GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) has informed shareholders that it has acquired the following properties in the Chibougamau mining district in Quebec.
The Berringan gold, silver, zinc deposit in McKenzie township consists of 25 claims totalling approximately 382 hectares. The property includes numerous gold and base metal showings and zones including the Berrigan or Taché deposit reported as containing 1.43 million tonnes grading 1.9 g/t Au, 3.31% Zn, between 14 g/t and 380 g/t Ag as well as copper. The resource figure is reported by P. Bédard and S. Desbien of DocuScience Inc. in a report titled "Potentiel de gisements de classe mondiale de type porphyre Cu-Au et zinco – aurifère filonien" in 1998 and should be considered historical in nature, not NI 43-101 conformable and should not be relied upon. Much drilling was undertaken and a ramp was driven into the mineralization in order to take a bulk sample for metallurgical purposes.
Globex has accumulated a significant data bank on this property and has engaged a senior geologist to write a NI 43-101 report on the property. We are awaiting registration of our claims and receipt of the final licences.
- Part of the Jaculet Mine property in Roy township consists of two former mining blocks which were part of the Jaculet Mine property. The claims adjoin Globex's Bateman Bay Mine property and now give Globex two thirds of the mine horizon which runs from the Jaculet Mine to the Bateman Bay Mine. The Bateman Bay Mine property, owned 100% by Globex, has a historical resource reported in government files (32G/16-57) in 1977 as 1.76 % Cu and 4.13 g/t Au and 16.71 g/t Ag to a depth of 183 meters. The claims vastly increase the exploration potential and thus the economic potential of the Bateman Bay Mine property.
- Copper Cliff Mine claims. Globex has acquired a former mining block covering much of what was the southern part of the Copper Cliff Mine property in McKenzie township. The Copper Cliff Mine was a copper-gold producer. It is reported that 864,000 t grading 1.6% Cu, 6.50 g/t Ag and 0.96 g/t Au were mined between 1970 and 1974 and that some resource remains.
Globex has now gathered a land package in the heart of the Chibougamau mining district consisting of five (5) former producers with significant exploration potential, two unmined deposits - one of gold, silver and zinc and another consisting of multiple gold-copper zones, and a large package of prime exploration claims with numerous intersections in drill holes of gold and copper. In addition, the land package now includes the extension of such deposits as the Jaculet and Bateman Bay copper-gold deposits as well as the Copper Cliff Mine (copper-gold) and the possible depth extensions of mines such as the large Henderson 1 and 2.
Most of Globex's mine properties have been mined to only 300 meters while other mines in the immediate area have been mined to depths of as much as 1,500 meters, the Copper Rand Mine for example.
Globex is extremely pleased to have amassed such a large and prospective mine package in one of Quebec's premier mining camps and must now decide how to advance the assets in light of historically high copper and gold prices while best creating short and long term value for Globex's shareholders.
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 Enterprise Inc.