GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) has informed shareholders that Globex has acquired 100% interest in 39 claims in the Isaac's Harbour District of Guysborough County, Nova Scotia subject to a 1% NSR on 36 claims which may be acquired for $600,000 at anytime.
The property includes both the North Star and Hurricane Point Gold Mines, located within an anticlinal structure, part of the Goldenville formation.
Production from the Isaac's Harbour District is reported as 1,233 kg (39,654 oz) of gold, all from shallow depths. The average gold grade was calculated as 28.4 g/t (0.83 oz/ton).
The North Star gold property was worked from 1889 to 1894 with several shafts being sunk, one to a depth of 147 metres (possibly down the dip of a vein). Very little work has been done since that time other than a channel sampling program in 1998 which returned gold values of up to 198 g/t (6.36 oz/ton). A small drill program that was terminated due to a lack of funds was done in 1999. Few results are available from this program. The ground, west of the North Star Mine where the gold bearing horizons extend, is unexplored.
The Hurricane Point Mine was worked from 1887 to 1890 and again from 1898 to 1900. Three shafts were sunk to a depth of 145 metres (possibly down dip of a fold axis). Between 1947 and 1950, a number of pits were dug on surface showings of gold bearing veins.
The claim block adjoins to the southwest of the Goldboro Project now under option from Orex Exploration by Osisko Mining Corporation where Orex, in August 2009, reported a NI 43-101 compliant Mineral Resource Estimate of 2,711,000 tonnes grading 4.56 g/t Au totalling 397,200 ounces of gold in the Measured and Indicated Resources categories and an additional 3,438,000 tonnes grading 3.67 g/t gold totalling 405,926 oz/ton gold in the Inferred category. The report was prepared by Donald Gervais and Alain Carrier both professional geologists (P.Geo) and Karine Brousseau, an engineer in the employ of InnovExplo Inc.
The North Star and Hurricane Point claims contain the same gold bearing rock structures as found on the adjoining Goldboro property.
This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.
Source: GLOBEX MINING ENTERPRISES INC.