ROUYN-NORANDA, QUEBEC -- (Marketwired) -- 06/19/13 -- GLOBEX MINING ENTERPRISES INC. (TSX: GMX)(FRANKFURT: G1M)(OTCQX: GLBXF)is pleased to update shareholders on ongoing activities within the Company.
The past year has been one of the most difficult we have ever experienced. Junior exploration as well as major producing companies have seen their share prices decimated with shares now trading at a fraction of their book or historical value: Globex is no different. Despite our efforts to the contrary our share price has been severely beaten down to historic lows. The problem seems not to be massive selling but rather no buying. The investing public has lost interest in our sector. This will not last, it never does, but in the meanwhile numerous excellent companies and an untold number of shareholders are sustaining substantial losses. At Globex we are working hard not to be overcome by current market sentiment. We are making some difficult choices internally while at the same time advancing our exploration. We have increased our contract technical staff, are acquiring a number of now available undervalued assets while intensifying our efforts at financing and optioning projects. Despite the negative sentiment we continue to move forward and augment the Company's value.
Between today's date and the year end Globex is undertaking almost $3 million in additional exploration on various properties in its portfolio. The largest single expenditure will be $1.2 million (Globex's share $600,000) in drilling on the Wood-Pandora property targeting the gold localizing Cadillac Fault near the town of Cadillac, Quebec. The initial drill program will be over 10,700 metres and is designed to test the gold potential below the 350 metres level across the length of the property. Our 2012 drill program intersected up to 41 metres (134.5 feet) grading 3.81g/t Au (0.11 oz/t Au).(Press Release Dec. 18, 2012)
On our Smith-Zulapa property south of Senneterre, Quebec, we have just completed a 4-hole 1,465 metre drill program on the Smith gold zone. The program was designed to test the known gold bearing shear zone at depth and along strike. All holes intersected the shear zone and adjacent pyritized structures. The drill holes are currently being logged and sampled in preparation for assaying.
On our recently greatly expanded Tiblemont-Tavernier property a program of targeted mapping is underway focusing upon several areas where previous work by Globex uncovered new structural controls for gold emplacement. At least 7 drill holes totalling 1,700 metres are planned on geophysical targets generated by previous Globex geophysical and geological surveys and the new gold localizing structure which has localized numerous gold showings and zones.
A team of 6 geologists and prospectors has been active on our Turner Falls rare earth property in the Kipawa area of Quebec. The crew mapped, in detail, previously discovered high grade showings in advance of planned drilling later this summer.
Prospecting and mapping is planned for our expanded Tonnancour property south of Lebel-sur-Quevillon. Globex recently completed a detailed airborne magnetic survey which has been combined with an historical electromagnetic survey. Depending upon the results of the field work, drilling will be undertaken. The last drill program on the original block of claims intersected massive and stringer sulphides with intersections up to 5.2% Cu, 13.1% Zn, 0.7g/t Au and 41g/t Ag or 7.3% Cu, 7.2% Zn, 1.1g/t Au and 51.8g/t Ag. (Press Releases Aug. 8, 2011 and Aug. 10, 2011)
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