Globex Options Kachiwiss Uranium Area Properties

ROUYN-NORANDA, Quebec, April 18, 2024 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX ? Toronto Stock Exchange, G1MN ? Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF ? OTCQX International in the US) is pleased to announce that it has entered into an option agreement wherein Victory Battery Metals Corp. (VR-CSE, VRCFF-OTC Pink, VR6-FWB) may earn 100% interest in four Globex claim groupings in the Sept Iles region of Quebec.

The claims cover the Kachiwiss Uranium deposit with a reported historical, non-Ni 43-101, possible resource of 16,598,000 tonnes grading 0.016% U₃O₈ within a pegmatic dyke oriented NW45^o. The zone, as currently defined, measures 975 metres long by 610 metres to 760 metres wide and is open. Metallurgical test work suggests recoveries of up to 92.9% can be achieved. (Source: Quebec Government files in Sigeom)

In addition to the Kachiwiss deposit, the option includes a large package of claims covering lake bottom sediment sample uranium anomalies farther to the north. In total, 156 mining claims make up the package with Globex retaining a 10-kilometre area of mutual interest surrounding the current claim blocks. Under the agreement, Globex will receive $400,000 in cash and 1,500,000 Victory shares over 3 years with Victory undertaking $3,000,000 of work on the claims over a 4-year period. Globex also retains a 3% Gross Metal Royalty on all metals, minerals, elements or compounds including but not limited to uranium, thorium or any other marketable product from the claims. Victory may, at anytime, purchase 1% GMR from Globex for a single cash payment of $1,000,000.

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.