Re-development Work Begins on Globex Gold Royalty Property
October 07 2019 - 9:51AM
GLOBEX MINING ENTERPRISES INC. (GMX –
Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin,
Munich, Tradegate, Lang & Schwarz
Stock Exchanges and GLBXF – OTCQX
International in the US) is pleased to inform shareholders
that today Nippon Dragon has announced that they are starting
re-development work on Globex's Rocmec 1 (Russian Kid) gold
royalty, gold deposit located in Dasserat township approximately
35km west of Rouyn-Noranda, Quebec.
Globex holds a 5% Net
Metal Royalty on the first 25,000 ounces of gold produced and 3%
Net Metal Royalty on all subsequent gold production from the
property. Nippon Dragon's press release stated the
following:
"Nippon to restart development of its Rocmec 1
fully permitted UG mine
Brossard (Quebec), October 7th, 2019 Nippon
Dragon Resources Inc. (“Nippon” or “NDR”) (TSX-V Symbol: NIP), is
pleased to report that it is restarting development work at its
100% own Rocmec 1 gold property. An updated reclamation plan has
been submitted to the MERN in order to reflect the progress of
reclamation work that was conducted on the property this past
summer.
The objective is the development of the McDowell
and Talus veins. The portal is being opened and dewatering is
about to start. The underground development work will be conducted
in phases. Phase 1 will focus on level 45 while phase 2 will
focus on level 90. The work is expected to extent over a 20 month
period. Development plans for subsequent phases are currently
ongoing and the goal is to implement each phase in a manner that
the phases will overlap each other, thereby avoiding downtime.
Nippon will employ its exclusive and patented
thermal fragmentation mining method and conventional mining methods
as warranted.
The site will be also be used as a showcase for
the thermal fragmentation technology. Potential clients will have
the opportunity to view the technology operate in a typical
underground setting.
About Rocmec 1 project
The Rocmec 1 project is located in the Dasserat
Township, Province of Québec on the shores of the Labyrinthe Lake.
It is approximately 35 kilometres west of the town of Rouyn-Noranda
and is easily accessible from Route 117 and the frontier gravel
road separating Quebec and Ontario and a secondary gravel road to
the site. The property was acquired in October 2005, dewatering and
rehabilitation of the mine commenced in January 2006. To date,
Nippon Dragon has invested approximately $33,000,000 in
rehabilitating the property, surface and underground
infrastructure, diamond drilling, equipment and drifting. The
property includes a 100m deep two compartment shaft, an 844 metre
decline allowing access to five levels (50, 70, 90,110 and 130
metres). On these levels a total of 1700 metres (drifts and
cross-cut drifts) were driven. The Rocmec 1 ore body is
well defined by diamond drill holes. The 2010 NI 43-101 report by
SGS using a cut-off grade of 3 g/t Au reports a Measured and
Indicated mineral resource of 570,300 tonnes grading 6.52 g/t Au
(119 500 oz) and 1,512,400 tonnes Inferred at 7.4 g/t Au
(359 600 oz)."
Globex is pleased that the gold deposit will
again be placed into production and generate royalty revenue for
Globex.
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.
We Seek Safe Harbour. |
Foreign Private Issuer 12g3 – 2(b) |
|
CUSIP Number 379900 50 9LEI 529900XYUKGG3LF9PY95 |
For further information, contact: |
Jack Stoch, P.Geo., Acc.Dir.President & CEOGlobex Mining
Enterprises Inc.86, 14th StreetRouyn-Noranda, Quebec Canada
J9X 2J1 |
Tel.: 819.797.5242Fax: 819.797.1470
info@globexmining.com www.globexmining.com |
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.
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