Globex Mining: Follow-Up on IP Anomalies on Francoeur/Arntfield Property
ROUYN-NORANDA, Quebec, May 24, 2019 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1M – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz Stock Exchanges and GLBXF – OTCQX International) In March 2019 Globex drilled eight mainly shallow holes on the Francoeur/Arntfield property located approximately 20 km west of Rouyn-Noranda, Quebec in Beauchastel Township.
The objective of the drilling was to follow-up on anomalies identified by a recent induced polarization survey undertaken by Globex south of the Francoeur-Wasa Fault. It was hoped that the anomalies were caused by sulphide mineralization, principally pyrite with gold, as had previously been discovered at the 450 Gold Zone and South Zone by surface stripping and channel sampling.
Most of the drill holes intersected disseminated pyrite with gold values as follows:
|Hole||Target||Length (m)*||Gold (g/t)||Comment|
|FS-19-46||South Shear IP Anomaly||1.50||2.10||South Zone|
|FS-19-47||South Shear IP Anomaly||3.00||2.45||Francoeur-Wasa Main Fault|
|FS-19-48||450, East Extension IP||1.00
|182 m East of 450 Zone|
|FS-19-49||450, West Extension IP||-||-||118 m West of 450 Zone|
|FS-19-52||450, East Extension IP||0.90
|83 m East of 450 Zone|
|FS-19-53||450, East Extension IP||1.00
|282 m East of 450 Zone|
|*True widths are estimated to be 80% of Core lengths.|
While gold was encountered in many of the drill holes, the intersections of up to 3.33 g/t Au over 1.50 metres were disappointing. Holes 48, 49, 52 and 53 were drilled on induced polarization anomalies which trended through the area of the 450 Gold Zone and along strike. No drill holes were drilled under the 450 Gold Zone area that was stripped and channel sampled returning 7.04 g/t Au over 9.5 m, 6.68 g/t Au over 5.4 m, 2.08 g/t Au over 4.90 m and 4.34 g/t Au over 5.05 m as reported in Globex’s press release dated October 16, 2018.
Mapping last summer indicated a series of northeast structures through the 450 Gold Zone area. It is now considered that these cross cutting structures may control the gold mineralization within the east-west north dipping shear and the four drill holes were too widely spaced to target the intersection of the two control structures.
Two holes were also drilled through the South and Francoeur-Wasa Shears. Hole FS-19-46 intersected 2.10 g/t Au over 1.5 m and hole FS-19-47, 2.45 g/t Au over 3.00 m.
While disappointed in finding that the induced polarization anomalies did not demonstrate high grade gold values, we are now able to focus on identifying and testing the control structures of the mineralization which may be northeast trending cross-cutting structures inside the main east west shears.
This press release was written by Jack Stoch, Geo., President and CEO and Pierre Riopel, Geo., Exploration Manager for Globex Mining Enterprises, in their capacity as a Qualified Persons (Q.P.) under NI 43-101.
Laboratory and Analytical Method:
All samples were delivered to Expert Laboratories Inc., located at 750-A rue Saguenay, Rouyn-Noranda, Quebec. The laboratory conducted all aspects of the sample preparation. Samples were dried and crushed to 90% passing a -10 mesh screen. A 300-gram subsample was taken for pulverization to a nominal 90% passing -200 mesh with the remaining crushed rejects being retained.
A 29.166-gram sub-sample of this pulp (1 assay-ton) was taken and was fused following the standard procedures used in a fire assay method. The gold content of all samples was determined using Atomic Absorption Spectroscopy (Method Code: Au FA-GEO, lower detection limit 5 ppb). Any samples found to contain greater than 1 g/t Au were subjected to a re-assay, whereby the gold content was determined using a gravimetric fire assay method.
|We Seek Safe Harbour.||Foreign Private Issuer 12g3 – 2(b)|
|CUSIP Number 379900 50 9
|For further information, contact:|
|Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
86, 14th Street
Rouyn-Noranda, Quebec Canada J9X 2J1
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
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