| Rouyn-Noranda, Quebec, Canada. 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 comment upon the press release yesterday by Azimut Exploration (AZM-TSXV) and KGHM International (KGHM), a large Polish mining concern, regarding the option by KGHM of Azimut’s Kukamas gold/copper property in the James Bay area of Quebec.
Under the agreement, KGHM can earn up to 70% interest in the property by paying Azimut $475,000 in cash payments and undertaking $6,400,000 in exploration over six years (click here to read Azimut press release).
The Kukamas property consists of 2 large claim blocks along the highly prospective Yasinski greenstone belt within the La Grande Subprovince of the Archean Superior Province of Quebec. The two claim blocks are separated by a block of 25 claims owned 100% by Globex which are the location of numerous occurrences of gold, copper, silver and iron assaying as high as 36 g/t Au, 62 g/t Ag, 10.96% Cu in grab and trench sampling (see map below). In addition, nearby to the northeast of this claim block, an additional 3 claims enclose two other occurrences of gold and silver where grab and trench samples have returned samples of up to 47.2 g/t Au and 13.6 g/t Ag. (Source Sigeom-Quebec).
Note: Grab and trench Grab samples are selective by nature and are unlikely to be representative of average grades.
Globex looks forward to ongoing exploration by Azimut and KGHM on their Kukamas project. Globex intends to undertake exploration on its claim blocks next summer if we don’t option the asset per our business model before that time.
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.
Figure 1: Tyrone Geological map (click here to see map).
Figure 2: Tyrone Vertical Gradient Mag Map (click here to see map). |
Globex Property Ideally Situated
