Duquesne West-Ottoman Property

ROUYN-NORANDA, Quebec, Feb. 02, 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 that Emperor Metals Inc. (AUOZ-CSE, EMAUF-OTCQB, 9NH-FSE) have paid Duparquet Assets Ltd., a private company owned 50% by Globex, the second year option payment to maintain Emperor’s option on the Duquesne West-Ottoman property in Duparquet township, Quebec, NTS-32D06. The option renewal for 2024 consists of a $500,000 cash payment and $300,000 in Emperor shares based upon a 20-day VWAP amounting to 2,583,119 shares. During 2023, Emperor undertook a 14-hole drill campaign and relogged and took 3 000 samples of historical core as part of a program focused on outlining a near surface lower grade open pittable gold deposit rather than an underground higher grade mine. For previous press releases, Emperor have announced both high grade and low grade intersections building upon their open pit model.   Additional drill hole results are being waited upon and the 3,000 metres of historical core samples are being prepared to submit for assay.

The Duquesne West-Ottoman property straddles the Porcupine-Destor gold localizing fault several kilometres east of the town of Duparquet, Quebec. A number of previous drill campaigns have outlined an inferred resource of 4.17 million tonnes grading 5.42 g/t Au (cut) or 6.36 g/t Au (uncut) as reported in the NI43-101 report “Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada by Watts, Griffis and McOuat, David Power-Fardy, M.Sc., Senior Geologist and Kurt Breede, P.Eng., Senior Resource Engineer” dated October 20, 2011. The report is available on Globex’s website. Of particular note, is that a gold price of US$960.00 per ounce and an exchange rate of US$0.95 = CDN$1.00 was used as was a minimum mining width of 2.5 metres in the resource calculation.

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.

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.