Globex Acquires Kelly Lake Copper, Nickel, Platinum, Palladium, Cobalt, Rhodium Project in Quebec
ROUYN-NORANDA, QUEBEC--(Marketwired - Apr 12, 2017) - Globex Mining Enterprises Inc. (TSX:GMX)(FRANKFURT:G1MN)(STUTTGART:G1MN)(BERLIN:G1MN)(MUNICH:G1MN)(XETRA:G1MN)(OTCQX:GLBXF) is pleased to inform shareholders that we have acquired six cells (350 ha) located in Blondeau Township, Quebec (31M07) west of the Town of Belleterre.
The cells cover the Kelly Lake copper, nickel, platinum, palladium, and cobalt zone. Work by previous companies and compiled for Loubel Exploration Inc. reports a historical Indicated Mineral Resources of 1,400,000 tonnes grading 0.7% Ni and 0.7% Cu with potential Pt and Pd grades of 0.7 g/t and 0.6 g/t respectively to a depth of 335 metres and open to depth. (Source: A Report on the Kelly Lake Project prepared for Loubel Exploration Inc., by J.D. Charlton, PGeo. APGGQ, APGO and FGAC, Feb. 11, 2001) (Note: The resource cited above is historical, is not a current mineral resource under National Instrument 43-101 regulations, is not being considered by Globex as current resources or reserves, has not been reviewed by a Globex geologist and should not be relied upon.)
In 1968, a composite sample of 4 HQ drill holes weighing 2,800 kg (6,200 lbs) representing 206m (676 feet) of drill core was drilled for metallurgical testing purposes and assayed 0.77% Ni, 0.63% Cu, 4.10 g/t Ag, 0.10 g/t Au and 0.99 g/t Pt and Pd combined. Metallurgical tests on this composite sample also indicated 0.05% Co and 0.03 g/t rhodium content.
In 2002 seven BQ drill holes were completed on the Kelly zone by Tom Exploration and Loubel Exploration after the Charlton report. Individual drill hole element assays of up to 1.80 Ni, 2.87 % Cu, 0.08% Co, 1.12 g/t Pt, 0.67 g/t Pd, 11.0 g/t Ag and 0.38 g/t Au were reported as in drill holes K-02-117 and 122. Earlier holes such as HQ hole K-3H-69 drilled in 1969 for metallurgical studies reported up to 4.83 g/t PGM's over 2.25m. Much more work is required on the Ag, Au, PGM, Co and Rh elements as much of the historical work was focused toward the Ni and Cu content and there were few assays for Co, Ag, Au, Rh and platinum group metals other than in the most recent drilling and in metallurgical test work.
Historical work on the property consisted of mapping, stripping, geophysics, drilling and several types of metallurgical studies including bacterial oxidation and several feasibility studies.
Mineralization consists principally of pyrrhotite, pyrite, pentlandite (violarite) and chalcopyrite; the zone is sub-vertical and arcuate in plan. The mineralized zones thickness ranges from 4.5 to 7.5 meters and it plunges to the southwest. The primary host rock is gabbro.
Globex has begun acquiring and compiling data as regards to previous work on the property with the intention of initiating an exploration program this summer.
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
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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.
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Contact
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
819.797.5242
819.797.1470
info@globexmining.com
www.globexmining.com