More Good Intercepts by Maple on Eagle Gold Mine Property Under Option from Globex Mining Enterprises

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Figure 2: NW-looking cross section (85 m total width) highlighting new assay results (gold boxes) and previously reported/historical intercepts (white boxes) along well-defined sub-parallel horizons.

Metadata

Provider:

GlobeNewswire, Inc.

Retrieved on:

Tuesday, January 10, 2023

Information

Tags:

Eagle Mine, Tradegate Exchange, GMX, NW, Geo, NI, Toronto Stock Exchange, Eagle, Maple, Road, Chicago Mercantile Exchange

Geotags:

ROUYN-NORANDA, QC, CA, BERLIN

⚠ partially generated by AI ↴

Organisation:

GLOBEX MINING ENTERPRISES, GLOBEX MINING ENTERPRISES INC.

Stock Symbol:

TSX-V:MGM

TSX:MGM

Summary

Key Points:

Figure 2: NW-looking cross section (85 m total width) highlighting new assay results (gold boxes) and previously reported/historical intercepts (white boxes) along well-defined sub-parallel horizons.
Drill hole EM-22-015 intersected 10.3 g/t gold ("Au") over 7.8 metres ("m"), including 41.1 g/t Au over 1.0 m in the North Mine Horizon.
EM-22-015 has now returned seven (7) separate intercepts over a 120 m interval starting from 142.5 m downhole.
Globex is pleased with the progress by Maple to date on the optioned Eagle Mine Property.

ROUYN-NORANDA, Québec, Jan. 10, 2023 (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 provide shareholders with an update on drilling by Maple Gold Mines Ltd. (MGM-TSXV) on the Eagle Mine property under option from Globex (See Globex Press release dated July 19, 2021).

Maple has announced final results “from (5) follow-up holes for which partial results were previously reported (see Maple news release of December 13, 2022) targeting northwest extensions of the main mine horizon and along multiple sub-parallel gold horizons (see Figure 1 and Figure 2).”

Figure 1: Plan view showing all 2022 drill holes (28) at Eagle with lines of section for Figures 2 and 3.

Plan view showing all 2022 drill holes (28) at Eagle with lines of section for Figures 2 and 3.

Figure 2: NW-looking cross section (85 m total width) highlighting new assay results (gold boxes) and previously reported/historical intercepts (white boxes) along well-defined sub-parallel horizons.

NW-looking cross section (85 m total width) highlighting new assay results (gold boxes) and previously reported/historical intercepts (white boxes) along well-defined sub-parallel horizons.

Figure 3: NE-looking long section (55 m total width) highlighting the location of the EM-22-015 intercept (10.3 g/t Au over 7.8 m) relative to pre-existing grade contouring in the North Mine Horizon. Note the open area extending down-plunge from hole E-19 (19.6 g/t Au over 7.9m).

NE-looking long section (55 m total width) highlighting the location of the EM-22-015 intercept (10.3 g/t Au over 7.8 m) relative to pre-existing grade contouring in the North Mine Horizon. Note the open area extending down-plunge from hole E-19 (19.6 g/t Au over 7.9m).

“The company’s latest drilling in the northern splay of the main mine horizon (the “North Mine Horizon”) has returned the best intercept to-date.”

Highlights: (per Maple press release)

Drill hole EM-22-015 intersected 10.3 g/t gold ("Au") over 7.8 metres ("m"), including 41.1 g/t Au over 1.0 m in the North Mine Horizon.
Further up-hole, EM-22-015 intersected 4.3 g/t Au over 3.9 m, including 6.6 g/t Au over 2.0 m, demonstrating the potential for the North Mine Horizon to be wider than what was previously interpreted (see Figure 2).

The EM-22-015 intercepts are located down-plunge from historical high-grade, near-surface drill results from a geologically similar hole (E-19: 19.6 g/t Au over 7.9 m, as well as 17.5 g/t Au over 5.6 m further up-hole) in an area with limited drilling that remains open further down-plunge (see Figure 3).
EM-22-015 has now returned seven (7) separate intercepts over a 120 m interval starting from 142.5 m downhole.
Assays are still pending for roughly 20% of the Company's 2022 drilling at Eagle.

"Drill results continue to support the Company's view that multiple sub-parallel gold horizons exist beyond what was historically mined at Eagle and have expanded our target areas along a broader mineralized corridor over a stratigraphic thickness that now exceeds 100 metres in width," stated Matthew Hornor, CEO of Maple Gold. "There is an apparent concentration of >10 g/t gold starting near surface and extending down-plunge to the EM-22-015 intercepts along the North Mine Horizon in an area with limited drilling that remains open further down-plunge. This represents just one of several compelling follow-up targets that we are excited to pursue in 2023."

Globex is pleased with the progress by Maple to date on the optioned Eagle Mine Property.

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, 14^th Street Rouyn-Noranda, Quebec Canada J9X 2J1	Tel.: 819.797.5242 Fax: 819.797.1470 [email protected] 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.

Three maps accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/aa51c825-56f7-4489-b397-912b433c6cfe
https://www.globenewswire.com/NewsRoom/AttachmentNg/f349ed23-a95b-4140-bfdc-05e1de7bbb71
https://www.globenewswire.com/NewsRoom/AttachmentNg/040bbf66-6650-4b08-8ebd-a60530b374ac