Globex Acquires Lac Fortune Gold Mine
March 24 2020 - 9:19AM
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 it has purchased one hundred percent (100%) interest in the
Lac Fortune Gold Mine property located approximately 18 km west of
the Town of Rouyn-Noranda in Beauchastel township, Quebec
(32D03). The purchase price consists of 250,000 Globex shares
and a 2% Net Smelter Royalty, of which 1% can be purchased at any
time for two hundred thousand dollars.
The property includes a historical gold mine
with access underground by a combination of three ramps and shafts
to a maximum depth of 110 metres. Gold mineralization occurs
as free gold or with pyrite associated with quartz veins either in
altered basalts or in a wide carbonate shear zone, a splay off of
the nearby Cadillac Fault which itself passes through the southern
quarter of the property and is largely untested.
A report titled “Rapport d’évaluation de la
propriété du Lac Fortune, Canton de Beauchastel, Abitibi, Québec,
présenté à Ressources minières Rouyn Inc.” by Boris S. Karpoff,
ing. of Le Groupe conseil Coopers & Lybrand, dated November 14,
1986 and amended February 18, 1987, reports probable resources of
224,425 metric tonnes grading 5.38 g/t Au at a cut-off or 2.74 g/t
Au. Assays over 34.28 g/t Au were cut to 34.28 g/t Au.
(Note: The calculation of resources was undertaken prior to
the implementation of NI 43-101 regulations and has not yet been
verified by Globex and thus, should not be relied upon). Mr.
Karpoff was a mining engineer of vast hands on experience. He
held a degree from the University of Laval, Quebec and was a
registered member of: L’Ordre des ingénieurs du Québec; of the
Professional Engineers of Ontario, of the American Institute of
Mining, Metallurgical, and Petroleum Engineers, the Asociación de
Ingenieros de Minas, Metalurgistas y Geólogos de México, etc. and
practiced his profession from 1953 onward both in exploration,
development and mining). The gold price at the time of the report
was approximately $390.00 US/oz.
Globex is very pleased to acquire this
historical gold mine which is now part of our large
Francoeur/Arntfield gold package. Globex will shortly begin a
very detailed 2,000 km aeromag survey, completely covering the
Francoeur/Arntfield/Lac Fortune gold land package including a ± 6
km largely untested section of the gold localizing Cadillac
Break. The survey at 25 metre line spacing will help Globex
better define the geological units and structural features that
control the emplacement of gold mineralization on the property.
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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