Globex Commences Drilling at Laguerre and Knutson Gold Zones

ROUYN-NORANDA, Quebec, Sept. 17, 2020 (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 inform shareholders that it has started a five-hole drill program on its 100% owned Laguerre-Knutson-Raven River gold property located in McVittie and Hearst townships, adjoining Larder Lake, Ontario.

The drill program will consist of three holes to test beneath the Knutson gold zone where previous trenching returned the following:

• Vein 1: 0.42 oz. /ton gold over a width of 5.3 feet and a length of 160 feet;
• Vein 2: 0.25 oz. /ton gold over a width of 5.9 feet and a length of 90 feet.                   

Two additional holes will be drilled at the north end of the Laguerre gold zone where Sudbury Contact Mines Ltd. reported a historical non-NI 43-101 resource of 56,680 tons grading 0.128 oz/ton gold. In the 1940’s, Laguerre Gold Mines Ltd. Sank a 778-foot shaft with 3 levels on the gold zone. In addition, they undertook 2,443 feet of drifting on several levels along with 4,240 feet of diamond drilling. Subsequent drilling by Sudbury Contact in the late 1970’s and early 1980’s extended the zone to depth, intersecting erratic gold mineralization.

The property also includes the Raven River gold zone where Raven River Gold Mines (1939) reported a historical non-NI 43-101 resource of 11 million tons grading 0.05 oz/ton gold. The current drilling will not test this zone.

(Note: The resource calculations are historical and preliminary in nature and were undertaken prior to the implementation of NI 43-101 regulations, has not yet been verified by Globex nor its geological staff and thus, should not be relied upon.)

See property map below.

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

54,631,852 shares issued and outstanding

A map accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/0ed99010-b87e-4e94-9f53-58fad033adc1