Globex Acquires Two More Highly Prospective Gold Properties

ROUYN-NORANDA, Quebec, July 08, 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) wishes to inform shareholders that, through a transaction with IAMGOLD Corporation (“IAMGOLD”, IMG-TSX, IAG-NYSE), Globex has acquired two gold projects located in the Abitibi West area of Quebec. Globex has acquired the former Eldrich Gold Mine (also called Pierre Beauchemin Gold Mine) northwest of Rouyn-Noranda and the Porcupine West Gold property, west of the town of Duparquet, Quebec. The transaction saw Globex acquiring these two properties in exchange for Globex’s Rich Lake (base-metals) and Lac à l’Eau Jaune (gold) properties. Both Globex and IAMGOLD retain a one percent (1%) Net Smelter Royalty in their respective traded properties. The two additional royalties on Rich Lake and Lac à l’Eau Jaune bring Globex’s royalty portfolio total to 105. No cash or shares were issued as part of the transaction.

Eldrich Gold Mine

The Eldrich Gold Mine is located 14 km northwest of Rouyn-Noranda and consists of 8 claims totalling 235.55 ha. Between 1955 and 1962, 652,400 t grading 4.8 g/t Au (100,679 oz. Au) was mined from 7 levels to a depth of 309 m (1,015 ft). In 1987, Cambior reported a resource of 1,433,100 t grading 5.3 g/t Au (244,195 oz Au). Mining began in 1989 and terminated in 1993. Remaining resources are reported as 213,317 t grading 5.8 g/t (39,788 oz Au) using cut-offs of 4 g/t Au and 30 g/t Au. (Note: In 1988, the gold price declined from a high of $483.00 per ounce to a low of $395.00 per ounce, finishing the year at $410.00 per ounce while a Cambior Profitability Study anticipated a price of $560.00 per ounce). Considering the 6X increase in the price of gold since the 1988 study, Globex considers that a fresh look at the exploration and economic potential of the mine property is very much warranted. It is worth noting that the area of the mine has not been drilled to any large extent below the 10^th level (+/- 500 m). We consider that there is significant potential to depth as well as beyond the mine workings both to the north and south where historical drilling returned multiple ore grade gold intersections such as 7.46 g/t Au over 15.6 m and 6.53 g/t Au over 41,8 m and 4.36 g/t Au over 15 m in the Bounder Hill B Zone and 3.95 g/t Au over 38.0 m, 4.67 g/t Au over 51.0 m, 5.60 g/t Au over 40.3 m and 16.17 g/t Au over 7.0 m in the Boulder Hill A Zone, both located on strike north of the mine (note: lengths reported are core lengths from drilling undertaken between 1947 and 1953 as well as in 1974).