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Globex Sells Eight Advanced Gold Exploration Assets to O3 Mining

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Globex Sells Eight Advanced Gold Exploration Assets to O3 Mining






GLOBEX MINING ENTERPRISES INC. (TSX:GMX) (FRA:G1MN) (OTCQX:GLBXF)  is pleased to announce that it has sold a 100% interest in eight groupings of advanced gold exploration claims to O3 Mining Inc. (TSX-V:OIII) (OTCQX:OIIIF).   The claims are located northwest of Lebel-Sur-Quevillon, Québec in NTS 32F06 and 32F07 and comprise a total of 156 claims, being Globex’s Ludger/Noyelles, Riviere Baptiste, Discovery North, Discoflo, Desjardins South, Cameron, G claims and Manon properties. All of the properties have gold occurrences either outcropping or intersected in historical drill holes. The Cameron and Manon properties straddle the Cameron Lake Fault which localizes the Flordin Gold Deposit directly adjoining to the west and the Discovery Gold Deposit north-westward beyond the Flordin Gold Deposit.


Under the purchase and sale agreement, O3 paid $2,000,000 to Globex at closing, consisting of $150,000 in cash and 1,185,897 common shares of O3. One-half of the O3 shares issued to Globex are subject to a six-month contractual hold period, and one-half of the shares are subject to a twelve-month contractual hold period. Globex has retained a 2.5% Gross Metal Royalty on 104 claims and a 1% GMR on the 52-claim G Block recently purchased by Globex. O3 will assume an underlying 2% net smelter returns royalty on the 52 claims.   O3 may purchase 40% of the 2.5% GMR (equal to a 1% GMR interest) from Globex for $1,500,000, payable half in cash and half in O3 shares, at any time prior to the commencement of commercial production.


Globex is pleased to have concluded this transaction with O3, which is in Globex’s view a well-managed and financed corporation with advanced gold assets in the Val-d’Or, Québec mining camp, including a number of gold deposits. O3’s geological expertise in gold exploration and large land package of advanced gold assets in the Val-d’Or mining camp are two of the reasons Globex is pleased to have vended its claims to O3 and accepted the bulk of the purchase price in O3 shares.


This press release was written by Jack Stoch, Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under National Instrument 43-101 Standards of Disclosure for Mineral Projects.


Posted December 22, 2023

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