Globex Property Ideally Situated
ROUYN-NORANDA, Dec. 09, 2022 - 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 comment upon the press release yesterday by Azimut Exploration (AZM-TSXV) and KGHM International (KGHM), a large Polish mining concern, regarding the option by KGHM of Azimut's Kukamas gold/copper property in the James Bay area of Quebec.
Under the agreement, KGHM can earn up to 70% interest in the property by paying Azimut $475,000 in cash payments and undertaking $6,400,000 in exploration over six years (click here to read Azimut press release).
The Kukamas property consists of 2 large claim blocks along the highly prospective Yasinski greenstone belt within the La Grande Subprovince of the Archean Superior Province of Quebec. The two claim blocks are separated by a block of 25 claims owned 100% by Globex which are the location of numerous occurrences of gold, copper, silver and iron assaying as high as 36 g/t Au, 62 g/t Ag, 10.96% Cu in grab and trench sampling (see map below). In addition, nearby to the northeast of this claim block, an additional 3 claims enclose two other occurrences of gold and silver where grab and trench samples have returned samples of up to 47.2 g/t Au and 13.6 g/t Ag. (Source Sigeom-Quebec).
| Note: | Grab and trench Grab samples are selective by nature and are unlikely to be representative of average grades. |
Globex looks forward to ongoing exploration by Azimut and KGHM on their Kukamas project. Globex intends to undertake exploration on its claim blocks next summer if we don't option the asset per our business model before that time.
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.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/b2e11a95-99ab-453b-b6a2-f3a3d5915eff
https://www.globenewswire.com/NewsRoom/AttachmentNg/be2165e8-c476-4106-b303-0b33a75f7a13
