ROUYN-NORANDA, Quebec, Sept. 10, 2024 (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 inform shareholders that it has optioned its Bald Hill antimony property (Bald Hill) located in Queens County, New Brunswick, to Superior Mining International Corp. (SUI-V). Under terms of the option agreement, Globex shall receive $680,000 in cash, and 2,000,000 shares over a four-year period and a minimum aggregate of $4,600,000 will be spent on the property. Globex will retain a 3.5% Gross Metal Royalty, 0,5% of which may be purchased for $500,000. Click here to view Superior Mining International Corp’s news release.
The property consisting of 26 claims, covers a number of antimony occurrences, including previous trenching by Rockport Mining Corp. which returned up to 43% Sb over 2.0 m and 2.90% Sb over 8.18 m. Shallow drilling by widely spaced holes is reported to have extended the zone over a 450 m strike length and to a depth of 300 m.
An NI 43-101 Technical Report in 2010 by Conestoga-Rovers and Associates of Fredericton, New Brunswick, for Rockport Mining Corp., authored by Heather MacDonald, MSc., P.Geo. reported “Based upon 16 widely spaced drill holes totaling 3,554 metres and 609 assays, an antimony zone of 450 metres in length was outlined including intersections of up to 11.7% Sb over 4.51 metres core length.”
The report further states “The potential tonnage and grade of a potential mineral deposit at the Bald Hill Property which is the target of further exploration, is expressed as ranges in the Table 6 below. The potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource and it is uncertain if further exploration will result in the target being delineated as a mineral resource.”
| Table 6 Potential Quantity and Grade Ranges | ||
| ZONE | METRIC TONNES | GRADE (Sb %) |
| Main Zone | 700,000 to 900,000 | 4.33% to 5.40% |
| Parallel Zone | 25,000 to 100,000 | 2.13% to 3.19% |
| Total: | 725,000 to 1,000,000 | 4.11% to 5.32% |
A subsequent NI 43-101 report titled: National Instrument 43-101 Technical Report: Bald Hill Antimony Project (claim group 5061) Southern New-Brunswick, Canada, NTS Map Sheet 21G/09 and 21H/12, Prepared for Tri-Star Antimony Canada Inc. by Peter Banks, B.Sc., P.Geo. and John Langton, M.Sc., P.Geo. of MRB & Associates, October 28th, 2014 dealt with addition exploration work and conclusions derived from the work up to that date as reported in brief under “Interpretations and Conclusions” and reproduced below.
“Rockport’s drilling on the Bald Hill main grid has confirmed the Sb mineralization over a significant area of approximately 700 m on surface and to 300 m depth. Surface mineralization and soil geochemical anomalies indicate that the mineralization extends for at least 1.5 km, along strike from the delineated mineralized zones. The 2014 trenching program, centered approximately 1.0 km along strike to the southeast from the main Bald Hill occurrences, exposed new antimony mineralization grading 9.04% Sb over 2.60 metres.”
Globex regards the property as highly prospective. The recent termination of antimony exports by China, the world’s largest exporter, bodes well for the price going forward.
“In addition to the on-site exploration programs, preliminary processing and metallurgical test-work of Bald Hill lithological drill-core and bulk samples was carried out. This work comprised bulk mineralogy, basic chemical profiling, textural features of the ore minerals and preliminary analysis of liberation characteristics and amenability of the ore to gravity concentration and/or flotation, preliminary ore-characterization, mineralogical and chemical profiling, and optical ore examinations.”
“The work completed by Rockport on the Bald Hill Project substantiates the occurrence of a potential resource of economically interesting antimony mineralization. The Project is a valid exploration target that remains largely untested with respect to its full dimensions and its regional structural relationships.”
In 2021, Globex undertook a small drill program which returned the following results:
| Hole BH21-25 | 1.34% Sb over 3.6 m starting at 310.5 m |
| Hole BH21-27 | 2.67% Sb over 2.7 m starting at 112.2 m and |
| 1.73% Sb over 3.3 m starting at 124.7 m | |
| Hole BH21-28 | 4.71% Sb over 10.2 m starting at 109.5 m |
Globex regards this property as highly prospective and the recent termination of antimony exports by China, the largest exporter, bodes well for the price going forward.
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 | |
| 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.
