Magusi Project Moving Forward
February 27 2023 - 10:53AM
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 Electro Metals and Mining (Electro), a private Canadian
Corporation which optioned the Magusi polymetallic (Cu, Zn, Ag, Au)
project located 55 km northwest of Rouyn-Noranda, Quebec in 2022
(see Globex Press Release dated December 15, 2021) from Globex, has
signed a nonbinding Letter of Intent with ‘’Capital Pool Company’’
Shine Box Capital Corp. (RENT.P-TSXV) under which the parties will
combine their business operations (see Shine Box/Electro Press
Release dated February 24, 2023).
The reverse takeover of Shine Box by Electro is
subject to Electro successfully completing a financing in order to
advance the Magusi deposit toward production and to undertake
exploration on the large claim package.
Electro stated in its Summary Sheet dated
February 23, 2023 “The Magusi project extends to surface and could
lend itself to a quarry type of operation. With nearby processing
facilities, and excellent road access, Electro Metals believes the
Magusi project is ideal for evaluating the potential to move the
project into production in the near – term. Once financed, work
will begin immediately with infill drilling, expansion drilling and
advanced metallurgical test work. Should the results prove
positive, the Company will re-apply for a modification to its
existing bulk sample permit and move directly into preparing to
extract industrial scale samples for processing at nearby
facilities. Should this all prove positive, Electro proposes to
mine the shallow parts of the deposit and continue assessing the
potential to develop the deeper copper – rich portions.
Based on its re-evaluation of the FMP during
2022, Electro has identified five additional exploration targets to
test on the property. These deposits typically occur in clusters
and data review suggests ongoing prospectivity.”
The Magusi property consists of 148 claims and
one mining concession totaling 5,847hectares (14,448 acres) in
Duparquet, Hebecourt and Montbray townships, Quebec. Under the
revised terms agreed to on October 4, 2022, the transaction, if
completed, will generate $6,550,000 cash and 7,500,000 Electro
shares payable to Globex and $12,600,000 in work all over a 4-year
period as well as a 3% Gross Metal Royalty (GMR), 1.5% GMR
purchasable for $2,250,000.
Globex is pleased that it looks like the project
will be moving forward due, in part to copper and zinc now being
deemed critical metals.
Magusi – Fabie Bay Property Map
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.
55,653,836 shares issued and
outstanding
A map accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/5dfab4ca-c8eb-4eb0-85c8-ff85047981b5
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