Laguerre/Knutson Drill Summary

ROUYN-NORANDA, Québec, Dec. 01, 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) has now received all the assays from our recent drilling on our Laguerre/Knutson gold project near Larder Lake, Ontario.

Seven hundred and fifty-nine metres (759 m) were drilled in three holes on the Knutson portion of the property where historical trenching returned 0.42 oz/t Au over an average width of 5.3 feet for a length of 160 feet on Vein # 1 and 0.25 oz/t Au over an average width of 5.9 feet for a length of 90 feet (see Globex press release dated September 17, 2020.

The three holes each intersected three zones of intense alteration, shearing and mineralization principally disseminated pyrite corresponding to the downward projection of the mineralized zones. Despite the obvious visual indicators in the core, the assays did not match those from surface sampling and are listed below:

While the three drill holes did not return assays comparable to those reported on surface and encountered in grab sampling by Globex, the fact that the zones do project to depth as displayed by the intense alteration, shearing and sulphide mineralization is a positive outcome which suggests more work is warranted.

Two drill holes LK-20-04 and LK-20-05, totaling 422.7 metres were targeted as potential extensions to the north of the Laguerre gold Zone. Neither drill holes intersected a projection of the hosting rock unit. Several areas of weak sulphide mineralization were observed in the drill holes but did not return significant gold assays. The drill holes will be added to the data base to see if the added geological information can give us a clue as to other target areas for the projection of the host unit.

The Raven River gold zone east of the Laguerre/Knutson gold zones was not tested nor were two new target areas defined by a detailed aeromagnetic survey undertaken earlier this year by Globex.

Delivery and sample preparation:

All samples were delivered to Expert Laboratories Inc., located at 750-A rue Saguenay, Rouyn-Noranda, Quebec. The laboratory conducted all aspects of the sample preparation. Samples were dried and crushed to 90% passing a -10 mesh screen. A 300-gram subsample was taken for pulverization to a nominal 90% passing -200 mesh with the remaining crushed rejects being retained.

Gold Assaying

A 29.166-gram sub-sample of this pulp (1 assay-ton) was taken and was fused following the standard procedures used in a fire assay method. The gold content of all samples was determined using Atomic Absorption Spectroscopy (Method Code: Au FA-GEO, lower detection limit 5 ppb). Any samples found to contain greater than 1 g/t Au were subjected to a re-assay, whereby the gold content was determined using a gravimetric fire assay method.

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