Globex: Falco Begins 2018 Donalda Mine Drill Program
ROUYN-NORANDA, QUÉBEC–(Marketwired – March 13, 2018) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1MN)(STUTTGART:G1MN)(BERLIN:G1MN)(MUNICH:G1MN)(XETRA:G1MN)(OTCQX:GLBXF) is pleased to report that Falco Resources Ltd. (TSX VENTURE:FPC) (“Falco”) has commenced its 2018 exploration program on Globex’s Donalda royalty property (See Globex press release dated September 27, 2017). An initial program of 10 holes for a total of 10,000 meters is planned.
Per a Falco press release issued on February 28th 2018 Falco reported the following:
“In 2017, about 4,700 metres were drilled on the Donalda property. The drilling consisted of testing the extensions of the known mineralization and confirming historical results. Given its close proximity to the Horne 5 deposit, potential underground mineralization would be accessible from the Horne 5 future underground infrastructure. The 2017 Donalda targets consisted of a gold quartz vein system.
Besides testing the known vein extensions at depth, the 2018 program will test the VMS (Volcanic Massive Sulphide) potential on the property by following the Quemont extensions. Drilling on the VMS targets will test elevations located at a depth of between 700 and 2,200 metres. Several of the projected drill holes will completely cross the felsic lithologic units to reach the Andesite Fault. This fault is located south of Horne 5. The VMS potential on Donalda has never been significantly tested so far and represents a great opportunity for the Company.
The Company believes there is a strong potential to find additional mineralization in that area. The felsic package hosting the Quemont and Horne mines will also be tested.
THE DONALDA MINE PROPERTY
The Donalda Property is located east of the Horne 5 deposit and Quemont mine infrastructure. The property is host to two important, sub parallel, extensive and continuous gold bearing quartz veins with a historical resource (non NI 43-101 compliant (1)) of 1.5 million tonnes grading 6.9 g/t gold, of which approximately 790,000 tonnes were mined and approximately 710,000 tonnes remain unexploited.
During mine production, a 620 metre shaft provided access to the two known gold bearing vein structures. The majority of the gold was extracted from the Donalda #1 vein (782,360 tonnes at 5.58g/t were mined over seven years of production). The #2 vein was discovered about 300 metres below the #1 vein. Production coming from Donalda #2 Vein (32,145 tonnes at 5.76 g/t were mine over one year of production), was extracted via the Quemont mine.
Both vein structures remain open down dip and could have significant exploration upside. The gold bearing structures were known by previous operators to persist down-dip at least as far as the Horne Creek fault. Three other veins have also been identified by previous drilling. Those structures are sub-parallel and/or interfingering with the main veins. Very little exploration has been undertaken below the 700 metres depth.”
Two maps, one an air photo plan map showing drill hole locations and a second a longitudinal plan showing the projected drill pierce points on the Donalda property are available on Globex’s website.
To view the maps associated with this press release, please visit the following links:
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.
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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
President & CEO
Globex Mining Enterprises Inc.