ROUYN-NORANDA, QUÉBEC--(Marketwired - Jan. 10, 2018) - GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1MN)(STUTTGART:G1MN)(BERLIN:G1MN)(MUNICH:G1MN)(XETRA:G1MN)(OTCQX:GLBXF) is pleased to provide shareholders with an update on exploration by Falco Resources Limited (FPC-TSXV) on Globex's Donalda Royalty Property. Shareholders are reminded that Globex sold the former Donalda Gold Mine property to Falco in September 2017 for $300,000, 350,000 Falco shares, 350,000 five year Falco warrants and a 2.5% Gross Metal Royalty. (See Globex press release dated September 27, 2017 for details).
Below please find a verbatim extract from Falco's press release of today's date. Globex is pleased that Falco is undertaking a significant exploration program on the Donalda property.
2018 Donalda Exploration Program
On December 21, 2017, the Company closed a $8.5 million private placement financing to fund its 2018 exploration program. The bulk of the placement proceeds will be spent on the Donalda property and surrounding properties located near Horne and Quemont. The Donalda property is located 800 metres east of the Horne 5 deposit. In 2017, about 4,700 metres were drilled on the Donalda property, results are pending. The drilling consisted of testing the extensions of the known mineralization and confirming historical results. Following the reception of results, a preliminary NI 43-101 resources calculation will be initiated. Given its close proximity to the Horne 5 deposit, potential underground mineralization would be accessible from the Horne 5 future underground infrastructure. The Donalda targets consists of a gold quartz vein system, however the volcanogenic massive sulfide potential remains to be tested.
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.
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51,053,577 shares issued and outstanding