Globex’s Kewagama Gold Royalty Continues to Demonstrate Economic Potential
May 09 2024 - 8:00AM
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) wishes to inform shareholders
that Radisson Mining Resources Inc. (RDS-TSXV, RMRDF-OTCQB) has
reported additional gold intersections on their O’Brien Gold
Project, specifically on the Kewagama Gold Mine portion on which
Globex Mining Enterprises Inc. holds a two percent (2%) Net
Smelter Royalty (see Radisson’s press release here).
Gold intersections include the following were
high-grade intersections:
|
Hole OB-23-286: |
4.00 m grading 9.70 g/t Au |
|
Hole OB-23-289: |
4.50 m grading 6.54 g/t Au |
|
Hole OB-24-306: |
4.00 m grading 6.40 g/t Au |
|
|
|
Table 1: Trend 4 Drill Results summary -
Radisson
DRILL HOLE |
ZONE |
FROM(m) |
TO(m) |
CORE Length (m) |
AU (g/t) - Uncut |
COMMENTS |
OB-23-286 |
Trend #4 |
|
|
|
291.00 |
337.70 |
45.70 |
1.11 |
Pontiac Sediments *VG |
|
Including |
291.00 |
295.00 |
4.00 |
9.70 |
Pontiac Sediments *VG |
|
Which includes |
292.00 |
293.00 |
1.00 |
37.70 |
Pontiac Sediments *VG |
|
|
332.10 |
334.50 |
2.40 |
3.32 |
|
OB-23-287 |
Trend #4 |
|
|
|
56.30 |
59.00 |
2.70 |
4.73 |
Piché Group |
OB-23-288 |
Trend #4 |
|
|
|
|
|
|
|
331.10 |
360.00 |
28.90 |
0.70 |
Pontiac Sediments |
|
And |
628.20 |
632.70 |
4.50 |
3.96 |
Piché Group |
|
Including |
628.20 |
629.70 |
1.50 |
9.85 |
Piché Group |
OB-23-289 |
Trend #4 |
|
|
|
364.50 |
369.00 |
4.50 |
6.54 |
Piché Group |
|
Including |
364.50 |
366.70 |
2.20 |
10.02 |
Piché Group |
OB-23-305 |
Trend #4 |
|
|
|
135.50 |
139.50 |
4.00 |
6.40 |
Pontiac Sediments *VG |
|
Including |
135.50 |
136.50 |
1.00 |
20.40 |
Pontiac Sediments *VG |
OB-24-306 |
Trend #4 |
|
|
|
67.80 |
117.50 |
49.70 |
0.84 |
Pontiac Sediments *VG |
|
Including |
67.80 |
76.00 |
8.20 |
3.97 |
Pontiac Sediments *VG |
|
Which includes |
67.80 |
71.00 |
3.20 |
7.97 |
Pontiac Sediments *VG |
VG= Visible Gold
In addition to the higher-grade intersections,
drilling encountered wide zones of lower grade
gold mineralization to the south in the Pontiac
Sediments, including:
|
Hole OB-23-286 : |
45.70 m at 1.11 g/t Au |
|
Hole OB-23-288 : |
28.90 m at 0.70 g/t Au |
|
Hole OB-24-306 : |
49.70 m at 0.84 g/t Au |
|
|
|
As a result of the previously unrecognized zones
of gold mineralization in the Pontiac Sediments encountered in this
drill program, twelve (12) historical drill holes will be sampled
and assayed.
Table 2: Trend 4 broader intervals from
historical holes summary - Radisson
DRILL HOLE |
ZONE |
FROM(m) |
TO(m) |
CORELength (m) |
AU (g/t)- Uncut |
COMMENTS |
RM-11-01 |
Trend #4 |
|
|
|
57.50 |
97.00 |
39.50 |
1.21 |
Pontiac Sediments |
OB-21-228 |
Trend #4 |
|
|
|
|
|
|
|
160.00 |
197.10 |
37.10 |
1.08 |
Pontiac Sediments |
OB-21-229 |
Trend #4 |
|
|
|
140.20 |
165.00 |
24.80 |
1.04 |
Pontiac Sediments |
OB-17-057 |
Trend #4 |
|
|
|
|
|
|
|
147.50 |
166.00 |
18.50 |
0.92 |
Pontiac Sediments |
OB-17-061 |
Trend #4 |
|
|
|
163.60 |
194.90 |
31.30 |
0.52 |
Pontiac Sediments |
OB-17-060 |
Trend #4 |
|
|
|
195.60 |
206.00 |
10.40 |
0.68 |
Pontiac Sediments |
OB-20-144 |
Trend #4 |
|
|
|
30.30 |
45.00 |
14.70 |
0.53 |
Pontiac Sediments |
Radisson has decided, based upon the good
results from this and previous drilling in the Kewagama Gold Mine
area, to add a second drill to their 22-hole, 11,808 m
drill program.
Globex is pleased with Radisson’s continued
success following gold Trends 3, 4 and 5 on the Kewagama property,
starting from surface and Trend 2 to depth (see long sections and
cross section below).
QA/QC
As per Radisson, all drill cores in this
campaign are NQ in size. Assays were completed on sawn half-cores,
with the second half kept for future reference. The samples were
analyzed using standard fire assay procedures with Atomic
Absorption (AA) finish at ALS Laboratory Ltd, in Val-d’Or, Quebec.
Samples yielding a grade higher than 5 g/t Au were
analyzed a second time by fire assay with gravimetric finish
at the same laboratory. Mineralized
zones containing visible gold were analyzed with metallic
sieve procedure. Standard reference materials, blank samples and
duplicates were inserted prior to shipment for quality assurance
and quality control (QA/QC) program.
Qualified Person
The (Q.P.) for Radisson as defined by NI 43-101
is Richard Nieminen, P.Geo. Radisson’s Q.P. reviewed and approved
the technical content of their press release.
This press release was written by Jack Stoch, P.
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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c71690c0-3be2-4a09-8bfa-cf13a437ce16
https://www.globenewswire.com/NewsRoom/AttachmentNg/7297af13-0912-4f76-bc0d-52417d663839
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