ROUYN-NORANDA, Quebec, Aug. 06, 2024 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders as regards work undertaken by Scandium Canada Ltd. on their adjoining property to Globex’s Crater Lake area property.  Scandium Canada reported (click to Scandium press release) that they have completed two separate types of drill programs at their Crater Lake Scandium Project located 200 km ENE of Schefferville, Quebec (13M05).

The drilling campaign had two objectives. The first objective, the drilling of 6 geo-mechanical holes totalling 1,669 m, was completed to determine the optimal angles of the slopes of a proposed open pit design for a pre-feasibility study.

The second objective, 1,185 m in 7 drill holes, was to confirm the potential extension of the TG Zone for an additional 250 metre length. The company reported “mineralization is present in all holes.”

Globex is pleased that Scandium Canada Ltd. is moving forward with advancing this logistically remote project. The scandium orebody is located within the northwest portion of a circular magnetic structure (see mag map below), the northern half of which is owned by Scandium Canada Ltd. and the southern half by Globex. Numerous occurrences of scandium and rare earths are located on Globex’s property. Globex undertook a Terraquest Fixed-Wing, High Resolution Horizontal Aeromagnetic Gradient and Matrix-Plus VLF-EM Survey of its claims in order to better define the ore bearing structure on our property. As our neighbour advances their project, the intrinsic value and potential of Globex’s property is enhanced. Globex must now decide to either advance the property by itself or seek a qualified partner.

Location of grab samples on the property

This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his 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.