GLOBEX MINING ENTERPRISES INC. (TSX:GMX) (FRANKFURT:G1MN) (STUTTGART:G1MN) (BERLIN:G1MN) (MUNICH:G1MN) (XETRA:G1MN) (OTCQX:GLBXF) is pleased to inform shareholders that we have acquired a 164 square km (63.3 square mile) land package measuring 36 km long by up to 5 km wide in the State of Saxony in southeast Germany. The project herein called the Bräunsdorf licence includes the western part of the famous Freiberg silver mining district which, over an approximate 850 year history, has produced some 5,700 tonnes of silver as well as zinc and lead. The area forming the Bräunsdorf licence has produced, over a 750 year period, at least 882 tonnes of silver (28.8 million ounces) with a current value of over US$ 500,000,000 (at US$ 17.50 per oz). Six major historic silver mine camps and five minor camps or prospects are included in the licence. Previous production was from surface to a maximum depth of 580 m with most production from shallow depths due to limits imposed by mining methods and water table levels over the extensive historical mining period. Currently, the permit area is weakly populated and most of the land is used for agricultural purposes. Ten percent of the area is forested. Alluvium and overburden cover about 50% of the southern part of the Bräunsdorf licence area and approximately 80% of the northern part. Weathering extends to depths of up to 30 m and most silver veins are not exposed on surface.
German mining laws are somewhat similar to those in Canada with clearly defined obligations such as undertaking proposed work programs in a workman like manner and meeting agreed to expenditure requirements. Environmental laws are also similar in that exploration must be preformed respecting designated protected areas and the rights of surface land owners.
The Bräunsdorf licence is centred on an over 35 km long by 1 to 5 km wide hydrothermal (epithermal) vein system. Numerous historic mining camps and small mines and prospects from Bräunsdorf in the southwest to Scharfenberg the northeast were exploited for silver over a 750 year period.
Globex decided to acquire the large western vein system of the Freiberg district as we feel that it offers the highest potential for the discovery of significant silver resources. The central area of the Freiberg district has been more extensively explored and mined, generally on narrow veins and to greater depth. Many vein systems on the Bräunsdorf licence have only been explored and/or mined to shallow depths thus offering a greater potential to find untapped resources, both in the area of the old mine workings as well as along strike in the extensive unexplored overburden covered areas.
Mineralization is divided between the EARLY high and low temperature epithermal assemblages listed directly below:
|Pyrite dominated – Zn-Pb-Cu, Ag, ± Sn, ±W, ± Au|
|Silver dominated – Ag, Sb, minor Pb, Zn, Cu and ± Au|
|Lead dominated – Pb-Ag, Zn-Cu, ± Au|
and LATE lower temperature epithermal assemblages which occur as three principal types:
|Barite dominated – Pb-Ag-Cu|
|Barite dominated – Pb-Cu-Zn, ± Ag|
|Barite dominated – Ag-Ni-Co-As-Bi, ± Cu|
The veins in the Bräunsdorf licence are thought to be dominated by lower temperature epithermal mineral assemblages which could indicate that higher grade silver mineralization may extend to greater depth than in other mining areas.
Each mining camp has its own history. For example, the Bräunsdorf Mining Camp which produced 112.5 t of silver from 1673 to 1862 from low temperature, epithermal silver dominated veins. The veins varied in width up to 4.2 m along a strike length of 2,600 m with production depths of up to 250 – 290 m in the central and southern section and from shallow depth in the northern 1 km. The mine functioned from two inclined shafts on 8 levels, the deepest being at 281 m. The principal vein extends from some 460 m along strike near surface to 300 m along the deepest (No. 8) level as a single vein which then branches into several often horse tailing vein structures. The vein system may continue for some 7 km as far as the Großvoigtsberg Mining Camp but has not been explored, due to the overburden cover. Ore shoots of up to 4.3 kg/t Ag (4,300 g/t Ag) are reported.
Other mining camps in the Bräunsdorf licence (with production from incomplete historical records) include:
|Halsbrücke (Großschirma) – 319.6 t Ag, 46,381 t Pb, 370 t Cu, 3,000 t barite, 341 t fluorite.|
|Reichenbach & Grauer Wolf (prospects) – unknown|
|Großvoigtsberg – 31.5 t Ag|
|Hohentanne – 10.0 t Ag|
|Kleinvoigtsberg 192.8 t Ag|
|Obergruna 159.0 t Ag + Cu and Zn|
|Siebenlehn – 0.77 t Ag|
|Munzig – 0.89 t Ag|
|Scharfenberg 55 t Ag, 1,907 t Pb|
In addition to the silver potential of the Bräunsdorf licence, there is exploration potential for zinc-lead, particularly in the Scharfenberg – Munzig – Kleinvoigtsberg – Großvoigtsberg-Obergruna mining camps, by-product tin (Sn) and associated Cu, Zn between Bräunsdorf and Obergruna as well as graphite, barite and fluorite.
As shareholders may have guessed, due to the long period of the mining history and incomplete records, it is impossible to know the complete mining production from the Bräunsdorf licence area but it is clearly a significant mining belt. Previous historical work was limited by the crude exploration and mining methods available at the time as well as water extraction methods required to keep the mines dry and the metallurgical complexity and recovery methods. Globex will apply modern exploration methods to the Bräunsdorf licence once the location and compilation of all available historical data is completed.
Historical and geological information will be made available on Globex’s website www.globexmining.com shortly.
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 with research input from Matthias Jurgeit, Euro Geologist.
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