ROUYN-NORANDA, Quebec, Sept. 16, 2020 (GLOBE NEWSWIRE) — GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to announce to shareholders that it has acquired 15 claims (20 km north-northeast of Hartland, New Brunswick in Carleton County, covering the Grassville South manganese zone.
In 1954 Stratmat mapped the area and undertook a gravity survey followed by seven (7) drill holes totaling 590 metres on the resulting gravity anomaly. A subsequent report (Report on the National Management Limited Property (N.B.28A), Grassville NB, 1955) by K.O.J. Sidwell, reported 453,500 tonnes of manganese mineralization grading 11.0% Mn and 8.45% Fe to a depth of 80 metres in a body 250 metres long and approximately 10 metres wide. (Note: The resource calculation is historical and preliminary in nature and was undertaken prior to the implementation of NI 43-101 regulations, has not yet been verified by Globex nor its geological staff and thus, should not be relied upon.)
Sidwell suggested that there was poor correlation between the drill results and the gravity anomaly and our consulting geologist has indicated that the mineralized zone has a strike of approximately 15 degrees variance with the gravity anomaly. In other words, there is every chance that additional mineralization shouldn’t be ruled out. In addition, much of the area is blanketed by a deep cover which made exploration difficult.
Shareholders are probably aware of the current speculation regarding the development of a new type of battery containing manganese as a possible replacement for cobalt and the rise in the stock price of Manganese X (MN-TSX.V) over the last several days. The addition of another manganese property will allow Globex to take further advantage of the current interest in manganese as a potentially important battery metal by seeking to option this new asset.
This press release was written by Jack Stoch, 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 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 SEDAR at www.sedar.com
54,631,852 shares issued and outstanding
