Progress Reported on Two Globex Assets by Manganese X and Orford Mining
16 Maio 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 a brief
update of progress by Manganese X Energy Corp. (MN-TSXV) on
Globex’s Battery Hill royalty asset and by Orford Mining
Corporation (ORM -TSXV) on the Joutel Eagle property under option
from Globex.
Manganese X Energy Corp.
reported results of their Preliminary Economic Assessment (PEA) on
the Battery Hill Manganese project near Woodstock, New Brunswick
prepared by Wood Canada Ltd. on May 12, 2022 and posted the PEA on
Manganese X’s Sedar site.
The study indicates, as well as much more
detailed information, as reported in the Manganese X press
release:
-
a 25% internal rate of return
(IRR);
-
an after-tax net present value (NPV) at a 10% discount rate
of $486 million;
-
an average annual gross revenue of $177 million per year
over a 47-year project life;
-
a life of mine (LOM) operating cost (OPEX) of $122 per
tonne of material processed.
A base case market price of $2,900/t for
battery-grade high-purity manganese sulphate (HPMSM) was used, well
below the long-term forecast price of $4,200/t HPSMN estimated by
CPM Group.
Globex retains a one percent (1%) Gross
Metal Royalty (including manganese compounds) on the project and a
large share holding in Electric Royalties Ltd. (ELEC-TSXV) which
have a two percent (2%) Gross Metal Royalty (including compounds)
on the project.
(Note: Production royalties are only payable
upon production)
Also, Orford Mining
Corporation, in a press release dated May 12, 2022,
announced the results of the first two holes on the South Gold Zone
located within the large Joutel Eagle Property,
Joutel Township, Quebec under option from Globex. Highlights are
reported as follows:
- Confirmation of the location of the
Historical “South Gold” mineralization system on the Joutel Eagle
Property;
- Grades of up to 10.8 g/t Au
over 0.84 metres included in a wider interval were
intersected in drill hole 22-JE-002. This is higher
than those reported historically from the system in nearby hole
82-02 which reported up to 5.5g/t Au over 1.43 metres from
170.32 to 171.75 metres;
- Higher grade sections are associated
with quartz veining occur within broader lower grade intervals with
abundant disseminated sulphides. Such intervals
include 9.35 metres grading 2.20 g/t, and 7.13 metres
grading 1.70 g/t in hole 22-JE-002.
The Joutel Eagle Project was optioned from
Globex as announced in a Globex Press Release dated November
30th,2021.
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 9LEI 529900XYUKGG3LF9PY95 |
For further information, contact: |
Jack Stoch, P.Geo., Acc.Dir.President & CEOGlobex Mining
Enterprises Inc.86, 14th StreetRouyn-Noranda, Quebec Canada J9X
2J1 |
Tel.: 819.797.5242Fax: 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.
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