ROUYN-NORANDA, QUEBEC--(Marketwired - May 26, 2016) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(STUTTGART:G1M)(BERLIN:G1M)(MUNICH:G1M)(XETRA:G1M)(OTCQX:GLBXF) is pleased to inform shareholders that Globex has optioned our recently acquired Chubb and Bouvier lithium properties to Great Thunder Gold Corp. (TSX VENTURE:GTG) subject to approval by the TSX Venture Exchange.
Under the Option Agreement, Great Thunder will:
- Pay Globex $60,000 over a six month period;
- Deliver to Globex 2,400,000 Great Thunder shares subject to a 4 month hold period;
- Reserve for Globex a 2% Gross Metal Royalty on all mineral production from the properties;
- Assume all obligations under the contract by which Globex acquired the properties including the underlying 1% Net Smelter Royalty.
Both the Chubb and Bouvier properties have known occurrences of lithium mineralization (see Globex press release May 2, 2016). The 22 original claims which make up the Chubb and Bouvier lithium properties have been augmented by the staking of 29 additional cells more than doubling the size of the exploration packages.
Other Lithium News
Eleven New Lithium Exploration Projects
Globex retains the McNeely lithium property which is on strike and located west of the Canada Lithium Mine in Quebec, our Nova Scotia lithium, beryllium, cesium tantalum and rubidium property (see press release dated April 27, 2016), four newly acquired beryl properties also acquired in Nova Scotia and seven beryl projects in New Brunswick.
Beryl is often associated with lithium but the newly acquired properties were never explored for lithium even though the presence of lithium is indicated on several. At the time, lithium was not a sought after element.
Globex Lithium Royalty Interest
Globex also retains a 1% Gross Metal Royalty (GMR) on approximately one half of the Authier lithium deposit in Quebec, as well as a 2% GMR on 12 other claims which are part of the Authier lithium property, currently held by Glen Eagle Resources Inc. which announced on May 3, 2016, the signing of a Letter of Intent to sell the deposit to Sayona Mining Limited, an Australian Company.
| Authier Lithium Deposit Resource | |
| Measured Resource | 2,244,000 tonnes grading 0.95% LiO2 |
| Indicated Resource | 5,431,000 tonnes grading 0.97% LiO2 |
| Inferred Resource | 1,552,000 tonnes grading 0.96% LiO2 |
| Note: Mineral Resources are not mineral reserves and do not have demonstrated economic viability. | |
Source: NI 43-101 Technical Report, Preliminary Economic Assessment, Authier Lithium Property, Abitibi, Quebec, Canada, for Glen Eagle Resources Inc., Effective date January 22, 2013, by SGS Canada Inc., Maxime Dupéré, P.Geo., Jonathan Gagné, Eng., Gaston Gagnon Eng., and Florent Baril, Eng. (Bumigeme Inc.)
| 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) |
| CUSIP Number 379900 50 9 | |
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
44,797,706 shares issued and outstanding
Contact Information:
President & CEO
Globex Mining Enterprises Inc.
819.797.5242
819.797.1470 (FAX)
info@globexmining.com
www.globexmining.com