Globex Starting 2,000 km Airborne Magnetometer Survey

ROUYN-NORANDA, Quebec, June 09, 2020 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to announce that this week, it is starting a 2,000-kilometre airborne magnetometer survey over its one hundred percent (100%) owned Francoeur/Arntfield/Lac Fortune Gold Mines property, located 25 kilometres west of Rouyn-Noranda, Quebec.

The high-resolution survey will be extremely detailed with flight lines at 25 metre spacing. The objective of the survey is to better define the rock units, their trends and their relationship to known and potential gold mineralization.

The Francoeur/Arntfield/Lac Fortune gold mines property consists of 135 claims, 5 mining leases and three mining concessions, totaling 4,155 hectares. Numerous areas of gold mineralization are known on the property including former gold mines. Globex’s field work has uncovered several new areas of gold mineralization which have received little or no previous work such as the “South Zone” with channel sampling results up to 9.52 g/t Au over 7.1 m (see press release dated September 25, 2017) and the “450 Zone” with channel samples up to 7.04 g/t Au over 9.5 m (see press release dated October 16, 2018). A number of other press releases outlined additional channel sampling and grab sample results as well as drill hole assays from these zones and on strike extensions.

Globex believes that the detailed magnetic survey will help outline the trends and location of various rock units as well as gold localizing shears providing Globex with valuable geological data for planning our next phase of exploration on the property. In addition, a team is on the property continuing mapping, prospecting and sampling of mineralized rock exposures.

Globex is also busy on a number of other projects compiling historical data, having 3D models completed, nine so far and currently working on the 10^th, discussing various options of Globex assets, etc. We are also waiting for final approval of a drill permit to test the depth extension of gold mineralization at our Laguerre-Knutson gold mine property near Larder Lake, Ontario. A program of 6 holes is planned mainly centered on the downdip of the Knutson gold zone where historical surface sampling reported 0.42 oz/ton Au over a 5.3 feet width for 160 feet on our vein structure and 0.25 oz/ton Au over a 5.9 feet width for 90 feet on another (source:  Sudbury Contact Ltd.) 

A number of our option partners are busy on our royalty projects including O3 who are planning more drilling and stripping on our Nordeau claims, Nippon Dragon who are currently sampling underground at our Rocmec 1 property, Eros Resources which have received a “Finding of non-significant impact” from the EPA regarding our Bell Mountain, Nevada, gold/silver mine property, another Globex royalty project. Renforth Resources has started a program of prospecting and geophysics and hopes to complete a mini bulk sample on our New Alger royalty property.  Also, recently, Monarch Gold sold the Fayolle gold deposit to IAMGOLD which we understand intends to quickly put it into production, feeding their Westwood Mill. Globex owns a 2% NSR on the property. 

Globex currently owns 193 diversified mineral/metal assets including over 50 royalties, has sufficient funds for future operations and no debt. With the price of zinc recently returning above $0.90 per pound, we expect, if it maintains a price over $0.90 cents, that our income stream from the Tennessee Zinc mine royalty will generate significant income for Globex. We are also hopeful that property options currently being discussed with other parties will be finalized and generate income for Globex as well as advance exploration on a number of important assets.

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