ROUYN-NORANDA, Quebec, Dec. 23, 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 report additional drill intersections from the 19 drill hole program at Globex’s 100% owned Ironwood Gold Zone located 2.6 km east of the town of Cadillac, Quebec.
The currently reported four holes were focused toward locating the western boundary of the gold mineralization at vertical depths between 25m and 115m unlike previous drill-hole SIW 24-04 which was targeted at the center of the mineralized zone and returned 23.82 g/t Au over a true width of 23.22 metres.
Drill results are the following:
| Hole Number | From (m) | To (m) | Au (g/t) | True Width (m) | True Width (ft) | Vertical Depth (m) |
| NWI-24-05 Including |
42.5 | 54.2 | 8.10 | 3.58 | 9.84 | 46 |
| 42.5 | 45.0 | 22.77 | 0.76 | 2.49 | 42 | |
| 51.4 | 54.2 | 12.64 | 0.88 | 2.89 | 53 | |
| NIW-24-06 | 29.8 | 31.9 | 7.74 | 1.34 | 4.40 | 27 |
| NIW-24-07 | 81.5 | 83.0 | 1.63 | 0.83 | 2.72 | 65 |
| 98.0 | 101.0 | 1.96 | 1.69 | 5.54 | 78 | |
| NIW-24-08 | 136.0 | 137.8 | 3.10 | 1.01 | 3.31 | 108 |
| 143.3 | 146.1 | 21.39 | 1.58 | 5.18 | 114 |
The Ironwood gold zone is located on Globex’s wholly owned Central Cadillac Mine/Wood Mine gold property north of the gold localizing Cadillac Break. The mineralization is principally pyrite with some pyrrhotite and arsenopyrite as a sulphide replacement at the nose of a folded oxide iron formation.
Lab information
The samples were crushed to a particle size of 70% passing through a two-millimeter sieve, and then a 500-gram portion was taken for gold analysis by gamma ray (photon assay). According to MSALABS’ internal procedure, blank samples and certified reference materials are systematically inserted into the analysis sequence. Globex procedures also used blank and duplicate sample as well as certified reference materials. MSALABS operates several laboratories worldwide and holds ISO-17025 accreditation for numerous metal determination methods, including the photon assay method.
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 with technical input from Pierre Riopel, P.Geo.
| We Seek Safe Harbour. | Foreign Private Issuer 12g3 – 2(b) |
| CUSIP Number 379900 50 9 LEI 529900XYUKGG3LF9PY95 |
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| 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 [email protected] 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 SEDARplus.ca.
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