Globex Acquires Large Uranium Land Package
ROUYN-NORANDA, Quebec, Nov. 17, 2021 (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) is pleased to report to shareholders that it has acquired by staking 66 claims totaling 3,590 hectares (8,871 acres) in DesHerbiers Township, Quebec (NTS 12L07) regional county municipality of Minganie, northwest of the town of Baie-Johan-Beetz.
The property was staked to cover numerous occurrences of low to moderate grade uranium mineralization exposed both in surface trenching and channel sampling as well as reported in numerous drill holes of the 403 holes (57,663m) drilled to date on the claims. Several of the areas have been extensively drilled (TJ Zone 33 holes totaling 6,703m, Middle Zone 33 holes totaling 7,051m and Double S Zone 94 holes totaling 23,730m), exposing wide zones of uranium mineralization such as the Double S Zone where SRK Consulting (Canada) Inc., in a NI 43-101 Mineral Resource Statement (dated July 4, 2011), as stated in a Technical Report for Uracan Resources Ltd. August 15, 2011 and authored by Mark Nowak M.Sc., P.Eng. and Jean-François Couture, Ph.D., P.Geo., reported the following resource:
| Double S Zone | |||
| Resource Classification | Tonnage (tonnes) | Grade % (U3O8) | Contained U3O8 (lbs.) |
| Indicated Resource | 21,504,000 | 0.014 | 6,858,000 |
| Inferred Resource | 59,960,000 | 0.014 | 16,328,000 |
In an area northwest of the Double S Zone, Uracan Resources Ltd., in a report titled, Amended Technical Report on the North Shore Property, Middle and TJ Zones, Quebec, Canada, dated June 11, 2009, by Marc Jutras, M.A.Sc. P.Eng. reported an updated NI-43-101 resource as follows:
| Zone | Resource Classification | Tonnage (tonnes) | Grade % (U3O8) | Contained U3O8 (lbs.) |
| Middle Zone | Inferred Resource | 52,027,000 | 0.012 | 13,688,000 |
| TJ Zone | Inferred Resource | 28,662,000 | 0.011 | 7,079,000 |
| Total Combined Zones | Resource Classification | Tonnage (tonnes) | Contained U3O8 (lbs.) |
| Double S, Middle and TJ Zones | Inferred and Indicated Resources | 162,153,000 | 43,953,000 |
The current U3O8 price as quoted on Kitco is $47,25/lb.
The property holds numerous other areas of uranium mineralization many with higher grade assays in channel sampling and drill holes. In addition, many drill intersections within the resources reported above display somewhat higher uranium grades.
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 | |
| 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 info@globexmining.com 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.
55,383,317 shares issued and outstanding
