ROUYN-NORANDA, QUÉBEC–(Marketwired – Sept. 29, 2016) – GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(STUTTGART:G1M)(BERLIN:G1M)(MUNICH:G1M)(XETRA:G1M)(OTCQX:GLBXF) wishes to update shareholders as regards the Authier Lithium property in Quebec, on which Globex holds a 1% Gross Metal Royalty (GMR) on one claim over the center of the lithium deposit and a 2% GMR on 12 other claims in the immediate vicinity of the deposit.
Sayona Mining Limited (ASX:SYA) has a 5,000 to 6,000 metre drill program underway in order to upgrade the inferred resource to the measured and indicated resource categories and to provide material for additional metallurgical testing. The initial resource calculation is based upon 15,000 metres of drilling in 123 drill holes and 2,143 lithium assays delineating a 825 m long by 25 m wide deposit to a depth of 200 metres with a resource of 9,120,000 tonnes grading 0.96% Li2O.
| Tonnes (m) |
Resource Category |
Grade (Li2O) |
Contained (Li2O) |
| 2.08 | Measured | 0.95% | 19,730 t |
| 5.16 | Indicated | 0.97% | 50,092 t |
| 1.88 | Inferred | 0.93% | 17,480 t |
| Authier JORC Resource. SYA-ASX Press Release dated July 6, 2016. Estimated and reported in accordance with the guidelines of the Australian Code for the Reporting of Exploration Results, Mineral Resources and Ore Reserves (JORC Code 2012). Mineral resources are not mineral reserves and do not have demonstrated economic viability. | |||
Sayona expects to complete a Prefeasibility Study by Q4, 2016 and then rapidly complete a Feasibility Study, secure off-take agreements and project financing.
It is Globex’s understanding that Sayona is aiming to complete all preparatory work and be in a position to start construction in late 2017 and reach production in 2018.
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
46,502,706 shares issued and outstanding
President & CEO
Globex Mining Enterprises Inc.
819.797.5242
819.797.1470 (FAX)
info@globexmining.com
www.globexmining.com