Nyrstar Increases Resource at Globex’s Middle Tennessee Mines Royalty Property
ROUYN-NORANDA, Québec, April 25, 2018 (GLOBE NEWSWIRE) -- Globex Mining Enterprises Inc. (TSX:GMX) (FRANCFORT:G1MN) (STUTTGART:G1MN) (BERLIN:G1MN) (MUNICH:G1MN) (XETRA:G1MN) (OTCQX:GLBXF) is pleased to provide shareholders with a short update regarding our Middle Tennessee Mines Royalty.
The Middle Tennessee Mines (MTM) is comprised of three operating mines: Gordonsville, Elmwood and Cumberland and one project Stonewall, all operated by Nyrstar NV. Zinc mineralization occurs as what is known as Mississippi Valley type deposits. At the current zinc price, Globex retains a 1.4% Gross Metal Royalty. Globex has received royalty payments totaling CDN$ 1,008,171 in 2017 and CDN$ 564,222 to date in 2018.
On March 22, 2018, Nyrstar issued a press release providing an update on operations, which commenced in May of 2017, and a new resource calculation. The press release stated the following:
“The operation achieved approximately 0.76 million tonnes mill throughput at an average grade of 3.12% Zn to the end of 2017. Total Ore Reserves increased by 1.08 million tonnes and this increase is largely attributable to higher zinc prices and lower treatment charges, together with conversion of Measured and Indicated Resources to Ore Reserves. In terms of Resources, a total of 730 thousand tonnes of Measured and Indicated Resources was added, and this was due to discovery of extensions to mineralization and remodeling parts of the orebody.”
The following reserve and resource figures were also published:
| Name of Operation | Ownership | Mining method | Commodity | Proven Ore Reserves | Probable Ore Reserves | Total Ore Reserves | ||||
| 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||
| MTM | 100% | Underground | (Mt) | 0.28 | 0.06 | 3.18 | 2.32 | 3.46 | 2.38 | |
| Zn (%) | 3.30 | 4.40 | 3.30 | 3.50 | 3.30 | 3.50 | ||||
| Name of Operation | Ownership | Mining method | Commodity | Measured Mineral Resources | Indicated Mineral Resources | Measured and Indicated Mineral Resources | Inferred Mineral Resources | |||||
| 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||
| MTM | 100% | Underground | (Mt) | 0.28 | 0.14 | 3.86 | 3.27 | 4.14 | 3.41 | 16.35 | 16.32 | |
| Zn (%) | 3.70 | 4.00 | 3.50 | 3.50 | 3.50 | 3.50 | 3.50 | 3.40 | ||||
“This statement is reported in accordance with the JORC Code of disclosure and based on information from a Mineral Resource and Ore Reserve statement reviewed by Independent Competent Persons J. Morton Shannon, P.Geo. (APGO and APEGBC), for the Mineral Resources, and Gary Methven, P.Eng. (APEGBC), for the Ore Reserves, both of AMC Mining consultants (Canada) Limited.”
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, with reference to Nyrstar NV’s press release dated March 22, 2018.
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| For further information, contact: | |
| Jack Stoch, Geo., Acc.Dir. President & CEO Globex Mining Enterprises Inc. 86, 14th Street Rouyn-Noranda, Quebec Canada J9X 2J1 | Tel.: 819.797.5242 Fax: 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