Marketwire
ROUYN-NORANDA, QUEBEC--(Marketwired - Sept. 9, 2013) - CHIBOUGAMAU INDEPENDENT MINES INC. (TSX VENTURE:CGB)(STUT:CLL) and GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) are pleased to inform shareholders of the results of the first drill hole, BJ-13-09, undertaken to test a mineralized geological target in an area of historical drilling.
Hole BJ-13-09 has an azimuth of 124°, a dip of 45° and a length of 189 metres and was drilled in order to sample and try to define the controlling structure of historical mineralization in the area. Previous historical drilling was done in several directions as, in the Chibougamau Mining Camp, there are several prominent directions of ore emplacement. The first holes of the program tested one of the historical strike directions of mineralization on the property. Hole BJ-13-09 intersected 36.5 m (119.7 ft) of mineralization grading 1.58% Cu and 11.1 g/t Ag at shallow depth as indicated below:
| From (m) |
To (m) |
Width (m) |
Cu (%) |
Ag (g/t) |
Comments |
| 22.00 |
23.00 |
1.00 |
0.66 |
5.1 |
|
| 23.00 |
24.00 |
1.00 |
1.00 |
9.0 |
|
| 24.00 |
26.15 |
2.15 |
4.50 |
35.0 |
3.8% Cu, 29.05 g/t Ag
over 3 m (9.8 ft) |
| 26.15 |
27.00 |
0.85 |
2.11 |
14.0 |
| 27.00 |
28.50 |
1.50 |
0.30 |
2.1 |
|
| 28.50 |
30.00 |
1.50 |
0.19 |
1.4 |
|
| 30.00 |
31.50 |
1.50 |
0.86 |
7.2 |
|
| 31.50 |
33.00 |
1.50 |
1.30 |
9.4 |
|
| 33.00 |
34.50 |
1.50 |
2.40 |
17.6 |
|
| 34.50 |
36.00 |
1.50 |
0.38 |
2.7 |
|
| 36.00 |
37.50 |
1.50 |
2.02 |
13.2 |
|
| 37.50 |
39.00 |
1.50 |
0.41 |
2.6 |
|
| 39.00 |
40.50 |
1.50 |
0.40 |
2.9 |
|
| 40.50 |
42.00 |
1.50 |
1.07 |
7.1 |
|
| 42.00 |
43.15 |
1.15 |
2.12 |
15.0 |
3.13% Cu, 21.78 g/t Ag
over 4.45 m (14.6 ft) |
| 43.15 |
44.50 |
1.35 |
3.73 |
26.6 |
| 44.50 |
45.50 |
1.00 |
2.64 |
16.7 |
| 45.50 |
46.45 |
0.95 |
4.00 |
28.5 |
| 46.45 |
47.50 |
1.05 |
1.59 |
9.8 |
|
| 47.50 |
48.50 |
1.00 |
1.06 |
5.8 |
|
| 48.50 |
49.20 |
0.70 |
0.80 |
6.7 |
|
| 49.20 |
50.00 |
0.80 |
1.10 |
6.4 |
|
| 50.00 |
51.00 |
1.00 |
1.37 |
8.1 |
|
| 51.00 |
52.50 |
1.50 |
1.03 |
6.3 |
|
| 52.50 |
54.00 |
1.50 |
1.66 |
9.9 |
2.57% Cu, 18.59 g/t Ag
Over 2.5 m (8.2 ft) |
| 54.00 |
55.00 |
1.00 |
3.93 |
27.7 |
| 55.00 |
56.00 |
1.00 |
0.26 |
2.2 |
|
| 56.00 |
56.75 |
0.75 |
0.90 |
7.3 |
|
| 56.75 |
57.45 |
0.70 |
1.10 |
7.6 |
|
| 57.45 |
58.50 |
1.05 |
1.30 |
9.4 |
|
| |
|
|
|
|
|
| 22.00 |
58.50 |
36.5 |
1.58 |
11.1 |
|
The mineralized zone was also anomalous in gold.
Chibougamau Independent Mines core sampling and quality assurance/quality control procedures and assay methods are available on Chibougamau Independent Mines' website at www.chibougamaumines.com under Technical, Technical Information.
Mineralization consists of semi-massive to stringer sulphides with varying amount of chalcopyrite and pyrite in a carbonate schist from core length 22 m to 46.45 m and chalcopyrite and pyrrhotite in a brecciated, mineralized anorthosite from 46.45 m to 58.50 m. Other narrow zones of up to 1.71% Cu were also intersected.
Drill hole BJ-13-09 is the first in a series of six drill holes. At this point in time, we are unable to define a true width or strike to the mineralized intersection but the initial results augur well. It is believed that the true width may be in the order of 10 to 11 meters if the strike direction is other than the one tested.
Claude P. Larouche, B.Sc. Eng., M.Sc., Geol., ing (OIQ) is senior on site manager of this project.
The property is owned 100% by Chibougamau Independent Mines Inc. Globex Mining Enterprises Inc. retains a 3% Gross Metal Royalty on any production from the property.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of the release.
Jack Stoch, P.Geo. President and CEO of Globex Mining Enterprises Inc and Chibougamau Independent Mines Inc. wrote this press release in his capacity as QP under applicable regulations.
| We Seek Safe Harbour. |
Foreign Private Issuer 12g3 - 2(b) |
| |
CUSIP Chibougamau Independent Mines - CBG-V 167101 10 4
CUSIP Globex Mining Enterprises - GMX 379900 50 9 |
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 Companies expectations and projections. A more detailed discussion of the risks is available in the current Globex's "Annual Information Form" available on SEDAR at www.sedar.com