Globex: Update on Labyrinth Gold Project
ROUYN-NORANDA, Quebec, April 13, 2022 (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 an update as reported by Labyrinth Resources (LRL-ASX) on Globex’s Labyrinth royalty property in Dasserat township, Quebec (formerly named Russian Kid or Rocmec 1 Gold Mine). Globex retains a 5% Gross Metal Royalty on the first 25,000 oz of gold production from the property and a 3% Gross Metal Royalty on all production thereafter.
The highlights of the nine-page Labyrinth Resources press release (click to access) titled “Drilling continues to generate highly encouraging results as part of strategy for maiden JORC Resource. First eight holes all hit Boucher lode; Plus, drilling hits new mineralization outside the current non-JORC Resource” are the following:
- Maiden underground exploration program at flagship Labyrinth Gold Project in Quebec progressing well, with over 2,000m of diamond drilling completed
- Initial 8 holes have all intercepted the targeted Boucher lode at planned depth, with core visually displaying a well-developed quartz vein hosting pyrite and chalcopyrite. The vein has ranged from 1.5m to 6m wide with a significant alteration assemblage consisting of sericite and carbonate up to 18m wide;
- Visible gold intersected outside the current non-JORC resource between the Talus and Boucher lodes; this highlights potential to expand the known mineralization and validates Labyrinth’s initial appraisal of the resource;
- Compilation of a maiden JORC Resource (existing NI43-101 foreign estimate is 2.1Mt at 7.1g/t for 479,000oz) remains on track for delivery in 2022;
(Note: Production royalties become payable upon the start of production).
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 | Tel.: 819.797.5242 |
| Globex Mining Enterprises Inc. | Fax: 819.797.1470 |
| 86, 14th Street | info@globexmining.com |
| Rouyn-Noranda, Quebec Canada J9X 2J1 | 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.
