Globex acquires additional gold resources
Globex Mining Enterprises is pleased to inform shareholders that it has acquired, from Rockport Mining Corp., a wholly owned subsidiary of Tri-Star Resources plc, 100% interest in the Golden Pike Property hereafter called the Devil's Pike Gold Property located in the Parish of Springfield, Kings County and Wickham Parish, Queens County, south central New Brunswick.
The property consists of 119 claims totalling 1,904 hectares and includes the "Main" and "Parallel" gold zones. A 2011 NI 43-101 Technical Report* reported an Inferred Mineral Resource of 214,800 tonnes grading 9.60 gpt Au (cut) containing 66,300 oz of gold or 214,800 tonnes grading 13.48 gpt Au (uncut) totalling 93,100 ounces of gold.
The Inferred Resource is based upon 100 diamond drill holes with a total length of 16,185.5 m, a cut-off grade of 5 gpt Au and a minimum thickness of 2 metres, a long term gold price of US$1,200 per oz Au and a CDN$:US$ exchange rate of 1:1.
*NI 43-101 Technical Report on the Golden Pike Project, New Brunswick, Canada for Portage Minerals Inc. by Paul Chamois, M.Sc. (Applied) P.Geo., Tudorel Ciuculescu, M.Sc., P.Geo. and David A. Ross, M.Sc., P.Geo., Roscoe Postle Associates Inc., August 19, 2011.
The report also states that "In addition to the resource, the potential tonnage and grade of the mineralization located along strike in both directions from the Golden Pike resource, which are targets for further exploration, could be 150,000 to 350,000 tonnes grading between 7.0 gpt Au and 10 gpt Au.
The potential quantity and grade is conceptual in nature as there has been insufficient exploration to define a mineral resource along strike from the resource area, and it is uncertain if further exploration will result in the target being delineated as a mineral resource".
"RPA also notes that the North Mineralized Trend hosts favourable geology and exploration results, however, it has yet to receive sufficient exploration work to estimate an exploration target."
Between 2011 and 2012, an additional 24 holes and one hole extension were drilled by Rockport Mining Corp. that had amalgamated with Portage on November 2, 2010.
Under the agreement with Rockport Mining Corp, a wholly owned subsidiary of Tri-Star Resources plc, Globex will pay Tri-Star 350,000 shares of Globex and a one percent (1%) Net Smelter Royalty (NSR) after the property has produced 600,000 ounces of gold.
The property has a two percent (2%) underlying royalty. All the royalties may be purchased for CDN$ 500,000 per half percent (0.5%).
Source: Company Press Release