Maple Provides Drilling Update on Optioned Globex Mining Enterprises’s Eagle Mine Gold Property
ROUYN-NORANDA, April 21, 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 provide the following update by Maple Gold released today on exploration drilling undertaken on the Eagle Gold Mine property under option from Globex and announced on July 19, 2021 (click to access Globex option press release). Phase one of eight drill holes has been completed and a phase 2 drilling program is being permitted. Assays are pending. Below is a direct extract from Maple's press release."The Company completed 3D modelling, targeting and permitting and subsequently commenced a 4,200 m Phase I drill campaign (see news from January 17, 2022). The Phase I campaign (now complete) included eight (8) drillholes designed to test a possible secondary shoot of mineralization adjacent to the main shoot that was historically mined at Eagle starting in the 1970's during a significantly lower gold price environment. An additional deeper hole (up to 960 m) is now being drilled and three additional deeper sites (up to 1,350 m) are currently being permitted (see Figure 1)
Initial drill core observations are encouraging, with multiple drillholes intersecting semi-massive-pyrite iron-carbonate (see Plate 1) as well as other styles of mineralization known to carry gold. The Company is sending Eagle samples to a new lab to expedite turnaround times.
Initial assay results from the Phase I program at Eagle are expected to be released in Q2/2022 and the Company is in the process of permitting sites corresponding to an additional ~4,000 m Phase II program that will include deeper drillholes (up to 1,400 m) to test the main mine trend at depth below the historical mine workings (see Figure 1)."
Figure 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/68ef3d92-7597-4c49-bd5e-63120e866725
Oblique view of modeled mine trend at Eagle showing pierce points corresponding to completed drill holes from the Phase I program as well as target pierce points for Phase II.
Plate 1: https://www.globenewswire.com/NewsRoom/AttachmentNg/467531d5-5ca3-4094-9ac7-22d4ba1d677f
Semi-massive pyrite with iron-carbonate veinlets at 346.5 m downhole in drill hole EM-22-005 (#5 pierce point shown on Figure 1); mineralization extends from 346 to 363.5 m downhole. Assays are pending; NQ core (47.6mm diameter)
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.