GLOBEX MINING ENTERPRISES INC. is pleased to inform shareholders that it has acquired 100% interest in the Cameron Gold Property located in Desjardins, Franquet and Grevet Townships, Quebec (32F/07) approximately 27 km north-northeast of the town of Lebel-sur-Quevillon.
The property consists of 30 cells totalling 1,242 hectares and covers 6.4 km of the Cameron Shear Zone, host to the Discovery gold deposit, located 12 km west-northwest of the Globex claim group. The Discovery gold deposit has reported historic Measured resources of 3,109 tonnes grading 8.95 gpt Au for 895 oz, Indicated resources of 1,278,973 tonnes grading 5.74 gpt Au for 236,180 oz and Inferred resources 1,545,500 tonnes grading 5.93 gpt Au for 294,473 oz Au (Source: Technical Report on the Scoping Study and Mineral Resource Estimate for the Discovery Project, by InnovExplo Inc., prepared by Carl Pelletier, P.Geo for Cadiscor Resources, filed by Cadiscor on SEDAR on September 30, 2008).
Directly adjoining Globex's Cameron Property to the west is the Flordin/Cartwright gold property. The Flordin gold deposit has an historic resource estimate which includes; Measured resources of 116,000 tonnes grading 3.25 gpt Au for 12,133 oz Au; Indicated resources of 2,707,000 tonnes grading 1.77 gpt Au for 153,998 oz Au and; Inferred resources of 2,199,000 tonnes grading 1.95 gpt Au for 137,561 oz Au (Source: Technical Report and Resource Estimated on the Flordin Property by InnovExplo Inc. by Pierre-Luc Richard, P.Geo and Carl Pelletier, P.Geo for North American Palladium Ltd, filed by North American Palladium Ltd. on SEDAR on August 26, 2011). The Cartwright Zone gold deposit has a reported historic resource of 82,930 tonnes grading 10.5 gpt Au (Source: SIGEOM, P. Duhaime, 1988). The Flordin, Discovery and Cartwright resource estimates have not been reviewed by a Qualified Person for Globex; the reader is referred to the identified sources for full details. The mineralization hosted on the Discovery, Flordin and Cartwright gold deposits are not necessarily indicative of the mineralization that may be hosted on Globex's Cameron Gold Property.
Globex's Cameron Gold Property has been subject to a number of exploration programs culminating in 119 drill holes, 57 of which are in the area of the Principal Gold Zone, surface mapping and sampling as well as several ground geophysical surveys (HEM, Mag, IP). Gold was intersected in numerous drill holes and in several stripped outcrops.
Much of the previous drilling was within 300 metres of surface, intersecting wide zones of low grade gold with occasional spikes into the multi ounce range over narrow widths. SIGEOM, the Quebec government geological information internet site contains reports describing gold values as high as 21.8 gpt Au over 1.5 m, 8.23 gpt Au over 1.3 m, 8.13 gpt Au over 1 m, 7.41 gpt Au over 1.1 m, 28 gpt Au over 0.37 m, 16.1 gpt Au over 0.68 m, 7.72 gpt Au over 1.44 m, 17.8 gpt Au over 1.05 m and other narrow high grade intersections within broad low grade gold mineralized zones related to the Cameron Shear structure.
Globex will recompile and study all the technical data from the property and that of adjacent gold deposits to define target areas for new exploration along the prolific gold localizing Cameron Shear. Included in the acquisition is $740,000 of assessment credits.