Yahoo Finance Globex’s Kewagama Gold Royalty Continues to Demonstrate Economic Potential
ROUYN-NORANDA, Quebec, May 09, 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) wishes to inform shareholders that Radisson Mining Resources Inc. (RDS-TSXV, RMRDF-OTCQB) has reported additional gold intersections on their O’Brien Gold Project, specifically on the Kewagama Gold Mine portion on which Globex Mining Enterprises Inc. holds a two percent (2%) Net Smelter Royalty (see Radisson’s press release here).
Gold intersections include the following were high-grade intersections:
| Hole OB-23-286: | 4.00 m grading 9.70 g/t Au |
| Hole OB-23-289: | 4.50 m grading 6.54 g/t Au |
| Hole OB-24-306: | 4.00 m grading 6.40 g/t Au |
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Table 1: Trend 4 Drill Results summary - Radisson
DRILL HOLE | ZONE | FROM | TO | CORE Length | AU (g/t) | COMMENTS |
OB-23-286 | Trend #4 |
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| 291.00 | 337.70 | 45.70 | 1.11 | Pontiac Sediments *VG |
| Including | 291.00 | 295.00 | 4.00 | 9.70 | Pontiac Sediments *VG |
| Which includes | 292.00 | 293.00 | 1.00 | 37.70 | Pontiac Sediments *VG |
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| 332.10 | 334.50 | 2.40 | 3.32 |
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OB-23-287 | Trend #4 |
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| 56.30 | 59.00 | 2.70 | 4.73 | Piché Group |
OB-23-288 | Trend #4 |
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| 331.10 | 360.00 | 28.90 | 0.70 | Pontiac Sediments |
| And | 628.20 | 632.70 | 4.50 | 3.96 | Piché Group |
| Including | 628.20 | 629.70 | 1.50 | 9.85 | Piché Group |
OB-23-289 | Trend #4 |
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| 364.50 | 369.00 | 4.50 | 6.54 | Piché Group |
| Including | 364.50 | 366.70 | 2.20 | 10.02 | Piché Group |
OB-23-305 | Trend #4 |
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| 135.50 | 139.50 | 4.00 | 6.40 | Pontiac Sediments *VG |
| Including | 135.50 | 136.50 | 1.00 | 20.40 | Pontiac Sediments *VG |
OB-24-306 | Trend #4 |
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| 67.80 | 117.50 | 49.70 | 0.84 | Pontiac Sediments *VG |
| Including | 67.80 | 76.00 | 8.20 | 3.97 | Pontiac Sediments *VG |
| Which includes | 67.80 | 71.00 | 3.20 | 7.97 | Pontiac Sediments *VG |
VG= Visible Gold
In addition to the higher-grade intersections, drilling encountered wide zones of lower grade gold mineralization to the south in the Pontiac Sediments, including:
| Hole OB-23-286 : | 45.70 m at 1.11 g/t Au |
| Hole OB-23-288 : | 28.90 m at 0.70 g/t Au |
| Hole OB-24-306 : | 49.70 m at 0.84 g/t Au |
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As a result of the previously unrecognized zones of gold mineralization in the Pontiac Sediments encountered in this drill program, twelve (12) historical drill holes will be sampled and assayed.
Table 2: Trend 4 broader intervals from historical holes summary - Radisson
DRILL HOLE | ZONE | FROM | TO | CORE | AU (g/t)- | COMMENTS |
RM-11-01 | Trend #4 |
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| 57.50 | 97.00 | 39.50 | 1.21 | Pontiac Sediments |
OB-21-228 | Trend #4 |
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| 160.00 | 197.10 | 37.10 | 1.08 | Pontiac Sediments |
OB-21-229 | Trend #4 |
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| 140.20 | 165.00 | 24.80 | 1.04 | Pontiac Sediments |
OB-17-057 | Trend #4 |
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| 147.50 | 166.00 | 18.50 | 0.92 | Pontiac Sediments |
OB-17-061 | Trend #4 |
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| 163.60 | 194.90 | 31.30 | 0.52 | Pontiac Sediments |
OB-17-060 | Trend #4 |
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| 195.60 | 206.00 | 10.40 | 0.68 | Pontiac Sediments |
OB-20-144 | Trend #4 |
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| 30.30 | 45.00 | 14.70 | 0.53 | Pontiac Sediments |
Radisson has decided, based upon the good results from this and previous drilling in the Kewagama Gold Mine area, to add a second drill to their 22-hole, 11,808 m drill program.
Globex is pleased with Radisson’s continued success following gold Trends 3, 4 and 5 on the Kewagama property, starting from surface and Trend 2 to depth (see long sections and cross section below).
QA/QC
As per Radisson, all drill cores in this campaign are NQ in size. Assays were completed on sawn half-cores, with the second half kept for future reference. The samples were analyzed using standard fire assay procedures with Atomic Absorption (AA) finish at ALS Laboratory Ltd, in Val-d’Or, Quebec. Samples yielding a grade higher than 5 g/t Au were analyzed a second time by fire assay with gravimetric finish at the same laboratory. Mineralized zones containing visible gold were analyzed with metallic sieve procedure. Standard reference materials, blank samples and duplicates were inserted prior to shipment for quality assurance and quality control (QA/QC) program.
Qualified Person
The (Q.P.) for Radisson as defined by NI 43-101 is Richard Nieminen, P.Geo. Radisson’s Q.P. reviewed and approved the technical content of their press release.
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 |
For further information, contact: | |
Jack Stoch, P.Geo., Acc.Dir. | Tel.: 819.797.5242 |
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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.
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/c71690c0-3be2-4a09-8bfa-cf13a437ce16
https://www.globenewswire.com/NewsRoom/AttachmentNg/7297af13-0912-4f76-bc0d-52417d663839
