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ROUYN-NORANDA, Quebec, March 17, 2025 (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 inform shareholders that it has agreed to purchase three gold royalties from IAMGOLD Corporation. Each royalty is a one percent (1%) Net Smelter Royalty (NSR) applicable to the Porcupine West Gold, Eldrich Gold Mine and Rouyn-Merger Gold Mine properties, located in Quebec and all owned 100% by Globex. All three properties have significant historic intersections of gold mineralization. The purchase price is $349,999.65 in US dollars payable on May 7, 2025.
Jack Stoch, President, CEO and Chairman, commented: “We believe that by purchasing these royalties we have improved the value of these prospective properties by eliminating the royalties. All three properties have significant historical drill intersections of gold mineralization and historical gold resources and two of the properties have had historical production. We believe all three properties have significant gold mineralization prospectivity.”
The three gold properties were originally purchased from IAMGOLD with IAMGOLD retaining the royalties we are now purchasing. The Porcupine West Gold property covers over 14 kilometres of the Porcupine Destor gold localizing fault starting at the Ontario-Quebec border and extending uninterrupted eastward toward the town of Duparquet. Numerous occurrences of gold mineralization have been intersected in drill holes on the property with intersections including for example 6 g/t Au over 5.3 metres, 12.2 g/t Au over 1.5 metres and 1.85 g/t Au over 20.7 metres and 9.1 g/t Au over 2.8 metres. The property also has a historical non Ni43-101 resource of 195,298 tonnes grading 5.2 g/t Au. Globex has undertaken a detailed aeromagnetic survey over the property and completed a recompilation of all geological data to better define the geological context and distribution of the known gold mineralization.
The Eldrich Gold Mine property is centered on the formerly producing Eldrich Gold Mine located approximately 20 kilometres northwest of Rouyn-Noranda, Quebec. Globex has digitized over 3,000 surface and underground drill holes as well as underground workings and created a 3D model to see what potential remains within the mine workings, along strike, down dip and plunge. The work has demonstrated a significant number of exploration targets worthy of follow up drilling both within the mine workings and in extensions of gold zones previously mined or partially mined. The Eldrich property had historic production from 1955-1962 and 1988-1993 and has a historical non-NI 43-101 resource of 213,317 tonnes grading 5.38 g/t Au which is open to depth.