Le Lézard
Classified in: Mining industry, Business
Subject: MINING EXPLORATION UPDATE

Drilling Starts on Globex's Optioned Montalembert Property


ROUYN-NORANDA, QUÉBEC--(Marketwired - July 5, 2017) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1MN)(STUTTGART:G1MN)(BERLIN:G1MN)(MUNICH:G1MN)(XETRA:G1MN)(OTCQX:GLBXF) is pleased to inform shareholders that Enforcer Gold Corp. (TSX VENTURE:VEIN)(FRANKFURT:N071) has started an up to 8,000 m drill program on the Montalembert high grade gold property optioned from Globex.

Drilling will be focused primarily on the Galena and No.2 gold bearing vein systems where previous surface channel sampling has returned assays in excess of 500 g/t Au. (See Globex Press Release dated March 31, 2017)

Drilling will be at 25 m centers to a vertical depth of 100 m. HQ sized core will be recovered in order to obtain a larger rock sample that could be gotten using more common and smaller diameter BQ or NQ core. This is being done in order to try to limit the "nugget effect" (the erratic distribution of coarse free gold) which makes it difficult to determine the true average grade of the vein systems. The larger the sample, the more likely it will be representative of the area being drilled. The "nugget effect" is a two edged sword. It is difficult to establish an average gold grade by drilling but the presence of coarse free gold can potentially result in a significantly higher recoverable gold grade than indicated by drilling, when mining.

Globex has optioned the Montalembert property to Enforcer Gold for $2.7 million cash option payments, 8.5 million Enforcer shares and $15 million in exploration expenditures, all payable over a 4 year period. Globex will retain a 3.5 % Gross Metal Royalty on all production but a 6% Gross Metal Royalty on the first 150,000 ounces produced (See Enforcer's press release dated November 17, 2016 for details).

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.

We Seek Safe Harbour.  Foreign Private Issuer 12g3 - 2(b)
  CUSIP Number  379900 50 9

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.

50,172,424 shares issued and outstanding


These press releases may also interest you

at 06:30
The Actuators market is estimated at USD 67.7 billion in 2024 and is projected to reach USD 94.8 billion by 2029, at a CAGR of 7.0 % from 2024 to 2029 according to a new report by MarketsandMarketstm. The growth can be attributed to growing...

28 mar 2024
Discovery Silver Corp. ("Discovery" or the "Company") today announced financial results for the three and twelve months ended December 31, 2023 ("Q4 2023" and "2023", respectively). The Company also provided a summary of key events since the...

28 mar 2024
Osisko Development Corp. ("Osisko Development" or the "Company") reports its financial and operating results for the three and twelve months ended December 31, 2023 ("Q4 2023"). Q4 2023 HIGHLIGHTS Operating, Financial and Corporate Updates: 2,090...

28 mar 2024
Kootenay Silver Inc. ("Kootenay" or the "Company") is pleased to announce that it has obtained a receipt for a final short form base shelf prospectus with the securities regulators in each province and territory of Canada....

28 mar 2024
Robex Resources Inc. ("Robex" or the "Company") announces today that its Board of Directors has approved the implementation of the consolidation of the issued and outstanding common shares of the Company approved by its shareholders on June 29,...

28 mar 2024
Denison Mines Corp. ('Denison' or the 'Company') is pleased to announce that it has filed its 2023 Annual Report on Form 40-F with the U.S. Securities and Exchange Commission ('SEC').  Denison's Form 40-F includes its management discussion and...



News published on and distributed by: