ROUYN-NORANDA, Quebec, March 03, 2023 (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 provide a short update regarding two royalties that Globex has on the Kewagama Gold Mine and New Alger Gold Mine, both assets owned by Radisson Mining Resources (RDS-TSXV, 2RX-Frankfurt). Globex holds a 2% Net Smelter Royalty on the Kewagama Gold Mine and a 1% Net Smelter Royalty on the New Alger Gold Mine.
Radisson has published an update dated March 2, 2023 (click here to access the Radisson’s press release) in which they disclosed “Significant potential to expand resources with additional drilling as currently modeled high-grade trends drilled since 2019 in the current resources areas are wide open”. This includes Trends #2, #3 and #4 which all plunge steeply (80° to 85°) on Globex’s Kewagama Gold Mine royalty asset. Refer to longitudinal sections on Radisson press releases to visualize these trends and their potential.
In the Radisson press release, they announced a significant increase in Indicated and Inferred Resources without breaking down the distribution of the gold resources in the various mineralized trends although, they do indicate that gold Trends #2, #3 and #4, which plunge eastward on our Kewagama Gold Mine royalty asset, remain open below 900m, 500m and 500m respectively. Previous Radisson press releases provided more detail regarding these trends showing high-grade gold intersections and multiple areas of definable mineral resources.
In addition, Radisson states that “Mineral resources are open for an additional 750 m to the east” indicated as Trend #5, where Globex’s Kewagama Gold Mine royalty asset abuts against the 100% owned Central Cadillac-Wood Gold Mines property to the east.
Radisson also disclosed that “Modeling and re-interpretation of drilling data available on the LLCB (Larder Lake-Cadillac Break) portion of the New Alger Gold Mine property has allowed (Radisson) to establish Inferred Resources totaling 293,000 tonnes grading 7.59 g/t Au for 72,000 ounces”. The New Alger Gold Mine is part of what Radisson calls” O’Brien West” and they state that “with approximately 2.5 km of ground along the prolific Larder Lake-Cadillac Break having seen limited exploration work in recent years, O’Brien West remains open in all directions”.
Globex is pleased with the progress by Radisson on Globex’s Kewagama and New Alger Gold Mine Royalty assets and looks forward to their additional efforts to expand their resource base thereby increasing the asset value and potential of Globex two royalties.
This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.
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|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.