Globex's Duquesne-Ottoman Option Inferred Gold Resource Increases 56%
09 September 2011 - 4:19AM
Marketwired
GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT: G1M)(OTCQX:
GLBXF) is pleased to inform shareholders that Xmet Inc. today
announced a revised National Instrument 43-101 compliant Mineral
Resource estimate on the Duquesne West-Ottoman Property optioned
from Duparquet Assets Ltd., a company owned 50% by Globex.
The new resource calculation effective September 8, 2011 by Kurt
Breede, P.Eng. of Watts, Griffis, McOuat Limited ("WGM"),
consulting geologists and engineers of Toronto, Ontario is based
upon historical drill data and a 13,000 meter drill program
completed in April 2011.
The highlight of the report is the following Inferred Resource
Estimate: "4,171,000 tonnes at an average grade of 5.42 g/t Au
(6.36 g/t uncut) hosting 727,000 cut ounces Au (853,000 uncut
ounces Au)".
WGM identified eight gold bearing zones, enumerated below, all
of which are open to depth and many of which are open along strike
and up dip.
----------------------------------------------------------------------------
Average
Au g/t Horizontal
(cut to 30 Au g/t Ounces Ounces Width
Zone Tonnes g/t Au) (Uncut) (Cut) (Uncut) (m)
----------------------------------------------------------------------------
Liz 1,343,000 4.64 4.64 200,000 200,000 7.26
----------------------------------------------------------------------------
Fox 921,000 7.43 9.54 220,000 282,000 5.43
----------------------------------------------------------------------------
Nip-Nord 361,000 5.92 6.13 69,000 71,000 5.79
----------------------------------------------------------------------------
Nip-Sud 129,000 6.51 21.13 27,000 88,000 2.86
----------------------------------------------------------------------------
South
Shaft 162,000 6.08 6.29 32,000 33,000 3.14
----------------------------------------------------------------------------
Shaft 468,000 4.51 4.51 68,000 68,000 2.82
----------------------------------------------------------------------------
Stinger 365,000 3.90 3.90 46,000 46,000 5.87
----------------------------------------------------------------------------
20-20 422,000 4.80 4.80 65,000 65,000 6.23
----------------------------------------------------------------------------
Total 4,171,000 5.42 6.36 727,000 853,000 5.71
----------------------------------------------------------------------------
Please see the Xmet press release dated September 8, 2011 for
details.
Xmet is earning a 75% interest in the property by spending a
total of $10 million in exploration and making cash and dividend
payments totaling $8.81 million ($8.43 million remaining) and
delivering 2 million Xmet shares (received). Globex also maintains
a sliding scale Gross Metal Royalty (GMR) which at today's gold
price is 3% GMR.
In other news on the property, Xmet yesterday announced the
results from stripping and surface sampling on the Shaft Zone.
Assays of up to 13.38 g/t Au over 3 meters are reported.
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 10 3
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
22,035,675 shares issued and outstanding
Contacts: Jack Stoch, P.Geo., Acc.Dir. President & CEO
Globex Mining Enterprises Inc. 819.797.5242 819.797.1470 (FAX)
info@globexmining.com www.globexmining.com
Globex Mining Enterprises (QX) (USOTC:GLBXF)
Historical Stock Chart
From Jun 2024 to Jul 2024
Globex Mining Enterprises (QX) (USOTC:GLBXF)
Historical Stock Chart
From Jul 2023 to Jul 2024