Globex Acquires Gold Silver Exploration Target in Nevada, USA

ROUYN-NORANDA, Quebec, Feb. 28, 2024 (GLOBE NEWSWIRE) -- 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 report to shareholders that it has acquired by staking 8 unpatented lode claims totaling 66.88 hectares (165.28 acres) in Clark County, southern Nevada, USA.

The property herein called the Red Star Project was staked to cover two epithermal quartz vein systems, the over 2 km long Red Star vein system and the western, 470m long segment, of the Double Standard vein system. The Double Standard vein zone is located 2.5 km south of the Red Star vein system. The project area is situated at the north-western edge of the historic Crescent Mining district at the western slope of the McCullough Mountain range.

Prospecting began in this district in about 1894, but no important discoveries were made. The period of greatest activity was from 1905 to 1907, when at least 10 incorporated companies were working in this area. Late in 1936 metal mining was revived, stimulated by the increased price of precious metals. Most of this work was carried out by small companies or lessees until 1942. Most of the historic production included turquoise (around the porphyry copper occurrence at Crescent Peak), gold, silver, copper and lead. However, no complete production data is available for the Crescent Mining district. In the early 1980’s the Crescent Mining Ltd. exploited the Rest Mine and extracted gold via a heap leach operation. However, no grade or production data are available. Initial historic mining and exploration at the Red Star vein system dates back to the period 1907-1914. At that time, it was staked by 5 unpatented lode claims (Red Star Group) owned and operated by the Red Star Mines Company (probably active from 1906 to 1910). In addition, this company also had purchased the high-grade Ag-Au vein system at the Double Standard mine (3 patented claims), located 2.5 km south of the Red Star Group.

Globex has already carried out initial field work including geological mapping and has collected a total of 65 rock samples (mostly grab samples and linear chip samples) from the Red Star property and two samples from outside the property. These include 60 samples from the Red Star vein, 3 samples from the Double Standard veins, 1 sample from the Peak vein and 1 sample from the Aurum vein (the two latter form part of the Red Star vein system).