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 inform shareholders
that
Radisson Mining Resources (RDS-TSXV
and RMRDF-OTC) has announced numerous high grade gold intersections
on Trends 3 and 4 which are located on their Kewagama Gold Mine
property on which Globex Mining Enterprises Inc. holds a 2% Net
Smelter Royalty.
Below we are presenting the Radisson
press release in full (13 Pages including tables and a longsection)
as it not only indicates significant gold intersections but also
that the number 3 and 4 Trends plunge to depth on our royalty
claims and as well are open along strike. Of particular interest is
that 45% of the drill holes on Trend 3 and 53% on Trend 4 display
visible gold.
Globex is pleased with the drill results
announced by Radisson and look forward to their continuing efforts
to advance the mineral potential of the Kewagama Property.
(Note: Production royalties are only payable
upon production.)
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.
Radisson intersects 17.11 g/t Au over
2.00 m, 12.66 g/t Au over 1.80 m and 8.69 g/t Au over 2.20 m
confirming resource expansion potential along trend #3 and #4 at
the O’Brien gold project
Rouyn-Noranda, Qc Radisson
Mining Resources Inc. (TSX-V: RDS, OTC: RMRDF):
(“Radisson” or the “Company") is pleased to announce significant
high-grade gold intercepts from the 127,600 m exploration drill
program completed this summer at its 100% owned O’Brien gold
project located along the Larder-Lake-Cadillac Break (see location
map 1 and location map 2), halfway between Rouyn-Noranda and
Val-d’Or in Quebec, Canada.
Key highlights
- Significant
intercepts from drilling along high-grade trend #3
- 17.11 g/t
Au over 2.00 m and 5.16 g/t Au over 1.70
m (OB-21-279)
- 12.66 g/t
Au over 1.80 m including 27.90 g/t Au over 0.80
m (OB-21-275)
- Current resources
in this sector are largely within a vertical depth of 240 m from
surface. Drilling undertaken during this campaign has traced
high-grade gold mineralization down to 260 m below current
resources including an intercept of 45.86 g/t Au over 2.10 m at 500
m vertical depth, representing one of the deepest intercepts
previously obtained on the sector. Other results previously
published highlighting strong resource growth potential include
10.02 g/t Au over 4.40 m, 24.80 g/t Au over 2.00 m, 11.12 g/t Au
over 2.30 m and 21.28 g/t Au over 2.00 m.
- Significant
intercepts from drilling along high-grade trend #4
- 8.69 g/t Au
over 2.20 m including 29.50 g/t Au over 0.60
m (OB-22-298)
- 7.73 g/t Au
over 2.00 m including 15.00 g/t Au over 1.00
m (OB-21-296)
- This sector does
not contribute meaningfully to current resources which are limited
to the first 330 m vertical metres. New and previously released
drill holes (including 31.56 g/t Au over 2.00 m and 13.83 g/t Au
over 2.40 m) demonstrate continuity of high-grade mineralization
down to a vertical depth of 550 m in this area that remains open
for expansion for over 750 m laterally and at depth.
- With the successful
conclusion of this drill campaign, 127,600 metres (255 holes) have
been drilled since the commencement of the program in August 2019.
- Use of directional
drilling technology to test deeper targets resulted in savings of
approximatively 13,800 metres, enabling the company to drill test
with fewer metres, the same number of targets that would have
otherwise required at least 141,400 metres of conventional
drilling.
- Results are pending
for 36 additional holes (approximately 18,500 m) with visible gold
showings in 17 of those holes.
- The majority of
pending holes were drilled to test high-priority deeper targets
along trends #1 and #2.
“We are pleased to report the successful
conclusion of a 127,600 m drill campaign that commenced in August
2019. Results have continued to impress with 219 holes published
thus far including 141 intercepts grading over 5 g/t and 59
intercepts grading over 10 g/t. The use of directional drilling
technology in the last 12 months significantly increased drilling
efficiency, as a result of which we were able to precisely hit
deeper high-priority targets and to drill test 10% more targets
than originally budgeted with fewer metres.
The majority of drilling targeted resource
expansion along trends 0, 1 and 2, and results appear to have
almost doubled the depth extent of resources in those sectors. Some
drilling was also allocated towards defining additional
O’Brien-like mineralized trends further to the east. Results
obtained along trend #3 and trend #4 have highlighted the
significant high-grade potential approximately 900 m and 1,200 m
east of the old O’Brien mine. While these two trends did not
contribute meaningfully to the resource estimate published by
Radisson in 2019, approximately 24,670 metres in 59 exploration
holes were drilled during the campaign with impressive results,
including 28 intercepts returning grades of over 5 g/t Au. Both
trends remain open below 500 m and the property remain largely
unexplored for an additional 750 m east of trend #4. We believe
that the high-grade results obtained in these sectors highlight
only a portion of the resource growth potential that still resides
near surface at O’Brien.
Results are pending for 18,500 m of
drilling in 36 additional holes drilled to test high-priority
deeper targets along trends 1 and 2. In parallel, our efforts are
now largely focused on interpreting and incorporating results from
the drill program into an updated lithostructural model and mineral
resource estimate targeted for completion by late 2022/early
2023.” Commented Rahul Paul, President and Chief
Executive Officer.
Figure 1. O’Brien Gold Project: Trend #3
and #4 – Longitudinal
sectionhttps://www.globenewswire.com/NewsRoom/AttachmentNg/2b32be04-b59c-4a78-bc14-5d00283b5e25
Notable drill results
Hole |
Zone |
From (m) |
To (m) |
Core Length (m) |
g/t Au - Uncut |
OB-21-271 |
Trend #3 |
|
|
|
|
|
|
296.00 |
298.50 |
2.50 |
4.06 |
|
Including |
297.00 |
298.50 |
1.50 |
4.53 |
OB-21-272 |
Trend #3 |
|
|
|
|
|
|
207.50 |
211.90 |
4.40 |
3.89 |
|
Including |
207.50 |
208.90 |
1.40 |
8.07 |
OB-21-275 |
Trend #3 |
|
|
|
|
|
|
274.00 |
275.80 |
1.80 |
12.66 |
|
Including |
274.00 |
274.80 |
0.80 |
27.90 |
OB-21-278 |
Trend #3 |
|
|
|
|
|
|
409.30 |
411.70 |
2.40 |
3.22 |
|
Including |
411.00 |
411.70 |
0.70 |
9.13 |
|
AND |
432.00 |
435.80 |
3.80 |
4.41 |
|
Including |
433.00 |
434.00 |
1.00 |
8.06 |
|
And |
435.00 |
435.80 |
0.80 |
6.35 |
OB-21-279 |
Trend #3 |
|
|
|
|
|
|
248.00 |
250.00 |
2.00 |
17.11 |
|
Including |
248.00 |
249.00 |
1.00 |
34.10 |
|
AND |
479.30 |
481.00 |
1.70 |
5.16 |
|
Including |
479.30 |
480.00 |
0.70 |
7.89 |
OB-21-293 |
Trend #3 |
|
|
|
|
|
|
490.90 |
493.00 |
2.10 |
3.20 |
OB-21-296 |
Trend #4 |
|
|
|
|
|
|
326.80 |
328.80 |
2.00 |
7.73 |
|
Including |
326.80 |
327.80 |
1.00 |
15.00 |
OB-22-297 |
Trend #3 |
|
|
|
|
|
|
528.50 |
530.50 |
2.00 |
4.45 |
|
Including |
528.50 |
529.50 |
1.00 |
8.35 |
OB-22-298 |
Trend #4 |
|
|
|
|
|
|
321.80 |
324.00 |
2.20 |
8.69 |
|
Including |
323.40 |
324.00 |
0.60 |
29.50 |
OB-22-299 |
Trend #4 |
|
|
|
|
|
|
294.80 |
297.70 |
2.90 |
4.06 |
|
Including |
296.80 |
297.70 |
0.90 |
9.67 |
- VG denotes the
presence of visible gold
- True widths estimated at 70% to 80%
of core length.
- Assay grades shown uncapped. A
capping factor of 60 g/t Au was used in the 2019 resource
estimate
- For a full listing of drill results
from current drilling program click here.
Drilling at O’Brien continues to
validate the litho-structural model while highlighting resource
growth potential laterally and at depth
Drilling to date has continued to define and
expand almost five high-grade mineralized trends, located within a
1,200 m strike respectively to the east of the old O’Brien Mine.
Mineralized trends identified bear similarities with structures
previously mined at O’Brien down to a depth of 1,100 m (historical
production of 587 koz grading 15.25 g/t Au).
Drilling so far has demonstrated continuity of
mineralization well below the boundary of defined resources in all
defined trends, which remain open for expansion laterally and at
depth. In trend #0, drilling has traced mineralization to a depth
of 620 m, while current resources are mostly within the first 240
m. In trend #1, drilling has highlighted continuity of
mineralization down to a vertical depth of 950 m, while current
resources are mostly limited to a vertical depth of approximately
600 m. In trend #2, drilling has highlighted continuity of
mineralization down to a vertical depth of over 800 m, while
current resources are mostly within 400 m from surface. In trend
#3, drilling has traced mineralization down to 500 m vertical depth
from surface. Current resources are mostly confined to within a
vertical depth of 240 m. In trend #4, drilling has traced
mineralization down to a vertical depth of approximately 550 m.
In addition, the Company has completed an
initial 5,700 m exploration program at O’Brien West. In addition to
validating geological information from historical drill holes,
initial results showcase potential for additional high-grade
discoveries in this area. O’Brien West remains open in all
direction, with results indicating strong depth continuity in
lithological units identical to those observed along strike to the
west, reaffirming the upside potential from approximately 2.5 km of
largely untested prospective ground west of the O’Brien Mine along
the prolific Larder-Lake-Cadillac break.
Almost all drilling conducted as part of the
ongoing campaign has been within a strike length representing only
a small portion of more than 5.2 km of prospective strike that
Radisson controls along the Cadillac Break. Given current
geological understanding, the ongoing validation of the
litho-structural model, the company estimates there is strong
potential for additional high-grade gold trends to be discovered
along the whole 5.2 km prospective land package on the prolific
Larder-Lake Cadillac Break.
127,600 m of drilling completed to date
with assays pending for approx. 18,500 m
This release represents approximately 8,140 m of
drilling in 18 drill holes. Released results to date represent
approximately 86% of the 127,600 m drilled during the campaign. As
of August 31, 2022, the company remains well funded with
approximately $3.0 m in cash.
Breakdown of drilling completed and
pending results
Sector / Trend |
Completeddrilling
(m) |
Drill results
published |
Drill results pending |
metres |
# holes |
# holes (with VG) |
metres |
# holes |
# holes (with VG) |
O'Brien West |
5,700 |
5,700 |
11 |
1 |
0 |
0 |
0 |
Trend #0 |
18,200 |
18,000 |
36 |
20 |
200 |
1 |
1 |
Trend #1 |
42,200 |
28,900 |
51 |
29 |
13,300 |
25 |
12 |
Trend #2 |
33,200 |
28,200 |
51 |
25 |
5,000 |
10 |
4 |
Trend #3 |
16,200 |
16,200 |
40 |
18 |
0 |
0 |
0 |
Trend #4 |
8,500 |
8,500 |
19 |
10 |
0 |
0 |
0 |
Kewagama East / Other |
3,600 |
3,600 |
11 |
1 |
0 |
0 |
0 |
Total |
127,600 |
109,100 |
219 |
104 |
18,500 |
36 |
17 |
Summary of results published to date
from current program
Sector / Trend |
Published results (m) |
# holes published |
Number of published intercepts grading, |
# holes published |
# holes with VG |
% holes with VG |
>5 g/t Au |
>10 g/t Au |
>15 g/t Au |
>20 g/t Au |
>25 g/t Au |
O'Brien West |
5,700 |
11 |
1 |
9% |
3 |
1 |
1 |
1 |
1 |
Trend #0 |
18,000 |
36 |
20 |
56% |
17 |
8 |
4 |
4 |
4 |
Trend #1 |
28,900 |
51 |
29 |
57% |
49 |
20 |
11 |
8 |
7 |
Trend #2 |
28,200 |
51 |
25 |
49% |
40 |
15 |
9 |
5 |
4 |
Trend #3 |
16,200 |
40 |
18 |
45% |
20 |
11 |
6 |
3 |
1 |
Trend #4 |
8,500 |
19 |
10 |
53% |
8 |
2 |
1 |
1 |
1 |
Kewagama East & Other |
3,600 |
11 |
1 |
9% |
4 |
2 |
1 |
1 |
1 |
Total |
109,100 |
219 |
104 |
47% |
141 |
59 |
33 |
23 |
19 |
Figure 2. O'Brien Gold Project: Trend #3
cross
sectionhttps://www.globenewswire.com/NewsRoom/AttachmentNg/21e5c32d-f0ed-4f21-8aa4-938e57ca9c6d
Figure 3. Visible Gold in holes
OB-21-279, OB-22-297, OB-22-298 and
OB-22-299https://www.globenewswire.com/NewsRoom/AttachmentNg/83de1779-ebb6-44b9-8f24-c247178de5d2
Figure 4. Au Grade Distribution Section
1 and Section
2https://www.globenewswire.com/NewsRoom/AttachmentNg/ec21db0b-bf76-43a6-9218-9326ab554fdf
Figure 5. O’Brien Gold Project: Resource
Block Model @ 5.0 g/t Au cut-off; Labeled Longitudinal
sectionhttps://www.globenewswire.com/NewsRoom/AttachmentNg/34078649-55ee-4447-98e2-61cfef8c3799
QA/QC
All drill cores in this campaign are NQ in size.
Assays were completed on sawn half-cores, with the second half kept
for future reference. The samples were analyzed using standard fire
assay procedures with Atomic Absorption (AA) finish at ALS
Laboratory Ltd, in Val-d’Or, Quebec. Samples yielding a grade
higher than 5 g/t Au Au were analyzed a second time by fire assay
with gravimetric finish at the same laboratory. Mineralized zones
containing visible gold were analyzed with metallic sieve
procedure. Standard reference materials, blank samples and
duplicates were inserted prior to shipment for quality assurance
and quality control (QA/QC) program.
Qualified Person
Vivien Janvier, P.Geo., Ph.D., Director, Geology
for Radisson mining resources Inc. is the qualified person pursuant
to the requirements of NI 43-101. Vivien Janvier has reviewed and
approved the technical disclosure in this press release.
Radisson mining resources
Inc.
Radisson is a gold exploration company focused
on its 100% owned O’Brien project, located in the Bousquet-Cadillac
mining camp along the world-renowned Larder-Lake-Cadillac Break in
Abitibi, Quebec. The Bousquet-Cadillac mining camp has produced
over 21,000,000 ounces of gold over the last 100 years. The project
hosts the former O’Brien Mine, considered to have been the Quebec’s
highest-grade gold producer during its production (1,197,147 metric
tons at 15.25 g/t Au Au for 587,121 ounces of gold from 1926 to
1957; Kenneth Williamson 3DGeo-Solution, July 2019). For more
information on Radisson, visit our website at
www.radissonmining.com or contact:
On behalf of the board of
directors
Rahul PaulPresident and CEO
For more information on Radisson, visit our
website at www.radissonmining.com or contact:Hubert
Parent-BouchardChief Financial
Officer819-763-9969hpbouchard@radissonmining.com
Forward-Looking Statements
All statements, other than statements of
historical fact, contained in this press release including, but not
limited to, those relating to the intended use of proceeds of the
Offering, the development of the O’Brien project and generally, the
above “About Radisson Mining Resources Inc.” paragraph which
essentially describes the Corporation’s outlook, constitute
“forward-looking information” or “forward-looking statements”
within the meaning of applicable securities laws, and are based on
expectations, estimates and projections as of the time of this
press release. Forward-looking statements are necessarily based
upon a number of estimates and assumptions that, while considered
reasonable by the Corporation as of the time of such statements,
are inherently subject to significant business, economic and
competitive uncertainties and contingencies. These estimates and
assumptions may prove to be incorrect. Many of these uncertainties
and contingencies can directly or indirectly affect, and could
cause, actual results to differ materially from those expressed or
implied in any forward-looking statements and future events, could
differ materially from those anticipated in such statements. A
description of assumptions used to develop such forward-looking
information and a description of risk factors that may cause actual
results to differ materially from forward looking information can
be found in Radisson’s disclosure documents on the SEDAR website at
www.sedar.com.
By their very nature, forward-looking statements
involve inherent risks and uncertainties, both general and
specific, and risks exist that estimates, forecasts, projections
and other forward-looking statements will not be achieved or that
assumptions do not reflect future experience. Forward-looking
statements are provided for the purpose of providing information
about management’s endeavours to develop the O’Brien project and,
more generally, its expectations and plans relating to the future.
Readers are cautioned not to place undue reliance on these
forward-looking statements as a number of important risk factors
and future events could cause the actual outcomes to differ
materially from the beliefs, plans, objectives, expectations,
anticipations, estimates, assumptions and intentions expressed in
such forward-looking statements. All of the forward-looking
statements made in this press release are qualified by these
cautionary statements and those made in our other filings with the
securities regulators of Canada. The Corporation disclaims any
intention or obligation to update or revise any forward-looking
statements or to explain any material difference between subsequent
actual events and such forward-looking statements, except to the
extent required by applicable law.
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