Globex Mining Enterprises Inc. Acquires Royalty on Large Quebec Land Package
ROUYN-NORANDA, Oct. 25, 2021 - Globex Mining Enterprises Inc. (GMX - Toronto Stock Exchange, G1MN - Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, D?sseldorf and Quotrix D?sseldorf Stock Exchanges and GLBXF - OTCQX International in the US) is pleased to inform shareholders that it has acquired a 2% royalty equivalent to a Gross Metal Royalty (GMR) herein called "the RN Mining Camp Royalty" covering a significant length of the Cadillac Break east of Rouyn-Noranda and an additional large block of claims northwest of Rouyn-Noranda (See map attached).Globex initially entered into discussions with the estates of two well-known and respected prospector/entrepreneurs following the purchase by Globex of the Rouyn Merger Gold Property (see press release dated August 5, 2021) on which a 2% royalty was held by the estates. Globex was successful in acquiring the royalty and thus eliminating it on the 6.5 kilometers of the Cadillac Break, numerous gold occurrences and zones and surrounding rocks which are within the Rouyn Merger property boundary. In the same purchase, Globex acquired royalty interests which extends both east and northwest of the Rouyn Merger property including on the Heva-Hosco Gold Property owned by Hecla Quebec Inc.
This Heva-Hosco property includes the following NI 43-101 gold resources as reported by Hecla Mining Co.:
| Heva | Indicated Resources Inferred Resources | 1,266,000 Tons @ 0.06 oz/ton Au (1.866 g/t Au) 2,787,000 Tons @ 0.08 oz/ton Au (2.488 g/t Au) |
| Hosco | Indicated Resources Inferred Resources | 29,287,000 Tons @ 0.04 oz/ton Au (1.244 g/t Au) 17,726,000 Tons @ 0.04 oz/ton Au (1.244 g/t Au) |
| (Source : Hecla Mining Web site, ''as at December 30, 2020 '') | ||
To the northwest and adjoining to the Rouyn Merger property, an additional large block of claims held by Falco Resources Ltd. is also subject to the 2% royalty, covering, in part, the Horne Creek Fault.
The 2% royalty also applies to a very large block of claims northwest of Rouyn-Noranda covering the gold hosting Flavrian tonalite pluton and basic and felsic volcanic rocks along the western boundary of the pluton, all currently held by Falco Resources Ltd. This royalty area includes numerous showings and drill indicated areas of gold and base-metal mineralization both in the pluton and within the volcanic rocks.
Globex is pleased to have acquired the royalty which was paid for by the issuance of 150,000 Globex shares. Both Falco and Hecla have been notified of Globex's royalty purchase.
Please see the adjoining map which shows the RN Mining Camp Royalty purchase area outlined in black and other royalties and properties held in the immediate area by Globex.
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.
| We Seek Safe Harbour. | Foreign Private Issuer 12g3 - 2(b) |
| CUSIP Number 379900 50 9 LEI 529900XYUKGG3LF9PY95 | |
| For further information, contact: | |
| Jack Stoch, P.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.
A map accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/85bf5c78-5567-48a6-95d0-9fedb47eb487