ROUYN-NORANDA, Quebec, July 10, 2024 (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 update shareholders on work undertaken by Australian company Infini Resources Limited (I88-ASX) on Globex’s Des Herbiers Uranium Royalty property located in Des Herbiers Township, approximately 9 km NW of the town of Baie Johan-Beetz, Quebec. As announced previously in a January 8, 2024 press release, Globex has received $300,000 in cash and 1,672,427 Infini shares currently valued at AUS $0.73 per share for the property. Globex also retains a 3% Gross Metal Royalty (GMR), 1% of which Infini may purchase at anytime for $1,000,000.
About Des Herbiers Uranium Project
“The Des Herbiers Uranium Project consists of 66 non-contiguous claims totalling 36.25 km2. It is located within Des Herbiers township, approximately 9km NW of the Baie-Johan-Beetz municipality and 52km ENE of the municipality of Havre St-Pierre of the Gulf of St. Lawrence in Quebec, Canada3. The Project is situated in the Grenville Province of the Canadian Shield. The rocks underlying the immediate area are comprised of biotite rich granitic rocks, quartzites and quartzo-feldspathic gneisses that are derived from strongly metamorphosed sandstones and arkoses, amphibole rich gabbros and gneisses. Regional structures trend north to northwest and display large-scale curvilinear folding. Historical exploration and drilling have revealed an abundance of low grade, near surface, bulk tonnage uranium that contains a combined JORC compliant inferred mineral resource of 162Mt @ 123ppm U3O84.”
Infini undertook a desktop geophysical study and historical review with the aim to produce “a lithostructural interpretation of bedrock geology based on available airborne magnetic, radiometric and satellite data2. Interpretation was aided by processing and imaging of this data and was constrained by geological data derived from previous mapping and interpretations across the region. The resulting interpretation provides a 1: 25,000 scale basemap across the project area and revises previous government mapping and interpretations2. The lithostructural interpretation formed the basis of target generation, and 14 target areas were identified to focus future exploration efforts. T1-T2 have been selected as high priorities since no drilling has been undertaken, they exhibit radiometric anomalism and sit along strike from existing resources. Targets were ranked based on a combination of interpreted presence of lithologies, radiometric anomalism, structures, or sites of alteration that may be more favourable to host uranium mineralisation2.”
“References as per Infini Press Release
1 Quebec Ministry of Natural Resources and Forests. (2024).
2 Fletcher, P. (2024). Infini Resources Des Herbiers Project. Lithostructural Interpretation of Multi-spectral, Airborne Magnetic and Radiometric Data 1:25,000. Southern Geoscience Consultants.
3 Watson, R. (2023). Independent Geologists Report Infini Resources Limited December 2023 – Mining Insights.
4 Company Prospectus dated 30 November 2023 and released to the ASX market announcements platform on 10 January 2024.”
The Des Herbiers Uranium Project in plan view depicting anomalous radiometrics (U2/Th), historical drilling and trench channel sampling. Note the several large target areas that have never been drill tested – Infini Resources Limited
This press release was written by Jack Stoch, P. 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 |
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| For further information, contact: | |
| Jack Stoch, P.Geo., Acc.Dir. President & CEO Globex Mining Enterprises Inc. 86, 14th Street Rouyn-Noranda, Quebec Canada J9X 2J1 |
Tel.: 819.797.5242 |
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.
