Orford Mining Provides Update on Optioned Globex Joutel Property

ROUYN-NORANDA, Quebec, April 06, 2022 (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 Exch


anges


and GLBXF – OTCQX International in the US)

is pleased to inform shareholders that below, you will find the portions of Orford Mining Corp’s (ORM-TSXV) press release dated today April 6, 2022 dealing with the

Joutel Eagle Gold Project


optioned from


Globex Mining Enterprises Inc.

(see Globex press release


dated November 30, 2021


).

David Christie, President and CEO of Orford, commented,

“

Orford believes its South Gold Zone at Joutel Eagle currently being drilled has great potential

…………….”

Joutel Eagle Gold Project

Orford is currently in the middle of its first drilling program at its Joutel Eagle project in the Joutel district of the Abitibi Province of Quebec.  On November 30, 2021 Orford announced that had entered an option to acquire 100% of the 50 square kilometre Joutel Eagle Project from Globex Mining Enterprises Inc. (TSX: GMX) (OTCQX International: GLBXF) (Frankfurt: G1MM).



The drilling program follows a digital compilation of the historic work that had been completed on the project. The focus of the current 1,500 metre drill program is the “South Gold Zone” which contains a steeply dipping gold bearing veins with grades of up to 6.4 g/t over 2.7

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metres in historic drilling that is open at depth.  A diamond drilling program was to start at the end of February but was delayed by a couple weeks until mid-March due to drill availability.  Two holes have been drilled to date, and we are currently drilling the third hole of a 6 -7 hole plan

.  The first two drill holes intersected variably mineralized sections with variable amounts of quartz veining and sulphides

within sheared lapilli to ash volcaniclastics comparable to those mineralized intervals described by the historic drilling.  The historical technical information presented in this release relating to Joutel-Eagle was obtained from historical work reports filed with the Quebec Ministry of Energy and Natural Resources and has not been independently verified by a Qualified Person as defined by NI 43- 101

The “South Gold Zone” has a strike length of approximately 700 metres and is partially tested to a depth of 500 metres below surface. The South Gold Zone is comprised of two mineralized zones, a steeply dipping vein zone with grades of up to 6.4 g/t over 2.7 metres (hole 89-A-02)

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, and a lower grade zone associated with the regional Harricana Fault which seems to be plunging to the southeast.

The best grade intersection of the vein zone was also the deepest leaving high grade mineralization open at depth.

The long section in Figure 2 shows how widely spaced the drilling has been both at shallow and deeper levels. In addition, Figure 2 shows holes in the compilation where mineralization and alteration similar to high grade zones in nearby holes were intersected (quartz veining, silica flooding with up to 70% pyrite), but assay results are not available as they were redacted from the drill logs by the operating company at the time upon reporting to the public database. The current drilling program aims to confirm historical results and delineate the full extent of mineralization to determine if a resource can be defined at the South Gold Zone.

The first two drill holes intersected considerably more sulphide mineralization and Quartz veining than we were expected

based on historical information and as a result the holes continued beyond the planned depth. 2022 Drill hole summaries for these two holes are below (assays are pending):

Drill hole 22-JE-001, was planned to confirm the historical results intersected in drill hole 82-01 which reported 6.2 metres grading 3.0 g/t (including 2.7 metres grading 6.5 g/t)

^[3]

(figure 2). 22-JE-001 intersected altered volcaniclastics with variable amounts of silica and alteration and quartz veining consistent with the historical 82-01 which ended at 180m. Variable Pyrite and pyrrhotite was observed throughout the hole as disseminated and banded to semi massive sulphides.

A 33.9 metre interval from 213.1 to 247 metres reported up to 35% quartz and 15% Po-Py locally over 40 centimetres with an average of 5% disseminated and banded sulphides throughout the almost 34 metre interval. Measurements collected via portable X-ray fluorescence (pXRF) suggests some of the sulphides are gold bearing however due to the nature of pXRF readings, they cannot be consisted representative

. Core will be prepared for laboratory analysis.  Observations made in 22-JE-001 are consistent with the historical 82-01, in addition,

hole 22-JE-001 continued beyond the original planned depth of 82-01 and encountered new and previously unknown mineralization after 180 metres including sulphides and veining to the end of the hole at 246 metres

.

Drill hole 22-JE-002, intended to confirm results encountered in the historical diamond drill hole 82-02 which was reported to return 14.4 metres grading 1.6 g/t (including 2.6 metres grading 5.3 g/t)

^[4]

(figure 2). 22-JE-002 encountered the similar altered pyroclastic units with variable deformation and amounts of pyrite and pyrrhotite throughout. 82-02 Ended in a massive graphitic unit at 206m. Hole 22-JE-002 encountered a similar unit at approximately 200m which contained sulphide nodules. Hole 22-JE-002 continued into a dacitic quartz-feldspar porphyritic unit between

200 and 213 metres containing up to 35% quartz veining with moderate potassic alteration, and 1% disseminated very fine to medium grained cubic pyrite

. The remainder of the hole alternates between altered pyroclastic and graphite schists with local quartz alteration and

several places where semi massive to massive sulphides are observed. Measurements collected via portable X-ray fluorescence (pXRF) suggests some of the sulphides are gold bearing however due to the nature of pXRF readings, they cannot be considered representative.

Core will be prepared for laboratory analysis.  Observations made in 22-JE-002 are consistent with the historical 82-02, in addition, hole 22-JE-002 continued beyond the original planned depth of 82-02 and the first massive graphite marker horizon and

encountered new and previously unknown sulphide

mineralization and veining after 206m.

Table 1: Joutel Eagle: South Gold Zone Frist Two Drill Hole Co-Ordinates

Figure 2: Long Section through the South Gold Zone Showing Historical Compilation Results and Drill Target Areas (Holes where assays are not available because they were redacted from reported drill logs are shown as “N/A”).


https://www.globenewswire.com/NewsRoom/AttachmentNg/337cb4fa-af76-4f80-a027-43d8b08ed18e

The historical technical shown in this image was obtained from historical work reports filed with the Quebec Ministry of Energy and Natural Resources and has not been independently verified by a Qualified Person as defined by NI 43- 101. All drilling intervals are down-hole lengths. True thicknesses cannot be estimated with available information.”

Globex is very pleased with the rapid work program being undertaken by Orford and the positive visuals from the core as reported by Orford.

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.

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



.

^[1]

1 Système d’information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. April 20,2020 DV93-01


^[2]

1 Système d’information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. April 20,2020 DV93-01


^[3]

Système d’information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. GM 39763: JOURNAL DE SONDAGES, PROJET VALRENNES A, 1982


^[4]

Système d’information géominière of Québec “SIGEOM”, Quebec Ministry of Energy and Natural Resources. GM 39763: JOURNAL DE SONDAGES, PROJET VALRENNES A, 1982