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Emperor Renews Option on Globex’s 50% owned Duparquet Assets

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Emperor Renews Option on Globex’s 50% owned Duparquet Assets

 

 

 

 

 

GLOBEX MINING ENTERPRISES INC. (TSX:GMX) (FRA:G1MN) (OTCQX:GLBXF)  is pleased to inform shareholders that Emperor Metals Inc. (CSE:AUOZ) (OTCQB:EMAUF) (FRA:9NH) have paid Duparquet Assets Ltd., a private company owned 50% by Globex, the second year option payment to maintain Emperor’s option on the Duquesne West-Ottoman property in Duparquet township, Quebec, NTS-32D06. The option renewal for 2024 consists of a $500,000 cash payment and $300,000 in Emperor shares based upon a 20-day VWAP amounting to 2,583,119 shares. During 2023, Emperor undertook a 14-hole drill campaign and relogged and took 3 000 samples of historical core as part of a program focused on outlining a near surface lower grade open pittable gold deposit rather than an underground higher grade mine. For previous press releases, Emperor have announced both high grade and low grade intersections building upon their open pit model.   Additional drill hole results are being waited upon and the 3,000 metres of historical core samples are being prepared to submit for assay.

 

The Duquesne West-Ottoman property straddles the Porcupine-Destor gold localizing fault several kilometres east of the town of Duparquet, Quebec. A number of previous drill campaigns have outlined an inferred resource of 4.17 million tonnes grading 5.42 g/t Au (cut) or 6.36 g/t Au (uncut) as reported in the NI43-101 report “Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada by Watts, Griffis and McOuat, David Power-Fardy, M.Sc., Senior Geologist and Kurt Breede, P.Eng., Senior Resource Engineer” dated October 20, 2011. The report is available on Globex’s website. Of particular note, is that a gold price of US$960.00 per ounce and an exchange rate of US$0.95 = CDN$1.00 was used as was a minimum mining width of 2.5 metres in the resource calculation.

 

This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.

 

Posted February 2, 2024

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