Globex Intersects 4.8m Grading 5.39 g/t Au at Eagle Mine Property
07 Mai 2014 - 3:54PM
Marketwired Canada
GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) is pleased
to report results from two drill programs on our Eagle Mine Property and Lac a
l'Eau Jaune Property.
On the Eagle Mine Property, Globex drilled two holes EM-14-01 and EM 14-02B of
595 metre and 1,011 metre lengths respectively.
Hole EM-14-01 intersected wide zones of semi massive and heavy disseminated
pyrite in the mine horizon approximately 100 metres northwest of the mine with
three areas of sulphide giving significant gold assays.
------------------------------------------------------------
Hole EM-14-01
------------------------------------------------------------
From (m) To (m) Length (m) Gold (g/t)
------------------------------------------------------------
347.00 349.20 2.20 2.47
------------------------------------------------------------
352.20 359.40 7.20 4.11
Including
354.60 359.40 4.80 5.39
------------------------------------------------------------
445.50 447.57 2.07 1.15
------------------------------------------------------------
Hole EM-14-02B was collared approximately 120 metres southeast of hole EM-14-01
and intersected the same pyritic horizon 475 metres below and approximately 100
metres southeast of the first hole. Sulphide mineralization was heavy but not as
concentrated as in the first hole. Hole EM-14-02B returned the following gold
assays.
------------------------------------------------------------
Hole EM-14-02B
------------------------------------------------------------
From (m) To (m) Length (m) Gold (g/t)
------------------------------------------------------------
837.00 844.00 7.00 1.00
Including
837.85 839.50 1.65 2.03
------------------------------------------------------------
True widths are unknown as the core displayed significant flexures and folding.
For planning purposes, a true width of approximately 65% is used internally.
Two drill holes LEJ-14-01 and LEJ-14-02 were drilled on the Lac a l'Eau Jaune
Property to test two moderate induced polarization anomalies indicated under the
south end of the lake. The drill holes are located approximately 320 metres
apart in a north-south direction and were of 480m and 324m lengths respectively.
Neither drill hole intersected significant gold values but hole LEJ-14-02
intersected an exhalative chert horizon with 0.49% Cu and 0.20 g/t Au. This
mineralized horizon warrants additional work.
North of the area drilled, a grid covering 14 linear kilometres was blanketed by
a combined magnetometer and induced polarization survey. The geology in the grid
area will be mapped this summer in anticipation of a drill program next winter.
All samples were delivered to Expert Laboratories Inc., located at 127 Boulevard
Industriel, 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.
Other News
Globex and Mag Copper Limited have agreed to split the $400,000 option payment
due April 28, 2014 into four equal payments of $100,000 over the next twelve
months. The initial $100,000 payment has been received. In addition, the
expenditure requirements under the contract period have been adjusted to deal
with the current financial environment. The total expenditure requirements of
$10,250,000 has not changed but has been extended by an additional year.
Also, Globex as of the latest publication of "Short Positions" by Stockwatch now
has a declared short of 455,400 shares. We have been especially surprised by the
large amount of shorted shares as the short position came into being during our
recent financing.
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 9
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
40,793,755 shares issued and outstanding
FOR FURTHER INFORMATION PLEASE CONTACT:
Jack Stoch, P.Geo., Acc.Dir.
President & CEO
Globex Mining Enterprises Inc.
819.797.5242
819.797.1470 (FAX)
info@globexmining.com
www.globexmining.com
Globex Mining Enterprises (TSX:GMX)
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