ROUYN-NORANDA, QUEBEC–(Marketwired – March 24, 2017) – GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1MN)(STUTTGART:G1MN)(BERLIN:G1MN)(MUNICH:G1MN)(XETRA:G1MN)(OTCQX:GLBXF) wishes to update shareholders as regards to the 46 claims held by Globex in Tonnancour and Josselin townships south of Lebel-sur-Quevillon. Globex acquired the property in 2004 after which Globex flew an airborne EM and Mag survey and completed 53 km of ground magnetometer and horizontal electromagnetic surveys. This was followed in 2011 by 29 shallow drill holes totaling an aggregate of 3,100 meters on various targets including an area with historical indications of copper, zinc, gold and silver mineralization in showings and short drill holes.
| Globex’s drill holes returned base metal and precious metal bearing intersections such as the following: | |||||
| Hole # | Length (m) | Cu % | Zn % | Ag g/t | Au g/t |
| GT-11-01 | 4.55 | 5.23 | 13.12 | 41.0 | 0.72 |
| GT-11-15 | 3.00 | 7.30 | 7.27 | 51.8 | 1.1 |
| GT-11-16 | 5.00 | 4.11 | 1.29 | 22.8 | 0.77 |
| (See Globex press releases Aug 8 and Aug 10, 2011) | |||||
In 2012 Globex undertook 980 km of high resolution aeromagnetic and VLF EM surveys on several untested discrete Input anomalies within possible extensions of the favorable mineralized horizon. The results of the survey were integrated with historical data and Globex undertook ground magnetic and horizontal electromagnetic surveys upon select targets. Several priority targets were defined as “drill ready” for both base and precious metals. Globex intends to drill a number of the priority targets or will endeavor to option the property to another exploration company per our property bank business model.
It is worthwhile noting that on March 6th, 2017 Osisko Mining Inc. announced their acquisition of 2,940 claims covering 157,000 hectares (157 square km) 110 km west of the WindFall Lake project in the Lebel-sur-Quevillon area. Osisko stated that the land package “covers volcano-sedimentary Archean greenstones that host a number of known gold showings and porphyry igneous intrusions that are of strong interest to the company”. The Osisko claims completely surround the Globex claims.
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
48,902,706 shares issued and outstanding
President & CEO
Globex Mining Enterprises Inc.
819.797.5242
819.797.1470 (FAX)
[email protected]
www.globexmining.com
