Cartier Acquires Globex Royalty Properties from O3
ROUYN-NORANDA, March 07, 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) is pleased to inform shareholders that Cartier Resources Inc (ECR-TSXV), has signed an LOI to acquire the East Cadillac property in Vauquelin Township, Quebec, east of Val-d'Or from O3 Mining.
The East Cadillac property covers some 29,754 hectares when including Cartier's original Chimo Mine property with a reported Indicated Resource of 684,000 oz Au and 1,358,000 oz Au in the Inferred Resource category (Refer to: May 7th, 2021 Cartier Press Release : NI 43-101 Technical Report and Mineral Resources Estimate Update for the Chimo Project, Qu?bec, Canada, by Christine Beausoleil, P. Geo and Claude Savard P. Geo., InnovExplo Inc., May 6, 2021.).
Within the large East Cadillac property, there are 54 claims totaling 1,454 hectares on which Globex holds a 3% Gross Metal Royalty consisting of the Nordeau East and West properties as well as the Bateman claims (see map below). A 2019 report titled: Technical Report and Mineral Resource Estimate, East Cadillac Gold Project, Val-d'Or, Quebec, NTS 32C03, 31N14, prepared for Chalice Gold Mines Limited by MRB & Associates of Val-d'Or, Quebec, dated April 30, 2019 (amended June 30, 2019) by John Langton, P.Geo. and Vincent Jourdain, P. Geo. reported an Indicated Resource of 226,000 t grading 4.19 g/t Au and an Inferred Resource of 1,271,900 t grading 4.14 g/t Au.
In addition to the above reported resource, the property has numerous areas of gold mineralization intersected in drilling.
Globex is pleased with Cartier's move to consolidate the gold potential of the area and looks forward to Cartier's further advancement of exploration on Globex's gold royalty asset.
In other news, Globex has received the first $100,000 cash payment from Infini Resources Pty Ltd (Fleur de Lys Exploration Corp.) as their initial payment in acquiring Globex's des Herbiers uranium property in Quebec.
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.
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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.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/6b1e8103-7cb7-4494-806d-4201aaf71e8b