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Globex Options Kachiwiss Uranium Area Properties

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Globex Options Kachiwiss Uranium Area Properties

 

 

 

 

GLOBEX MINING ENTERPRISES INC. (TSX:GMX) (FRA:G1MN) (OTCQX:GLBXF)  is pleased to announce that it has entered into an option agreement wherein Victory Battery Metals Corp. (CSE:VR) (OTC Pink:VRCFF) (FRA:VR6) may earn 100% interest in four Globex claim groupings in the Sept Iles region of Quebec.

 

The claims cover the Kachiwiss Uranium deposit with a reported historical, non-Ni 43-101, possible resource of 16,598,000 tonnes grading 0.016% U3O8 within a pegmatic dyke oriented NW45o. The zone, as currently defined, measures 975 metres long by 610 metres to 760 metres wide and is open. Metallurgical test work suggests recoveries of up to 92.9% can be achieved. (Source: Quebec Government files in Sigeom)

 

In addition to the Kachiwiss deposit, the option includes a large package of claims covering lake bottom sediment sample uranium anomalies farther to the north. In total, 156 mining claims make up the package with Globex retaining a 10-kilometre area of mutual interest surrounding the current claim blocks. Under the agreement, Globex will receive $400,000 in cash and 1,500,000 Victory shares over 3 years with Victory undertaking $3,000,000 of work on the claims over a 4-year period. Globex also retains a 3% Gross Metal Royalty on all metals, minerals, elements or compounds including but not limited to uranium, thorium or any other marketable product from the claims. Victory may, at anytime, purchase 1% GMR from Globex for a single cash payment of $1,000,000.

 

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

 

Posted April 18, 2024

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