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Globex Mining Enterprises sees positive results from exploration program at Francoeur/Arntfield Gold Mines property in Quebec

Highlights from the channel sampling program at the 450 Zone of the property returned results such as 5.6 grams per ton gold over 1 metre

gold bars hand
Drilling at the 450 Zone also reported 3.1 grams per ton gold over 5.9 metres and 1.4 grams per ton gold over 13.5 metres

Globex Mining Enterprises Inc (TSE:GMX) (OTCMKTS:GLBXF) told shareholders Tuesday that it has completed further exploration work on its Francoeur/Arntfield Gold Mines property in Quebec.

Exploration included stripping, channel sampling and diamond drilling on several areas of the property, which is located 18 kilometres west of the historic mining town of Rouyn-Noranda.

Highlights from the channel sampling program at the 450 Zone of the property returned results such as 5.6 grams per ton (g/t) gold over 1 metre and 6.2 g/t gold over 4 metres.

READ: Globex Mining Enterprises starts new exploration program at Francoeur/Arntfield gold property in Quebec

Drilling at the 450 Zone also reported 3.1 g/t gold over 5.9 metres and 1.4 g/t gold over 13.5 metres. Additional holes showed 3.6 g/t gold over 2.4 metres and 1.1 g/t gold over 14.3 metres.

At the Arntfield  No. 2 Shaft area, the company drilled two holes to follow up on historical trench assays. One hole returned 1.5 g/t gold over 21.3 metres, including 4.4 g/t gold over 3 metres. An additional hole did not return significant gold values, the company said in a release.

Further exploration was conducted at the South Shear West and Murphy Zones, returning gold values of 2 g/t over 1.4 metres in one drill hole and assays up to 1.6 g/t gold over 5.7 metres.

“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,” Globex said in a statement.

“The mineralization in the Arntfield  No. 2 Shaft area extends over significant width 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 and needs to be followed with additional shallow drilling.”

Shares of Globex were trading at C$0.35 in Toronto and US$0.26 over the counter.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

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Price: 0.325 CAD

TSX:GMX
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Market Cap: $17.68 m
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