ROUYN-NORANDA, QUÉBEC–(Marketwired – May 15, 2017) – GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1MN)(STUTTGART:G1MN)(BERLIN:G1MN)(MUNICH:G1MN)(XETRA:G1MN)(TRADEGATE:G1MN)(LANG & SCHWARZ:G1MN)(OTCQX:GLBXF) is pleased to inform shareholders that it has acquired, after a delay of 5 1/2 years, the claims required to complete the acquisition of the Normetmar zinc deposit located approximately one kilometer west-northwest of the former Normetal Mine, also owned by Globex which was one of the largest polymetallic deposits in Quebec. Over three periods, the principal one being from 1937 to 1975, the Normetal Mine produced 10.1 Mt grading 2.15 % Cu, 5.12 % Zn, 0.549 gpt Au and 45.25 gpt Ag (237,328 t of copper, 586,964 t of zinc, 170,592 oz of gold and 15,278,726 oz of silver) from the orebody to a depth of approximately 2,438 m.
The Normetmar zinc deposit was reported to be a 306,000 t orebody grading 11 % Zn by Kerr Addison to a depth of 427 m. In 1988, Exploration minière Normetal Inc. (“Exploration Normetal”) reported 160,748 t of probable and possible ore down to a vertical depth of 145 m (Summary Report, Normetmar Project, January 1988 by L. Boivin). (Note: The resources cited above are historical, are not current mineral resources under National Instrument 43-101 regulations, are not being considered by Globex as current resources or reserves, have not been reviewed by a Globex geologist and should not be relied upon.)
The bulk of the previous drilling on the Normetmar deposit was within the first 145 m from surface. In 1989-90, Exploration Normetal completed a 283 m decline to the 150 m level and drifted 37 m in the ore zone. Eighteen holes totaling 765 m were drilled underground to test the quality and extend the Normetmar body and horizon. Nine holes were drilled in order to check rock stability and five to test the downward and eastward extension of the orebody. 40,000 tonnes grading 9% Zn is reported to have been mined before a rock cave caused the mine to close.
The deepest drill hole by Kerr Addison, the original owner of the Normetal Mine and Normetmar deposit intersected on the Normetmar deposit 3.06 % Cu, 5.59 % Zn, 0.815 oz Au and 10.05 oz Ag per ton over a width of 5.18 m at a depth of 427 m. Hole 65-8 located approximately 61 m to the west is reported to have intersected 10.67 % Zn over 3.26 m.
Kerr Addison, also drifted over to the Normetmar deposit from the Normetal Mine at the 1,270 m level. Four drill holes out of 11 holes drilled between the 975 m and 1,270 m levels returned 2.9 % Cu and 2.72 % Zn over 0.76 m, 4.39 % Cu over 2.13 m, 1.93% Cu over 1.83 m and 2.92 Cu over 2.44 m. 2,000 t of copper ore grading 1.15 % Cu was stoped.
Now that Globex owns the entire Normetmar and Normetal Mine properties, we need to compile and study all the available data in order to (1) identify drill targets, (2) try to expand the Normetmar zinc zone and (3) see if the near surface Normetmar zinc body and/or Normetal mine crown pillar and hanging wall can be economically mined. Previous drilling, in 1987, into the Normetal Mine crown pillar returned the following results in three drill holes which may indicate a high grade pillar which may or may not be recoverable.
| Crown Pillar Drill Holes | ||||
| 24.17 % Zn | 3,05 % Cu | 0.043 oz/t Au | True width 11.26 m | |
| 17.05 % Zn | 1.69 % Cu | 0.024 oz/t Au | 3.41 oz/t Ag | True width 10.51 m |
| 27.09 % Zn | 0.38 % Cu | 0.055 oz/t Au | 4.31 oz/t Ag | True width 8.32 m |
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 |
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
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President & CEO
Globex Mining Enterprises Inc.
819.797.5242
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