ROUYN-NORANDA, Quebec, May 26, 2022 (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 provide a brief update on the latest drill result announced by Starr Peak Mining Ltd. (TSXV:STE, OTCQX:STRPF) today on Globex’s NewMétal property, Normetmar Zone, at Normetal, Quebec.
On May 19, 2022 Starr Peak announced assays from hole STE-22-092-W2 which intersected 5.03% zinc equivalent over 12.5 metres. In addition, they indicated that a wedge hole, STE-21-92-W3, above this hole intersected mineralization including an estimate of 15% chalcopyrite over 3.7 metres.
Today Starr Peak announced the assays from wedge hole STE-21-92-W3 as follows:
| Zone | Hole No. | From (m) | To (m) | Length (m) | Zn (%) | Cu (%) | Ag (g/t) | Au (g/t) | Zn_Eq (%) |
| Deep | STE-22-92-W3 | 1040.85 | 1046.75 | 5.90 | 0.10 | 2.31 | 24.94 | 0.86 | 9.49 |
| Including | 1041.60 | 1044.65 | 3.05 | 0.10 | 4.17 | 45.20 | 1.61 | 17.17 |
Intervals are reported as drill core lengths measured downhole. True width of mineralization is currently unknown.
Drilling continues on the property with two drills. Starr Peak also indicated that drilling by a third rig on Globex’s Rousseau and Turgeon Lake gold royalty properties has been completed and results are pending as are additional assay results from the winter drill program on the northern portion of the NewMétal property.
Globex retains a 2.5% Gross Metal Royalty on the Normetmar Zone and retains over one million Starr Peak shares. (Note: Production royalties are only payable upon production.)
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.
| We Seek Safe Harbour. | Foreign Private Issuer 12g3 – 2(b) |
| CUSIP Number 379900 50 9 | |
| LEI 529900XYUKGG3LF9PY95 | |
| 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 Fax: 819.797.1470 info@globexmining.com www.globexmining.com |
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.
