ROUYN-NORANDA, Quebec, Dec. 13, 2022 (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 report that Emperor Metals Inc. (AUOZ-CSE) have closed the first $2,335,817 tranche of its flow through portion of their financing. The funds are to be spent on Globex’s 50% owned Duquesne West-Ottoman property in Duparquet, Quebec.
The property, which straddles the gold localizing Porcupine Destor Break, includes numerous areas of drill defined gold mineralization as reported in a NI 43-101 report titled “Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada for Xmet Inc.”, by David Power-Fardy, M.Sc., P.Geo. and Kurt Breede, P.Eng. of Watts Griffis and McOuat October 29, 2011. The report indicated an Inferred Gold Resource of 4.17 Mt grading 5.42 g/t Au cut (6.36 uncut) for 727,000 oz. Au cut and 853,000 oz. Au uncut.
Emperor has optioned 100% interest in the property from Globex and Géoconseils Jack Stoch Ltée for cash payments totaling $10 million, 15 million shares having a minimum price of $0.20/share), $12 million in work on the property, all over a 5-year period and a 3% Gross Metal Royalty, 1% which may be purchased for $1 million (click to October 12, 200 press release). Geoconseils interest in the property predates Mr. Stoch’s involvement in Globex.
In other news, Sayona Mining Limited (SYA-ASX) has received the final permit from the Quebec Government to allow it to restart the upgraded North American Lithium operation near Barraute, Quebec in the first quarter of 2023 (see Sayona press release December 12, 2022). This augurs well for Globex which holds a 0.5% Gross Metal Royalty on the center of the proposed Authier Lithium Mine open-pit and is a large shareholder of Electric Royalties (ELEC-TSXV) which similarly holds a 0.5% Gross Metal Royalty on the center of the open-pit.
Cartier Resources Inc. (ECR-TSXV) has reported intersecting 3.3 g/t Au over 4.6 m including 9.56 g/t Au over 1 m in mineralized intersection at a vertical depth of 800 metres on the downdip and plunge of the West Nordeau Deposit (see Cartier November 15, 2022 press release and Longitudinal Section). Globex retains a 3 % Gross Metal Royalty on the West Nordeau Deposit Sector of Cartier’s Chimo Mine Project. The Cartier longitudinal section indicated numerous additional drill holes planned in order to expand upon the 311,000 oz Au Indicated and Inferred Resource (see October 19, 2022 Globex press release).
Lastly, Globex notes the continuing improvement in the share price of Yamana Gold inc. (YRI-TSX) to $7.48 per share. Globex continues to hold 706,714 shares of Yamana currently worth $5,286,220.
(Note: Production royalties are only payable upon production.)
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.
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.
55,695,336 shares issued and outstanding