Globex Mining Enterprises Inc.

Globex Mining Enterprises Inc.

September 22, 2015 12:00 ET

Globex : Project Updates, Acquisitions, Deals


While markets have been difficult Globex continues to operate with the firm belief that the exploration sector will again be given its head and that we, in our capacity as a project generator in addition to being an explorer, and royalty company, are well placed to attract partners to participate in unlocking the value of our assets. The Abitibi in particular is our backyard, where our long experience in the region and our talented staff give our shareholders some of the best exposure to discovery available anywhere in the world. Our work as a project generator has continued throughout 2015 allowing us to acquire and advance mineral properties that meet our basic project criteria: historic or qualified mineral resources; past production; established drill targets or drill intersections of economic merit and; location on major ore localizing geological structures. The Company has grown to where it now owns 129 projects including royalties. It continues to grow its stable of precious metal, base metal and industrial mineral projects including the number of projects available for option.

Since our last update in April the Company has made the following acquisitions in Quebec:

  • The Company recently (see September 9th, press release) acquired the high grade Montalembert Gold Project, located approximately 9 km north of the Cree Village of Waswanipi and 80 km southwest of the community of Chapais. Free gold in quartz veins was discovered on the property in 1949. Trenching and limited drilling at that time defined several north trending quartz vein systems carrying visible gold (Galena No. 1, No. 2 and Rabbit among others) within schistose rocks (possibly shear zones). Detailed trenching in 1973 by Rochelom Mines Ltd. with seventy-eight large scale samples revealed a near continuous gold bearing strike length of 123 m (405 ft) in the Galena vein with an average width of 0.6 m (2 ft). The quartz vein samples were reported to have returned an average gold assay of 0.67 oz/ton (20.8 gpt Au). Another batch of samples from the vein was sent to a second assay lab and returned an average gold assay of 0.59 oz/ton (18.4 gpt Au). Enclosing country rock was not assayed.

    The property remained dormant for over 40 years with no additional exploration reported. Globex has begun exploration on the property including over 35 km of line cutting to be followed by a detailed magnetometer survey, detailed mapping, trench cleaning and stripping with a hydraulic shovel, large scale sampling of the trenches and channel sampling of the country rock which recently assayed up to 33.5 gpt Au (1.0 oz/ton) in a sample containing no quartz, only 4% pyrite.

    A recent email, from a very senior geologist, confirmed that over 40 years ago he examined samples from the trenched quartz vein that contained significant visible gold and that a prospector who saw the initial samples blasted from the first trench remarked that some of the quartz was "held together by wire gold". These first hand observations confirm the presence of coarse visible gold and to some degree the historical data made available in our September 9th press release.

  • Globex acquired the copper-nickel Dalhousie Property located approximately 50 km east of the town of Matagami. This property has been explored intermittently since the 1950's with geophysical surveys and drilling. Exploration files report a number of surface showings and historic drilling on the property has returned intervals of copper-nickel mineralization ranging from 0.1% to 5.3% Cu and 0.1% to 0.5% Ni over intervals of 0.18 m to 18.29 m within limited explored areas of the property along a 6 km long mineralized trend. (Note: True widths cannot be determined from the historical data)

  • Globex has also acquired a Feldspar Property located on the North Shore of the St. Lawrence River, approximately 60 km east of Havre St. Pierre near the town of Baie Johan Beetz, which has a large historical resource. The property is located at tidewater with a large docking facility nearby giving it access to the eastern seaboard of North America and a transport cost advantage. Feldspar of the quality reported at this site is used for industrial scale glass and ceramic manufacture as well as for fillers in paint and other products.

  • Elsewhere in Canada, in April 2015 Globex acquired the Boularderie Project, 4,064 hectares of prospective potash/salt exploration rights in Cape Breton, Nova Scotia. The potential of the area was initially identified by the Government of Nova Scotia in a drill hole completed in 1984. Within the drill hole, a large stratified salt zone occurs from 495 m to 833 m with potash intervals from 592.4 m to 593.6 m (3.8% K2O over 1.2 m) and 744.2 m to 749.2 m (6.03% K2O over 5.0 m). This acquisition presents Globex with a large, unexplored potash‐salt target with tidewater access. To date in 2015, Globex has compiled all available information and re-sampled core from the original discovery hole confirming K2O values at the respective intervals of 5.7% and 4.53% K2O.

Throughout the summer and into the fall of 2015, the Company has continued to investigate and explore its mineral portfolio conducting numerous data compilations, field visits, mapping and sampling projects and drilling.

At our Pandora - Wood Joint Venture Property a $200,000, three-hole drill program totaling 1,802 m started in March and was completed in early April. Two drill holes targeted possible down-dip extensions of two of the best 2013 drill campaign gold intersections located within the North Break. Drill hole CC-15-10 returned 4.22 gpt Au over 2.25 m from 256.85 to 259.10 m and 3.11 gpt Au over 3.0 m from 510.5 to 513.5 m. Drill hole W-15-115 returned 12.26 gpt Au over 2.0 m from 633.0 to 635.0 m and 2.17 gpt Au over 3.0 m from 652.0 to 655.0 m. A third hole was designed to follow up on a shallow 2008 gold intersection south of Ironwood deposit and located in Cadillac sediments. A weakly anomalous interval of 0.35 gpt over 50 cm was intercepted. (Note: True widths are estimated at 55% of intersection widths)

Pandora-Wood constitutes one of Globex's priority gold properties and is located several km west of the currently producing Agnico Eagle Lapa Gold Mine, both located along the prolific gold localizing Cadillac Break. Globex with joint partner Canadian Malartic Corporation will continue work this year and have started a second $200,000 exploration drill program, comprised of 4 holes along the Cadillac structure and a surface litho-geochemical survey on the Amm portion of the property.

Work is ongoing or has already been undertaken by the Company on these Globex properties

  • At our Duvan Project we have compiled all information available on the property and completed prospecting over the eastern part of the property. Globex is preparing a 6.5 line km Induced Polarisation (IP) survey to be completed in Q3 of 2015 to identify drill targets.

  • At the Great Plains Base Metal Project, compilation, data interpretation and prospecting were completed earlier this year. A ground electro-magnetic survey follow-up is being considered for later in 2015.

  • In the Joutel camp the Company conducted prospecting, including mapping and grab sampling at the Joutel Mine Project, following a database compilation. Although samples from fieldwork returned only low grade values of copper and zinc, drilling is proposed to explore the zinc-rich southwest zone of the Joutel Mine as a result of information developed from the compilation.

  • Drilling has started on the Eagle Mine Project where an historic resource of 277,710 t grading 5.83 gpt Au is recorded. (Source: Quebec Government File DV-93-01, 1993 by Verpaelst et al) A 950 m drill hole has been planned to test the potential trend of known gold mineralization.

  • Detailed mapping and systematic sampling of a massive quartz vein system with historic molybdenum, bismuth and tantalum values has been completed on the Moly Hill Project. Samples have been sent for analysis.

  • We have completed detailed mapping and litho-geochemical sampling at the Rich Lake Project west of Rouyn-Noranda in the area where Globex's 2014 drilling intersected anomalous zinc mineralization and alteration. Drilling on several targets has begun.

  • At Ontario Lake a ten day prospecting program supported with a Beep Mat electro-magnetic survey to identify ilmenite outcrops or boulders was performed over the southern part of the Ontario Lake property. Assays results from sampling are pending.

  • At Santa-Anna, initial mapping and channel sampling were completed over the three main trenches on the property. More than 100 samples were taken to verify high-grade values in the quartz veins and to better define low-grade mineralization in rocks along the margins of the veins. Several values ranging from 1.00 gpt Au to 14.49 gpt Au were returned. More channel sampling will be undertaken.

  • At our Wawagosic Property - the Corporation completed line cutting and 16 line km of horizontal loop electromagnetic and magnetic surveys in late March 2015. A preliminary interpretation of this work has identified several anomalies which will be further investigated.

  • Globex visited its recently acquired claims at the Turner Falls Project, identifying the Certitude, Certitude North and South showings, initial limited sampling at these showings returned assays ranging from 0.1% to 3% TREO.

  • Efforts to advance our Timmins Talc Magnesite Project continued. A number of valuations were undertaken in order to prepare for discussions with potential partners or any party interested in acquiring the project. A final valuation and structure was set and will be used going forward. A specialist with contacts related to parties that may have an interest in going forward with us on this project is now engaged in trying to advance the project.

  • At our Shortt Lake Gold Mine Property, Globex acquired additional cells thereby consolidating our land position.

  • Similarly Globex has added strategic cells to our New Richmond Antimony-Gold Property in southern Gaspe.

  • Globex's structural geologist has compiled all the available drill data on our Carpentier Township, Pyrophyllite-Gold Property defining priority areas to explore for gold following up on significant historical drill intersections of up to 2.44 m grading 14.7 gpt Au (1.22 m grading 6.57 gpt Au and 1.22 m grading 22.97 gpt Au) and surface sample the pyrophyllite horizon for metallurgical test work.

In 2015, Globex has welcomed new project partners, bringing investment for exploration to our properties. In June, Globex and Sphinx Resources Ltd. ('Sphinx') completed an agreement whereby Sphinx has acquired 7 claims from Globex in La Motte Township. The claims formed the western part of Globex's Bilson Cubric property, located 60 km east of Rouyn-Noranda. Sphinx has made the acquisition so as to expand their nickel exploration strategy on their adjoining Somanike project, which includes the former producing Marbridge Nickel Mine. Globex has received 1,200,000 common shares of Sphinx and retains a graduated Gross Metal Royalty ("GMR") on production from the property of 1.0% at a nickel price of US $6.00 per pound or less; 1.5% from US $6.00 to US $8.00 per pound; and 2.0% above US $8.00 per pound. Sphinx has also committed to exploration investments of $500,000 over five years.

Since reaching an option agreement with Globex which we reported in February, Renforth Resources Inc. ('Renforth') has been exploring the Parbec Gold Property located 6 km northwest of the large Canadian Malartic open pit gold mine (Agnico Eagle Mines Limited and Yamana Gold Inc.) and adjoining the former East Amphi Gold Mine, all located on or near the gold‐localizing Cadillac Break.

In a press release on September 8th, Renforth announced an exploration target potential for the Parbec Gold Property within a range of tonnage between 1,200,000 and 1,700,000 tonnes at a grade range of 4 to 6 g/t Au, for a range of between 176,400 oz and 360,000 oz of potential contained gold. The potential gold target has been identified principally within the Camp Zone with some extension to the #2 Zone and is located between surface and a maximum depth of 300 m or 350 m. The flooded ramp at Parbec property comes to within approximately 30 m of this mineralized area. According to Renforth the potential quantity and grade is conceptual in nature and insufficient exploration work has been done to date to define a mineral resource and future exploration may not do so. The company also mentions that additional mineralization is present on the property outside the boundary of the exploration target.

An important part of Globex's fiscal management and its operational strategy is the negotiating and eventual collection of royalties from properties we have placed with other partners. The Mid Tennessee Mine operated by Nyrstar is our most important royalty asset today and generated royalty income for Globex in the first half of the year despite the considerable volatility in the metals markets during the period. In the first seven months of the year we received approximately $605,000 (CDN) in royalty payments based on zinc prices maintaining monthly average prices above $US 0.90 per pound. We are encouraged by price forecasting by many analysts for zinc prices that our Mid Tennessee royalty will continue to offer Globex an advantage in this difficult exploration environment in the future.

On our la Grosse Femelle Silica Royalty Property, Rogue Resources Inc. continues channel sampling of high-grade quartzite horizons. Latest assays have returned up to 99.8% SiO2.

Globex is in the process of completing an agreement as regards an option of our New Brunswick Manganese Property. The agreement, in order to be finalized, must receive exchange approval and is subject to certain corporate matters of the optioning party. It is expected that it may take up to 2 months to finalize the agreement.

Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101 wrote this press release and supervised the preparation of the technical disclosure in this press release.

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

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