ROUYN-NORANDA, Quebec, Aug. 22, 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 update shareholders on work undertaken by Brunswick Exploration Inc. (BRW-TSXV) on Globex’s Lac Escale Lithium property in the James Bay area of northern Quebec (NTS 33H09).
On August 21, 2023, Brunswick announced the discovery of multiple outcrops containing spodumene (lithium mineral) (see photos attached to Brunswick’s press release here). All the newly discovered lithium bearing outcrops occur on Globex claims or within a 1-kilometer Globex royalty perimeter. The spodumene bearing outcrop discoveries are the result of Brunswick tracing a series of large Spodumene boulders back to the source area. To date, five significant spodumene-bearing pegmatite dykes have been identified with apparent widths of 25 to 80 metres. Lithium bearing units this wide may potentially be a significant find.
On January 24, 2023, Globex announced an option wherein Brunswick may earn 100% interest in the Globex claims subject to cash payments totaling $500,000 (half cash and half shares) and $1,000,000 in exploration expenditures over 3 years. Globex will retain a 3% Gross Metal Royalty (GMR), 1% of which may be purchased for $1,000,000. The GMR royalty will also apply to an area of 1 km from the exterior claim boundaries of Globex’s claims. Should Brunswick earn 100% interest in the claims, at year 5 or upon reaching an expenditure of $4,000,000, Brunswick will commence to pay Globex a $100,000 per year advance royalty.
LAC ESCALE GEOLOGY MAP
Globex is pleased with Brunswick’s progress to date and looks forward to Brunswick’s continuing exploration efforts as only a small portion of the property has been prospected.
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.
| We Seek Safe Harbour. | Foreign Private Issuer 12g3 – 2(b) |
| CUSIP Number 379900 50 9 LEI 529900XYUKGG3LF9PY95 | |
| 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.
