Globex/Queenston Intersect 28.86 g/t Au Over 4.9 Metres on Wood-Pandora Property
12 October 2011 - 1:31AM
Marketwired
GLOBEX MINING ENTERPRISES INC.
(TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) and QUEENSTON MINING INC.
(TSX:QMI)(FRANKFURT:QMI) are pleased to update shareholders on the
results of a five hole, 2,405 meter ("m") drill program undertaken
on the 50%-50% Wood Pandora joint venture property, located near
Cadillac, Quebec.
Four of the holes were completed to follow up the drilling
results from twelve previous holes announced earlier this year (see
joint News Release dated May 5, 2011). The drilling targeted the
Cadillac Break in the area of the No. 3 Shaft Zone that
historically produced, from 1939-42 approximately 13,000 oz. of
gold from 178,231 tonnes ("t") grading 4.7 grams per tonne Au
("g/t"). New holes W-11-89 to -92 all intersected gold values
within or adjacent to the Cadillac Break. One of the deepest holes
of the program, W-11-92, intersected a 4.9 m interval assaying
28.86 g/t gold including 121.70 g/t gold over 1.1 m at
approximately 350 m below surface.
Table of Drilling Results
---------------------------------------------------------------------------
Width Assay (Au
Hole # From (m) To (m) (m) g/t) Comments
---------------------------------------------------------------------------
W-11-89 79.0 80.0 1.0 8.2 Cadillac Sediments
-----------------------------------------------------------------
82.0 83.0 1.0 4.1 Cadillac Sediments
---------------------------------------------------------------------------
W-11-90 609.0 610.5 1.5 3.8 Altered Talc Schist
-----------------------------------------------------------------
644.5 647.0 2.5 1.9 Altered Talc Schist
-----------------------------------------------------------------
653.5 655.0 1.5 2.7 Cadillac Sediments
---------------------------------------------------------------------------
W-11-91 485.0 486.5 1.5 4.5 Altered Talc Schist
-----------------------------------------------------------------
492.7 493.4 0.7 7.8 Sub horizontal Qtz Vein
-----------------------------------------------------------------
521 527.5 6.5 3.88 Cadillac Sediments
-----------------------------------------------------------------
Visible Gold - Cadillac
Including 523.0 524.0 1.0 16.8 Sediments
-----------------------------------------------------------------
Visible Gold - Cadillac
and 526.5 527.5 1.0 5.7 Sediments
---------------------------------------------------------------------------
W-11-92 397.0 399.0 2.0 2.98 Altered Talc Schist
-----------------------------------------------------------------
404.3 406.5 2.2 1.55 Altered Talc Schist
-----------------------------------------------------------------
410.1 415.0 4.9 28.86 Altered Talc Schist
-----------------------------------------------------------------
including 412.4 413.5 1.1 121.70 (i) Visible Gold
-----------------------------------------------------------------
and 417.2 418.5 1.3 6.35 Cadillac Sediments
-----------------------------------------------------------------
495.5 497.0 1.5 2.26 Cadillac Sediments
-----------------------------------------------------------------
500.3 503.1 2.8 3.60 Cadillac Sediments
-----------------------------------------------------------------
including 500.3 501.3 1.0 6.60 Cadillac Sediments
---------------------------------------------------------------------------
(i) Note: this sample contained coarse visible gold. The half core with the
least amount of visible gold was submitted for assaying.
Reported intersections are core lengths. True widths are not
expected to vary greatly from intersection widths.
A fifth drill hole, W-11-88, targeted an interpreted structural
feature near the Amm Shaft on the southern portion of the joint
venture property. This drill hole returned no significant
mineralization.
Gold mineralization occurs across the full width of the Cadillac
Break with the greatest concentrations both within the break and in
the adjacent Cadillac sediments to the north. The mineralization
consists of free gold in quartz with associated gold-bearing
arsenopyrite and other sulphides commonly controlled by
near-vertical shear structures and subsidiary horizontal tension
fractures. Previous operator, Camflo Mines, commenced a surface
drilling program in 1979 outlining a drill indicated mineral
resource to a depth of 200 m at the No. 3 Shaft Zone. Subsequent
underground exploration was inconclusive in defining a shallow
mineable deposit at the prevailing gold price at the time.
The Wood-Pandora property is adjacent to the Lapa Mine operated
by Agnico-Eagle Mines Inc. On the JV property there exist an
historic mineral resource of 1.43 million t grading 5.3 g/t Au in
two deposits, Wood and Central Cadillac. The historic resource was
calculated prior to NI 43-101 standards and should not be relied
upon as they have not been verified by a Qualified Person under the
current regulations. In 2008, the JV announced a NI 43-101 inferred
mineral resource on a new gold discovery, the Ironwood Zone,
amounting to 243,200 t grading 17.3 g/t Au. The mineral resource
formed part of a technical report completed by Consulting Geologist
and QP, Reno Pressacco, P. Geo.
The joint venture partners view the new exploration results as a
positive step in a program to outline a significant mineral
resource in the area of the No. 3 Shaft Zone. Three kilometers east
of the property along the Cadillac Break, Agnico Eagle Mines Inc.
operates the Lapa Gold Mine that produces 125,000 oz. per year in a
similar geological setting to our Wood-Pandora property. Lapa is a
1.5 million ounce gold deposit that was discovered in 1999 by deep
exploration drilling along the Cadillac Break. The top of the
deposit begins at approximately 500 m below surface and extends to
a depth of 1500 m. The joint venture is currently reviewing the
historic, shallow exploration along the No. 3 Shaft Zone prior to
planning the next phase of deeper drilling.
The Wood-Pandora drilling program was planned and supervised by
Globex's Exploration Manager and qualified person Ray V.
Zalnieriunas, P. Geo.and Michele Belanger, Ing. employing a QA/QC
program consistent with National Instrument 43-101 and industry
best practices. The drill core was logged and split with half-core
samples analyzed employing the appropriate gold fire assaying
techniques by Expert Laboratory Inc. of Rouyn-Noranda, Quebec.
This news release was written by Jack Stoch, P. Geo. President
and CEO of Globex in his capacity as a Qualified Person and
operator of the Wood-Pandora joint venture.
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 Companies
expectations and projections. A more detailed discussion of the
risks is available in the "Annual Information Form" filed by the
Companies on SEDAR at www.sedar.com
Contacts: GLOBEX MINING ENTERPRISES INC. Jack Stoch, P.Geo.,
President & CEO (819) 797-5242 (819) 797-1470
(FAX)info@globexmining.comwww.globexmining.com Andreas Curkovic,
Investor Relations (416) 577-9927 Ann Gibbs-Baines, Investor
Relations (416) 627-8872 Contacts: QUEENSTON MINING INC. Charles E.
Page, P.Geo., President & CEO Hugh D. Harbinson, Chairman (416)
364-0001 (416) 364-5098 (FAX)info@queenston.cawww.queenston.ca
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