Globex: Update on Labyrinth Gold Project
13 Abril 2022 - 10:00AM
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 an update
as reported by Labyrinth Resources (LRL-ASX) on
Globex’s
Labyrinth royalty property in Dasserat township, Quebec
(formerly named Russian Kid or Rocmec 1 Gold Mine).
Globex
retains a 5% Gross Metal Royalty on the first 25,000 oz of gold
production from the property and a 3% Gross Metal Royalty on all
production thereafter.
The highlights of the nine-page Labyrinth
Resources press release (click to access) titled “Drilling
continues to generate highly encouraging results as part of
strategy for maiden JORC Resource. First eight holes all hit
Boucher lode; Plus, drilling hits new mineralization outside the
current non-JORC Resource” are the following:
-
Maiden underground exploration program at flagship
Labyrinth Gold Project in Quebec progressing well, with over 2,000m
of diamond drilling completed
-
Initial 8 holes have all intercepted the targeted Boucher
lode at planned depth, with core visually displaying a
well-developed quartz vein hosting pyrite and chalcopyrite. The
vein has ranged from 1.5m to 6m wide with a significant alteration
assemblage consisting of sericite and carbonate up to 18m
wide;
-
Visible gold intersected outside the current non-JORC
resource between the Talus and Boucher lodes; this highlights
potential to expand the known mineralization and validates
Labyrinth’s initial appraisal of the resource;
-
Compilation of a maiden JORC Resource (existing NI43-101
foreign estimate is 2.1Mt at 7.1g/t for 479,000oz) remains on track
for delivery in 2022;
(Note: Production royalties become payable upon
the start of 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.
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 |
Tel.: 819.797.5242 |
Globex Mining Enterprises Inc. |
Fax: 819.797.1470 |
86, 14th Street |
info@globexmining.com |
Rouyn-Noranda, Quebec Canada J9X 2J1 |
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.
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