Globex Acquires Gold Exploration Target in Arizona, USA

ROUYN-NORANDA, Quebec, March 21, 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 24 unpatented lode claims totaling a surface area of 200.67 ha (495.84 acres) in Mohave County, northwestern Arizona, USA.

The property herein called the Salt Spring project was staked to cover a large number of gold-bearing quartz veins, small historic mine workings and prospects. The project area is at the northernmost margin of the historic Gold Basin Mining District. This district is large, about 18 km (about 11.18 mi) long north-south and 7 to 11 km (about 6.84 mi) wide east-west.

Gold was discovered in the district in the early 1870's with most of the production prior to 1932 coming from the El Dorado, Excelsior, Golden Rule, and Cyclopic mines. Total historic gold production is not known.

In the area covered by Globex’s Salt Spring property Globex has identified 14 small mine workings and at least 15 prospects. Surface finds (tins, glass, pottery) suggest a period of activity between 1905 and 1914.

Globex already carried out preliminary fieldwork including geological mapping and collected a total of 70 rock samples. The Salt Spring project area and its surroundings are occupied in its southern part by Proterozoic terrain dominated by felsic and mafic migmatite gneiss, a felsic gneiss unit, orthogneiss and dikes or small stocks of granodiorite. To the north of the project area is present a mostly under overburden concealed northeast trending fault/ shear zone that dips at about 45° north. This fault separates the terrain of Proterozoic rocks in the south from a younger, large, undeformed composite granitic-dioritic intrusion. The wide fault zone exhibits certain discovery potential for disseminated low-grade gold mineralization.

Gold-(Cu) deposition occurred in a mesothermal intrusion-related environment. Gold-bearing buck quartz veins, but also quartz-stockwork emplaced along high- and low-angle fractures, faults and concordantly/stratabound along foliation especially along mafic-felsic gneiss contacts. Some individual veins approach lengths of over 200 m (about 656.17 ft), pinch and swell and approach widths of up to 3 m. However gold mineralization is not restricted to quartz veins, it may occur also in late wallrock breccias and disseminated in country rock. From field observations and assay results it was found that gold mineralization can be subdivided into three assemblages having different mineral- and metal associations: Au-only assemblage, Au-Cu assemblage and Au-Cu-Pb-(Ag) assemblage. The Au-Cu and Au-Cu-Pb metal assemblages exhibit zoning with the Au-Cu-Pb assemblage occupying the distal zone. The Au-only assemblage appears to represent a separate gold mineralization stage.