Globex Increases Chibougamau Land Position, Acquires Fifth Former Gold-Copper Mine
ROUYN-NORANDA, QUEBEC -- (Marketwire) -- 11/22/10 -- GLOBEX MINING ENTERPRISES INC. (TSX: GMX) (FRANKFURT: G1M) (OTCQX: GLBXF) is pleased to inform shareholders that it has acquired, by staking, the former S-3 Mine, a gold-copper property near Chibougamau, Quebec along with surrounding mineral claims forming a large continuous prospective exploration package 10.8 km long by up to 3.6 km wide in Lake Chibougamau. The entire land package is geologically within the Dore Lake Complex, host to numerous gold-copper deposits and one of Quebec's principal mining camps.
The S-3 deposit was mined from the Henderson 1 shaft producing 420,943 tonnes grading 3.91 g/t Au and 0.4% Cu. Numerous drill holes in the area surrounding the S-3 deposit intersected gold mineralization, such as hole 1119-95-01 which returned 28 g/t Au over 0.5 m and 86.7 g/t Au over 1.1 m. Follow-up on this and other intersections was inadequate.
Also included in the exploration package is the unmined Tommy or T Zones, a series of partially defined gold-copper zones.
The T-10 Zone consisting of 4 sub-zones (A, B, C and N) is reported to contain 449,095 t grading 2.38 g/t Au and 0.91% Cu. The T-9 Zone has a reported 50,000 t grading 2.1% Cu and the T-8 Zone is said to contain 440,000 t grading 8.48 g/t Au. (The resource calculations come from Quebec Government documents and were calculated before the application of NI 43-101 regulations. They are historical, have not been verified by Globex staff and should not be relied upon. They are presented for information purposes only).
Wide drill intersections such as the following are reported within the Tommy mineralized area:
Hole T-319 4.89% Cu and 1.71 g/t Au over 20.0 m
Hole T-912 2.74% Cu and 0.86 g/t Au over 43.9 m
Hole T-29 1.22% Cu, 0.78 g/t Au and 8.5 g/t Ag over 20.0 m
Gold drill intersections such as the following are reported within the Tommy mineralized area:
Hole 94-09 12.44 g/t Au over 3.7 m
The property has been covered by airborne and ground geophysical surveys, thus providing not only a geological database from drill holes but a detailed geophysical database.
Shareholders are reminded that Globex already has a significant land position in the Chibougamau Mining Camp including the following former mines: Quebec Chibougamau GoldFields Mine (Copper-Gold), Kokko Creek Mine (Copper), Bateman Bay Mine (Copper-Gold), Grandroy Mine (Copper-Gold) many of which have historical resources and good exploration potential.
The new acquisition now brings Globex's land position to five highly prospective former mine properties, one area of multiple unmined gold-copper zones and a large package of underexplored mineral claims with numerous mineralized indications.
The new land package and the previously acquired mine properties are all in close proximity to each other and can be worked year round.
Shareholders are reminded of the old mining adage 'The best place to find a mine is near an old mine'.
This press release was written by Jack Stoch, P. 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)
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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 Companies expectations and projections. A more detailed discussion of the risks is available in the 'Annual Information Form' filed by the Company on SEDAR at www.sedar.com
Contacts:
Globex Mining Enterprises Inc.
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
819-797-5242
819-797-1470 (FAX)
info@globexmining.com
www.globexmining.com