Infill Drilling Completed on Globex Mining/Chibougamau Independent Iron Vanadium Royalty Property
ROUYN-NORANDA, Feb. 23, 2022 - 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) and Chibougamau Independent Mines Inc. (CBG-TSXV in Canada, CLL1-Frankfurt, Stuttgart, Berlin and Lang & Schwarz Stock Exchanges in Germany, CMAUF-OTC in the US) are pleased to update shareholders on drilling undertaken by Voyager Metals Inc. (VONE-TSXV) on the Mont Sorcier iron vanadium deposit located approximately 20 km east of Chibougamau, Quebec.In a press release dated February 23, 2022, Cliff Sale-Sanders, Voyager's President and CEO commented "The assay results released to date continue to confirm our expectations in terms of grade and thickness of the mineralized zone and we are confident in upgrading a significant portion of the inferred North Zone resources to support the pending feasibility study on the Mont Sorcier deposit. Voyager expects to be in a position to release a new resource update by Q2 2022 with sufficient resources upgraded to the Measured and Indicated categories to support the Feasibility Study targeted for completion in Q1/2023.
The goal of the 2021 drill program is to upgrade a sufficient portion of the current North Zone Inferred Mineral Resources to the Measured and Indicated Categories to support a minimum 20-year mine life as part of the Feasibility Study that is currently planned. As reported in the compliant NI 43-101 Technical Report - Mineral Resource Estimate of the Mont Sorcier Project, Province of Quebec, Canada completed by CSA Global and dated June 25, 2021, the South Zone contains 113.5 Mt Indicated Mineral resources at 30.9% Magnetite and 144 Mt Inferred resources at 24.9% Magnetite and the North Zone has 809.1 Mt Inferred Mineral resources at 34.2% Magnetite. The Technical report is available on SEDAR and on the Company website (www.voyagermetals.com)."
Chibougamau Independent holds a 2% Gross Metal Royalty on all iron and vanadium production from the property while Globex holds a 1% Gross Metal Royalty on the iron production and 11,960,000 shares of Electric Royalties Ltd. (ELEC-TSXV) which holds a 1% Gross Metal Royalty on all vanadium production.
This press release was written by Jack Stoch, Geo., President and CEO of Globex and Chibougamau Independent Mines in his capacity as a Qualified Person (Q.P.) under NI 43-101.
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| 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.