Cartier PEA Refers to Globex’s 3% GMR Interest
ROUYN-NORANDA, April 17, 2023 - Globex Mining Enterprises Inc. (GMX - Toronto Stock Exchange, G1MN - Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF - OTCQX International in the US) is pleased to provide shareholders with an update of progress by Cartier Resources Inc. (ECR-V) on the Nordeau West property on which Globex holds a 3% Gross Metal Royalty (GMR).
Cartier, on April 13, 2023, issued a press release titled "Cartier Delivers Positive PEA for Chimo Mine Project" which includes the Nordeau West property on which Globex holds its 3% GMR royalty. Click here to view Cartier's press release.
According to a technical report for Cartier titled "NI 43-101 Technical Report and Mineral Resources Estimates for the Chimo Mine and West Nordeau Gold Deposits, Chimo Mine and East Cadillac properties, Quebec, Canada" by InnovExplo Inc., authored by Vincent Nadeau-Benoit, P.Geo., Alain Carrier, P.Geo., M.Sc., Marc R. Beauvais, P.Eng., effective date: October 2, 2022, the Nordeau West resource is the following:
Mineral Resource Estimate for the West Nordeau Deposit
Gold Corridor Cut-off Grade (g/t Au) | Indicated Resources | Inferred Resources | ||||
| Metric Tonnes (t) | Grade (g/t Au) | Troy Ounces (oz Au) | Metric Tonnes (t) | Grade (g/t Au) | Troy Ounces (oz Au) | |
| North Gold Corridor (>2.0) | - | - | - | 151,000 | 3.50 | 17,000 |
| Central Gold Corridor (>1.5) | 512,000 | 2.19 | 36,000 | 3,084,000 | 2.60 | 258,000 |
| Total | 512,000 | 2.19 | 36,000 | 3,235,000 | 2.64 | 275,000 |
The estimate of the West Nordeau deposit was made from a database consisting, as of July 12, 2022, of 154 drill holes totaling 55,097 m drilled, 6,873 deviation measurements as well as 18,973 samples analyzed for the gold and collected over a core length of 19,785 m representing 36% of the core length drilled. This database contains 820 blank and standard samples, inserted for QA/QC by previous operators: Chalice Gold Mines Limited and O3 Mining Inc. between March 11, 2017 and March 17, 2020. This database was validated before starting the resource estimate. The estimate was carried out on 8 mineralized structures, intersected by 4,982 m of drilling, having produced 802 different gold intersections.
The April 13 Cartier PEA press release indicates that the Nordeau West Gold Deposit will provide 14% of the ounces to be mined out of a total mined of 15 Mt of minable mineralized material. There is the potential for the resources on the Nordeau West Property to be increased. The Nordeau West Property is just a small part of a much larger land package on which Globex holds a 3% GMR including several areas with multiple mineralized drill holes.
Note: Production royalties are only payable upon production.
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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| 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.