ROUYN-NORANDA, QUÉBEC–(Marketwired – April 5, 2017) – GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1MN)(STUTTGART:G1MN)(BERLIN:G1MN)(MUNICH:G1MN)(XETRA:G1MN)(OTCQX:GLBXF) is pleased to inform shareholders that we have completed a high resolution helicopter borne magnetic survey on our 100% owned Ontario Lake property in Côte-de-Beaupré Township, Quebec, approximately 90 km NE of Quebec City.
The survey by Novatem Airborne Geophysics covered the entire Ontario Lake property with the objective of locating areas of higher magnetic signatures which may be reflective of the concentration of ilmenite, an ore of titanium dioxide which is used in paints, fabrics, plastics, paper, sunscreen, toothpaste as well as certain foods and cosmetics. Previously, Globex had located a 15 m by 7 m outcrop of massive ilmenite and reported high grade channel samples from the outcrop in a press release dated December 11, 2013 as follows:
| Sample # | From (m) |
To (m) |
Width (m) |
Fe2O3% | TiO2% | V2O5% | Comments |
| 68951 | 0 | 1 | 1 | 41.98 | 27.95 | 0.16 | |
| 68952 | 1 | 2 | 1 | 53.94 | 36.20 | 0.20 | |
| 68953 | 2 | 3 | 1 | 57.98 | 38.84 | 0.22 | |
| 68954 | 3 | 4 | 1 | 58.20 | 39.51 | 0.22 | |
| 68955 | 4 | 5 | 1 | 59.81 | 39.81 | 0.22 | |
| 68956 | 5 | 6 | 1 | 60.09 | 40.17 | 0.22 | |
| 68957 | 6 | 6 | 0.7 | 59.63 | 39.90 | 0.22 | Vertical Face sample |
| 68958 | 6 | 6.7 | 0.7 | 58.75 | 41.16 | 0.22 | |
| 68959 | 6.7 | 6.7 | 1 | 59.36 | 39.71 | 0.22 | Vertical Face sample |
The outcrop of massive ilmenite is located northeast of the large magnetic anomaly located in the current survey and represents a separate magnetic structure.
Previous exploration had located a large amount of ilmenite bearing glacial debris adjoining the southern boundary of our property (see maps on Globex website, “Ontario Lake Property”, for details). The new airborne magnetic survey located a large magnetic anomaly (approx 1200 m x 1000 m) directly north of this glacial debris, which may represent the source of the ilmenite glacial fragments. Ilmenite, the ore mineral being sought, is not magnetic but in samples collected from the massive ilmenite showing displays mild magnetism probably from magnetite associated with the ilmenite.
Considering the strength and location of the magnetic anomaly, in relation to the nearby glacially transported ilmenite fragments, Globex plans to undertake a detailed program of prospecting and mapping in the area of the magnetic anomaly and will, based upon the program results, undertake stripping and/or diamond drilling in priority areas.
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.
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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
48,902,706 shares issued and outstanding
President & CEO
Globex Mining Enterprises Inc.
819.797.5242
819.797.1470 (FAX)
info@globexmining.com
www.globexmining.com