Globex Options Duquesne West/Ottoman Property Interest
October 12 2022 - 9:44AM
DUPARQUET ASSETS LTD. OWNED FIFTY PERCENT BY 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 the
Duquesne West/Ottoman gold property located in Duparquet Township,
Quebec (32D06) has been, subject to exchange approval, optioned to
Emperor Metals Inc. (AUOZ-C).
Terms of the option are the
following:
(1) |
Cash Payments totaling ten million dollars ($10,000,000) payable
over a five (5) year period. |
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(2) |
Share Payments totaling fifteen million shares (15,000,000) payable
over a five (5) year period. Shares must have a minimum price of
$0.20 per share. Should the share price at the anniversary date be
less than $0.20 per share, then Emperor shall, within five (5)
Business days after the anniversary date, issue to Duparquet such
number of Emperor shares equal to the following dollar values: |
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- At Exchange acceptance of the Agreement: |
1,500,000 shares or $300,000 deemed value. |
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- First anniversary of the Agreement: |
1,500,000 shares or $300,000 deemed value. |
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- Second anniversary of the Agreement: |
1,500,000 shares or $300,000 deemed value. |
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- Third anniversary of the Agreement: |
3,000,000 shares or $600,000 deemed value. |
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- Fourth anniversary of the Agreement: |
3,500,000 shares or $700,000 deemed value. |
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- Fifth anniversary of the Agreement: |
4,000,000 shares or $800,000 deemed value. |
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(3) |
Work Expenditures totaling twelve million dollars ($12,000,000)
over the five (5) year option period. |
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During the 5-year option period, Emperor shall undertake a NI
43-101 Resource Estimate. Should the result of the exploration
efforts by Emperor indicate a gold or gold-equivalent resource in
all categories (measured, indicated and inferred) of at least one
million troy ounces, Emperor will issue an additional two and one
half million Emperor shares (2,500,000) to Duparquet. |
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Duparquet shall retain a three percent (3%) Gross Metals Royalty,
one percent (1%) of which Emperor may purchase at any time for one
million dollars ($1,000,000). Gold and Silver produced from the
property will be paid in kind at the refinery. Any other metals
will be paid in cash. |
The Duquesne West/Ottoman property consists of
38 cells totaling 1,389 hectares and straddles the gold localizing
Porcupine-Destor Break. Previous exploration has indicated a number
of gold zones along the strike length of the property. A NI 43-101
resource estimate titled “Technical Report and Mineral Resource
Estimate Update for the Duquesne West/Ottoman property, Quebec,
Canada, for Xmet Inc.," prepared by David Power-Fardy, M.Sc., P.
Geo., Senior Geologist and Kurt Breede, P.Eng., Senior Resource
Engineer of Watts, Griffis and McOuat dated October 20, 2011 was
completed. The report indicated an Inferred Resource in multiple
zones as follows:
Tonnes |
Au (g/t) (Capped) |
Contained Au (oz) (Capped) |
Au (g/t) (Uncapped) |
Contained Au (oz) (Uncapped) |
4,171,000 |
5.42 |
727,000 |
6.36 |
853,000 |
Using: |
(1) Cut-off of 3.0 g/t Au |
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(2) Grade capping factor of 30 g/t Au |
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(3) Minimum horizontal width of 2.5 metres |
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(4) Gold price of $960.00 |
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(5) Exchange Rate US $0.95 = C$1.00 |
The NI 43-101 report is available by clicking
here or going directly to Globex’s website under Media Center,
Technical Reports.
Note: |
Inferred resources do not have demonstrated economic
viability. |
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Gross Metals Royalties are only payable upon commercial
production. |
Globex looks forward to the efforts of Emperor
to advance this property toward potential economic
viability. Click here for copy of Emperor’s press
release.
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) |
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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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