ROUYN-NORANDA, QUEBEC, CANADA--(Marketwire - Feb. 2, 2012) - GLOBEX MINING ENTERPRISES INC. (News - Market indicators)(FRANKFURT:G1M)(OTCQX:GLBXF) is pleased to inform shareholders that it has completed a 3 hole, 811 meter Diamond drill program on our 100% owned North Star Gold Property located at Isaac's Harbour, Nova Scotia.
The first hole GNS-11-1 was drilled to a depth of 139 meters in order to intersect gold reported in historical drill hole CIH-99-02 drilled in 1999 by Indocan Resources. The hole encountered two occurrences of visible gold but returned assays of only 0.70 g/t Au and 0.68 g/t Au over 1.05 metre and 1 metre respectively.
Hole GNS-11-2 was drilled to a depth of 536 metres in order to intersect gold reported in historical Indocan drill hole CIH-99-05. Narrow quartz veins were intersected containing pyrite, arsenopyrite, chalcopyrite and pyrrhotite. Two sections of coarse free gold were intersected as follows:
| Hole GNS-11-2 |
| Depth (m) |
Core Length (m) |
Gold (g/t) |
Gold (oz/T) |
Core length (ft) |
| 512-513 |
1.0 |
128.38 |
3.75 |
3.28 |
| 533-534 |
1.0 |
24.53 |
0.72 |
3.28 |
The hole was terminated at 536 meters in anomalous material running 317 ppb Au. The casing was left in place. The core lengths indicated above do not represent the true widths as we do not have enough data points to define the dip of the gold bearing veins.
Hole GNS-11-3 was drilled to a depth of 136 meters and tested a magnetic anomaly encountered in a 2010 magnetometer survey undertaken by Globex. No gold values of economic importance were intersected.
Samples were split under the supervision of Perry MacKinnon (P. Geo) at Isaac's Harbour, Nova Scotia and shipped in sealed bags by courier to Laboratoire Expert Inc. in Rouyn-Noranda, Quebec for analysis. All samples were subjected to standard fire assay processing with an atomic absorption finish. Samples returning greater than 500 ppm gold or noted to contain visible gold were subjected to metallic sieve analysis.
The Isaac's Harbour region of Nova Scotia is known to host numerous sediment hosted, Meguma style gold bearing quartz vein structures, many of which had seen production in the late 1800's and early 1900's. At least three quartz vein bearing anticlines run through the Globex claims. The first two drill holes tested the northern-most known structure on which the North Star gold occurrence is reported. Old workings on the property consist of numerous pits and at least two short declines, the main one reported to be 150 metres long. The anticlinal structure dips nearly vertical, strikes east-west and plunge approximately 20 degrees to the west.
This press release was written by Jack Stoch, P. Geo., President and CEO of Globex and Perry MacKinnon, P. Geo., Project Manager in their capacity as Qualified Persons (Q.P.) under NI 43-101
| We Seek Safe Harbour. |
Foreign Private Issuer 12g3 – 2(b) |
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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
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