Globex’s Francoeur/Arntfield Gold Mines Update

ROUYN-NORANDA, Quebec, Nov. 26, 2019 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to announce shareholders that recently, Globex Mining Enterprises Inc. completed a program of stripping, channel sampling and diamond drilling on several areas of the Francoeur/Arntfield Gold Mines property, located 18 km west of Rouyn-Noranda, Quebec.

Stripping and channel sampling 450 Zone

Stripping was undertaken along the northern side of the previously stripped areas of the 450 Zone upon which channel sampling results were reported in Globex’s press release dated October 16, 2018. The newly stripped areas were pressure washed and then channel sampled.

2019 Channel sample results include the following:

In addition, a number of grab samples were taken, the best results include the following:  3.12 g/t Au, 7.82 g/t Au, 1.48 g/t Au, 3.87 g/t Au and 5.55 g/t Au.

Drilling 450 Zone Area

Three drill holes were undertaken in the area of the 450 Zone. Hole FS-19-59 was drilled beneath historical hole H-127 which reported 3.11 g/t Au over 5.91 m. Hole FS-19-59 returned 1.47 g/t Au over 13.5 m (including 2.83 g/t Au over 4.5 m) from 7.5 m to 21.0 m down the hole.

Hole FS-19-57 was drilled 75 m north and 65 m below of hole FS-19-59.  Hole FS-19-57 intersected three gold horizons: 0.74 g/t Au over 3 m, 0.99 g/t Au over 4.6 m and 3.56 g/t Au over 2.4 m.

Hole FS-19-58 was drilled 50 m east of Hole FS-19-57. Hole FS-19-58 intersected 1.11 g/t Au over 14.25 m (including 5.25 g/t Au over 1.5 m) from 15.00 m to 29.25 m down the hole, in a shear zone different from the 450 zone.

Historical Drill Hole FS-05-26

Hole FS-19-56 was drilled above historical hole FS-05-26 that reported 1.13 g/t Au over 24.7 m including 1.61 g/t Au over 13.3 m. Hole FS-19-56 intersected 1.81 g/t Au over 11.0 m (including 3.45 g/t Au over 3.4 m) from 76 m to 87 m. The shear zone intersected in hole FS-19-58 is the same as the shear zone intersected in these holes.

Arntfield # 2 Shaft Area

Two holes were drilled in the area of the Arntfield #2 Shaft to follow up on historical trench assays. Hole FS-19-60, collared approximately 115 m west-northwest of the shaft, returned 1.45 g/t Au over 21.3 m including 4.42 g/t Au over 3 m. Hole FS-19-61, collared 60 m northeast of the shaft #2, did not return significant gold values and is thought the collar is too far south.

South Shear West

Two drill holes tested an induced polarization anomaly at the western extreme of the February 2019 IP survey. The best intersection returned 2.02 g/t Au over 1.4 m in hole FS-19-55 from 169.3 m to 170.7 m.

Murphy Zone

The Murphy Zone is an area south of the Francoeur #8 gold deposit where Globex grab sampling in the summer returned assays of up to 25.4 g/t Au (See press release dated Oct. 3, 2019). Two areas were stripped and selected areas were channel sampled. Assays up to 1.59 g/t Au over 5.65 m including 3.41 g/t Au over 1.90 m were encountered.

All in all, we are pleased with the results to date which indicate that the 450 Zone extends to depth below the surface exposures which we extended, by stripping and channel sampling. The mineralization in the Arntfield #2 Shaft area extends over significant width (+20 m) although more work needs to be done to better define the extent of the mineralization. Also, holes FS-19-56 and FS-19-58 show that the intersection reported in historical hole FS-05-26 projects toward the surface over significant width (+ 11 m) and needs to be followed with additional shallow drilling.

Note: Grab samples are selective by nature and unlikely to be representative of average grade. Drill intersections reported are core lengths and are thought to represent near true widths.

See map attached for further information.

This press release was written by Jack Stoch, Geo., President and CEO of Globex and Manon Garant, Geo., in their capacity as a “Qualified Person” (Q.P.) under NI 43-101.

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

54,398,852 shares issued and outstanding

A map accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/faefb262-9816-406e-8cf1-c92275fc0088