ROUYN-NORANDA, Quebec, July 16, 2024 – 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 brief update regarding exploration by Emperor Metals Inc. (“Emperor”) currently underway on the Duquesne West Gold Property under option from Duparquet Assets Ltd. which is owned 50% by Globex and 50% by Géoconseils Jack Stoch Ltée.
Emperor has reported in today’s press release that they have completed 2,500 metres of the 8,000 metre drill program. The first 2,500 metres was focused on the western conceptual open-pit model discussed in previous Emperor press releases.
The remaining 5,500 metres will now focus on the NIP Gold Zone near the eastern boundary of the property and the area between the conceptual open-pit model and the NIP Zone (see Figure 1 below) with the focus of joining the two.
An IP survey has outlined priority target areas in the NIP Zone which will be tested (see Figure 2 below).
The NIP Zone includes multiple high-grade gold intercepts such as those shown in Table 1 below.
| Nip Zone : Significant Historical Intercepts | ||||
| Hole No. | From (m) | To (m) | Interval (m) | Au (g/t) – Weighted Averages |
| 1DQ09-09 | 304 | 322 | 16,00 | 6,06 |
| 1DQ10-17 | 101 | 118 | 17,00 | 3,02 |
| 1DQ06-18 | 407,5 | 408,4 | 2,5 | 51,88 |
| 1DO-11-28 | 268,2 | 269,2 | 1,0 | 32,23 |
| 1Host Structures are interpreted to be steeply dipping and true widths are generally estimated to be 90%. | ||||
| Table 1: Significant Assays from Nip Zone (Historical Drilling) | ||||
Globex is pleased with the work undertaken by Emperor so far and looks forward to their efforts at expanding the conceptual open-pit model further to the east.
In other company news, Globex has received a cash payment of $75,000 and 981,693 Maple Gold Mines Ltd. Shares as required under the Eagle Gold Mine option.
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 LEI 529900XYUKGG3LF9PY95 |
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| 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 |
Tel.: 819.797.5242 Fax: 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.
