Globex Sells Three Properties to Starr Peak Exploration
ROUYN-NORANDA, Québec, Aug. 10, 2020 (GLOBE NEWSWIRE) — 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 announce that it has sold 100% interest in the Normetal/Normetmar copper, zinc and silver property, the Rousseau gold project and the Turgeon Lake gold property located in Northern Quebec, to Starr Peak Exploration Ltd. (STE-TSXV, STRPF-OTC).
In exchange, Globex will receive $150,000 in cash payments ($50,000 on signing, $50,000 at 6 months and $50,000 at one year), 1.2 million Starr Peak shares (currently $1.66/share) and a 2.5% Gross Metal Royalty, 1% of which may be purchased by Starr Peak prior to commercial production for $1.5 million. Starr Peak will acquire 100% interest in the properties subject to the royalty (GMR).The Normetal/Normetmar property consists of 10 claims and includes the historic Normetal Mine which produced 10.1 million tons, grading 2.15% Cu, 5.12% Zn, 0.549 g/t Au and 45.25 g/t Ag (data converted from Canadian Mining Handbook 1975-1976). The Normetmar portion of the property ties onto the west side of the Normetal Mine. A historic resource of 306,000 t grading 11% Zn was reported by Kerr Addison of which 48,200 t have been mined in 1990. The zone has been stripped and a ramp extended into the zone. While the property was only explored for zinc, several gold intersections are reported including 2.19 g/t Au and 236 g/t Ag over 2.56 m including 3.47 g/t Au and 366 g/t Ag over 1.55 m (Source: Globex drilling 2007-2008, Hole GN07-09). The property is located in the center of Starr Peak’s recently acquired NewMetal gold property and completes that package. In addition, the claims are directly on strike to the east of Amex Exploration Inc’s gold discovery in Perron Township, Quebec.The Rousseau gold property consists of 12 claims covering the Rollmac gold zone of 31,298 tonnes grading 11.99 g/t Au (historical non-compliant NI43-101, Northern Miner, July 13, 1992). Limited shallow work has been undertaken on this property.Two principal Gold bearing vein systems, the Main Vein and Mercier Vein, were explored by trenches, shallow pits and limited diamond drilling. In 1980, a 91-metre-deep ramp, 428 m of drifting and 188 m of cross cut were completed on the Main Vein. A 75.6 T rock sample assayed 0.46 oz Au/T and 2.14 oz/T Ag (1987, Bowdidge from GM53158). In 1982, one ton of concentrate derived from the -60-foot level of the Main Vein was processed assaying 9.97 oz/t Au and 15.69 oz/t Ag (Bowdidge, from GM53159). Numerous high-grade drill intersections, grab samples and channel samples are reported including Hole 80-17 which graded 0.61 oz/T Au over 10 feet (GM 37244) and Hole 88-6 which assayed 0.41 oz/T Au over 8.2 feet (taken from GM 52540).In 1992-1993, Canaco Ltd. undertook a program of shallow underground mapping and sampling on the Mercier Vein using the historical ramp and underground workings. The following is a summary of the uncut gold assays, widths and strike lengths sampled:The Mercier gold vein is located 183 m northeast of the Main Vein. Numerous gold values from grab samples and a test pit are reported. A parallel vein, 15.3 m to the north, assayed 0.428 oz Au/t. Several other quartz vein systems are reported but received little or no follow-up.Lastly, the Turgeon gold property consists of 2 claims on the east side of Lake Turgeon. Grab samples at the water line are reported to have assayed up to 168.3 g/t Au, 30.2 g/t Au and 23.7 g/t Au (GM 52490). Drill hole LT-96-02 assayed 18.7 g/t Au over 3.09 m, including 68.9 g/t Au and 10.48 g/t Ag over 0.4 m (GM 54287).Historical resources
The resources described above are historical. A qualified person has not done sufficient work for Globex to classify the historical estimates as current mineral resources and Globex is not treating the historical estimates as current mineral resources under National Instrument 43-101 and CIM Standards for mineral resources and reserves. These historical resources should not be relied upon.
Grab samples are selective by nature and are unlikely to be representative of average grades.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.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