Mar 14 2017
GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1MN)(STUTTGART:G1MN)(BERLIN:G1MN)(MUNICH:G1MN)(XETRA:G1MN)(OTCQX:GLBXF) is pleased to report the results of a recent mineral resource estimate study by Chalice Gold Mines Limited (TSX:CXN)(ASX:CHN) announced in a March 7th, 2017 press release about Globex's Nordeau West gold deposit located in Vauquelin Township, Quebec.
The Nordeau West gold deposit is defined by 121 surface drill holes (41,278 m) which were drilled between 1981 and 2008 of which 96 historical drill holes (27,744 m) were drilled in early campaign and 25 more recent drill holes (13,352 m) between 2006 and 2008.
The mineral resource estimate as reported by Chalice is summarised below:
Nordeau West Mineral Resource Estimates
|
JORC Category
|
Cut-Off
(g/t Au)
|
Tonnes
(t)
|
Grade
(g/t Au)
|
Contained
Gold
(oz Au)
|
|
Indicated
|
2.75
|
225,000
|
4.17
|
30,200
|
|
Inferred
|
2.75
|
1,112,000
|
4.09
|
146,300
|
Mineral resources are not mineral reserves and do not have demonstrated economic viability. These mineral resource estimates include inferred mineral resources that are considered too speculative geologically to have economic considerations applied to them that would enable them to be categorised as mineral reserves. There is also no certainty that these Inferred mineral resources will be converted to the Measured and Indicated categories through further drilling, or into mineral reserves, once economic considerations are applied. All figures are rounded to reflect the relative accuracy of the estimate and therefore numbers may not appear to add precisely.
The independent mineral resource estimates for the Nordeau West deposit was prepared by MRB & Associates, ("MRB") principal John Langton, P.Geo., Qualified Person under NI 43-101, of Val d'Or, Quebec and is reported and classified in accordance with National Instrument NI 43-101. Globex has not undertaken work to verify the results as announced by Chalice and are reporting what Chalice are announcing today in order to keep Globex shareholders informed.
The mineral resources in this news release were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM), CIM Standards on Mineral Resources and Reserves, Definitions and Guidelines prepared by the CIM Standing Committee on Reserve Definitions and adopted by the CIM Council.
Chalice is currently compiling a 3D interpreted model of the Nordeau West gold deposit with the aim of evaluating potential extensions to the deposit and identifying other favourable structures or contacts that have not been previously tested. A 2000 metre drill program has commenced along strike to identify possible extensions of the Nordeau West gold deposit.
Chalice has filed on SEDAR (www.sedar.com), the National Instrument 43-101 "Technical Report and Mineral Resource Estimate for the East Cadillac Gold Project, Val-d'Or, Quebec" dated February 12, 2017, which includes the updated mineral resource for the Nordeau West gold deposit. The report can also be viewed at www.chalicegold.com.
Chalice have an option to acquire 100% interest in the Nordeau property in exchange for $590,000 in option payments ($120,000 received to date), undertaking $2,500,000 in exploration over 4 years and reserving for Globex a 3% Gross Metal Royalty. (See press release dated October 11, 2016 for details)