchased by Maple prior to commercial production for $1,500,000.
The Eagle Gold Mine adjoins the historic Telbel Gold Mine which together are reported to have produced 6,168,773 t grading 6.57 g/t Au. Historical resources at the Eagle Mine property are estimated at 277,710 t grading 5.83 g/t Au. (Source: SIGÉOM –Cogite number: 32E/08-0005).
Globex continues to hold a large package of claims in Joutel and adjoining Valrennes townships including the historic copper/zinc Poirier Mine which has reported production of 4,670,000 T grading 2.22% Cu and 748,000 T grading 5.58% Zn. A historical resource of 1,400,863 T grading 1.24% Cu and 9.77% Zn in the West and Q Zones, 300,000 T grading 8.05% Zn in the East lens and 534,000 T grading 2.5% Cu in the Main Zone are reported in a 1990 report by Bharti Engineering Associates Inc.
In addition, Globex owns the Joutel Copper Mine which produced 1,167,000 t grading 2.16% Cu between 1967 and 1975 and 372,400 t grading 8.88% Zn from 1972 and 1975 (Source: Dubé, 1993 – ET-90-12). In 1994, Aur Resources Inc. estimated a historic resource of 242,800 t grading 10.37% Zn (Source: Martin and Britt, 1994 – internal report, project # 16706). Globex also owns the Eagle Northwest property consisting of 11 kilometres of the Eagle /Telbel gold localizing horizon extending northwest from just beyond the Eagle Mine, and the historic Gagné mineralized area, located south of the Eagle Northwest property, where trench samples are reported to have returned 0.79 oz./t Au over 5 feet (27.09 g/t Au over 1.52 m), 0.44 oz./t Au over 5 feet (15.09 g/t Au over 1.52 m) and 0.52 oz./t Au over 5 feet (15.09 g/t Au over 1.52 m) (Source: Parent, 1981 – GM37949), and finally the Joutel P5 mineral occurrence where drill hole KR-96-08 returned a 2.21 metre intersection grading 7.86% Cu, 72.2 g/t Ag and 0.31 g/t Au (Source: Caillé, 1996 – GM54483).
The resources described above are historical and should not be relied upon. A qualified person has not done sufficient work for Globex to classify the historical estimates as current mineral resource under National Instrument 43-101 and CIM Standards for mineral resources and reserves.
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.
| 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 SEDAR at www.sedar.com.
