First 2024 Drill Holes Confirm Potential of Large, Low Grade Open-Pit Concept at Duquesne West and Other News
October 29 2024 - 9:24AM
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 Emperor Metals Inc. has announced the assay results from the
first three drill holes (Holes DQ 24-01 to DQ 24-03, 1,452 metres)
of their 19 hole drill program (8,166 metres) at the
Duquesne West property located in Duparquet
Township, Quebec, under option from Globex (see Globex press
release dated October 12, 2022).
The Duquesne West Property
has a historical mineral resource estimated at 727,000 oz. Au at a
grade of 5.42 g/t Au (or 853,000 oz. Au grading 6.36 g/t Au
uncut), (source: “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”
available here).
The current drill program was initiated to
“demonstrate that additional ounces are contained within the
conceptual open-pit model and that low-grade bulk tonnage is indeed
unaccounted for and will be added to a new mineral resource
update expected in Q1 of 2025” per John Florek, President,
CEO and Director of Emperor.
The currently reported results including
52.1 metres grading 0.8 g/t Au and 30.2 metres grading 0.4
g/t Au feed into Emperor’s conceptional model of a
potential lower grade, bulk tonnage gold deposit and is discussed
in today’s Emperor press release, in which the following reasoning
is presented.
“The common theme to this low-grade bulk
tonnage mineralization in this release is that it is hosted
adjacent and within the previous unsampled QFP’s. There is
currently a paucity of drilling to define the extent and breath of
this mineralization, more drilling is needed.
In general, mineralization expands in
thickness as well as continuity along strike/dip. Although this
mineralization is lower grade, it is contained in the Conceptual
Open-Pit Model and is expanding zones in the footwall of this
deposit that will add ounces to the upcoming mineral resource
estimate. Additionally new zones are being discovered for
follow-up.
By concentrating on drilling near
surface mineralization within an ultimate conceptual open pit,
Emperor can add ounces more rapidly and mine at a significantly
lower grade compared to an underground mining
scenario.”
Globex is following Emperor progress attentively
and looks forward to additional drill results as well as assaying
from historical drill holes sampled in order to potentially expand
upon the potential low grade, bulk minable deposit model.
Other News
Azimut Exploration has announced 2,000 metre
maiden drill program on the Perseus nickel discovery on their
Kukamas property in the James Bay area of Quebec. The Kukamas
property directly adjoins and is on strike to Globex’s
Tyrone project (see Azimut’s press release).
Globex’s Tyrone property has numerous gold and
base-metal occurrences in multiple horizons. See map below showing
mineralization on Globex’s property and the location of Azimut’s
nearby nickel discovery. Globex has completed an aeromagnetic and
VTEM survey over the property and an initial property visit.
Tyrone Geology Map – Globex
Kukamas Property, Azimut
Exploration
This press release was written by Jack Stoch, P.
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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/f42ee4f0-46ab-4f47-a6bc-4e94da6c67b5
https://www.globenewswire.com/NewsRoom/AttachmentNg/926e4c82-354a-4432-841c-3c39599eaff2
https://www.globenewswire.com/NewsRoom/AttachmentNg/762464d5-9a95-4d2e-b243-04faabc4b676
Globex Mining Enterprises (TSX:GMX)
Historical Stock Chart
From Nov 2024 to Dec 2024
Globex Mining Enterprises (TSX:GMX)
Historical Stock Chart
From Dec 2023 to Dec 2024