Globex / Burin Gold Dalhousie Cu, Ni, Co Property Option Conditionally Approved
24 Juillet 2023 - 3:10PM
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 announce that Burin
Gold has informed Globex that it has received the conditional
approval of the TSX Venture Exchange for its agreement (the
“Agreement”) with Globex Mining Enterprises Inc. to acquire a 100%
interest in the Dalhousie Project (the “Property”), comprised of 31
claims located 53 km to the east of Matagami and 4 km south of
Ramsay Bay at Lac au Goéland, Quebec.
The Dalhousie Project is an ortho-magmatic
Ni-Cu-Co prospect located within the mafic-ultramafic package of
the Bell River Complex. It is located on the north central margin
of the Abitibi Orogenic Belt in proximity to the Matagami Mining
Camp in Quebec, Canada.
Limited historical drilling, up until the late
1980’s, focused on poorly constrained geophysical anomalies, yet
successfully intercepted mineralization near conductive features. A
property-wide geophysical (TDEM) survey, completed in 2007,
identified multiple conductive features coincident with surface
mineralization and these targets remain untested. Historical chip
channel samples collected above the untested EM conductors
graded up to 3.79% Cu, 0.90% Ni and 0.28% Co.
Fieldwork will commence this summer, including
reprocessing of the TDEM data, aiming to better delineate and model
existing conductive features. This work should quickly fast-track
the project, so that the Company can drill-test the priority
conductors later this year, in conjunction with downhole
electromagnetic surveying (DHEM) to identify any possible off-hole
conductors.
Under the terms of the agreement, Burin
shall pay $1,500,000 and issue 4,000,000 common shares in the
capital of the Company (“Shares”) to Globex and undertake
$5,000,000 in exploration over a four-year period. The terms are as
follows.
|
Cash |
Shares |
Exploration Expenditures |
On Signing |
$100,000 |
1,000,000 |
- |
First Anniversary |
$100,000 |
- |
$1,000,000 (within first 12-month period) |
Second Anniversary |
$300,000 |
1,000,000 |
$1,000,000 (within second 12-month
period) |
Third Anniversary |
$500,000 |
1,000,000 |
$1,500,000 (within third 12-month period) |
Fourth Anniversary |
$500,000 |
1,000,000 |
$1,500,000 (within fourth 12-month
period) |
All Shares issued and issuable pursuant to the
Agreement shall be subject to a hold period of four months and one
day from the date of issuance. Completion of the acquisition of the
Property is subject to the receipt of all necessary regulatory
approvals, including the approval of the TSX Venture Exchange.
Globex shall retain a 3% Gross Metal
Royalty (GMR) on all payable metals subject to a 1% buyback for
$1,000,000, payable anytime.
(Note: Production royalties are only payable
upon production.)
This press release was prepared by Jack Stoch,
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.
Globex Mining Enterprises (TG:G1MN)
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