Globex Options Bald Hill Antimony Property

ROUYN-NORANDA, Quebec, Sept. 10, 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 inform shareholders that it has optioned its Bald Hill antimony property (Bald Hill) located in Queens County, New Brunswick, to Superior Mining International Corp. (SUI-V). Under terms of the option agreement, Globex shall receive $680,000 in cash, and 2,000,000 shares over a four-year period and a minimum aggregate of $4,600,000 will be spent on the property. Globex will retain a 3.5% Gross Metal Royalty, 0,5% of which may be purchased for $500,000. Click here to view Superior Mining International Corp’s news release.

The property consisting of 26 claims, covers a number of antimony occurrences, including previous trenching by Rockport Mining Corp. which returned up to 43% Sb over 2.0 m and 2.90% Sb over 8.18 m. Shallow drilling by widely spaced holes is reported to have extended the zone over a 450 m strike length and to a depth of 300 m.

An NI 43-101 Technical Report in 2010 by Conestoga-Rovers and Associates of Fredericton, New Brunswick, for Rockport Mining Corp., authored by Heather MacDonald, MSc., P.Geo. reported “Based upon 16 widely spaced drill holes totaling 3,554 metres and 609 assays, an antimony zone of 450 metres in length was outlined including intersections of up to 11.7% Sb over 4.51 metres core length.”

The report further states “The potential tonnage and grade of a potential mineral deposit at the Bald Hill Property which is the target of further exploration, is expressed as ranges in the Table 6 below. The potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.”

Table 6 Potential Quantity and Grade Ranges
ZONE	METRIC TONNES	GRADE (Sb %)
Main Zone	700,000 to 900,000	4.33% to 5.40%
Parallel Zone	25,000 to 100,000	2.13% to 3.19%
Total:	725,000 to 1,000,000	4.11% to 5.32%