Uranium, Gold and Rare Earths Discovered on Globex’s Hunters Point Property and Nearby Claims
ROUYN-NORANDA, QUEBEC–(Marketwire – June 19, 2008) – GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(FRANKFURT, STUTTGART, BERLIN, MUNICH, XETRA:G1M)(OTCQX:GLBXF) is pleased to update shareholders, as regards work from the 2007 Summer season on Globex’s 100% owned Hunters Point property.
Work undertaken by Noront Resources Ltd. on Globex’s Hunters Point Property in 2007, while the property was under option to them, included ground geophysics (scintillometer and Beep Mat surveys) and geological follow-up. While many first priority targets were not tested as they were not accessible by all terrain vehicle or boat, a number of target areas were sampled.
Please refer to the legend at the end of this press release for term definitions.
A new showing area termed the Coconut Club was discovered which returned significant values for uranium, gold, silver, lanthanum, cerium and yttrium. Surface samples assayed up to 864 ppm U, 7.94 g/ t Au, 33.1 g/t Ag, greater than 10,000 ppm REE (La + Ce), the upper limit of the assay method, and greater than 500 ppm Y. This showing is part of a long radiometric anomaly which extends over a length of at least 2.5 km both north and south of the showing and connects to the south with Aurizon Mines Snake North showing (see Aurizon’s press release date November 8, 2007) which assayed up to 0.20% U308, 0.09% LREE, 0.30% HREE and 0.67% Yttrium. Much of the radiometric anomaly on Globex’s property is overburden covered and requires additional detailed follow-up.
Close by but also to the South of Globex’s Coconut showing, Aurizon recently announced the discovery of the Snake South showing with up to 7.89% LREE (light rare earth elements), 0.40% HREE (heavy rare earth elements) and 0.35% yttrium and the Snake Center showing with values of up to 0.32% U308, 0.16% LREE, 0.73% HREE and 1.98% Y.
The discovery of these showings, over a strike length of some 2 kilometers in the same geological package as the Coconut Club showing and Globex’s largely untested 2.5 km long radiometric anomaly, bodes well of the potential of the area for uranium, rare earths and precious metals.
At the original Hunters Point showing on the opposite side of a large regional fold or basinal structure, rock samples collected by Noront assayed up to 1.96 g/t Au and 5.22 g/t Au while uranium assays on individual samples ran 0.11% U, 0.12% U, 0.12% U, 0.16% U, 0.20% U, 0.23% U, 0.46% U and 0.70% U in a rock package believed to be the same as that enclosing the Coconut Club and other newly discovered showings.
Much of the work on Globex’s property was performed by the consulting firm InnovExplo under Mr. B. Allou, Ph.D., P. Geo. and Mr. Donald Trudel, B.Sc., P.Geo. and with the input of Mr. A. Carrier, M.Sc., P. Geo. In their report dated January 18, 2008, Allou and Carrier state “Two types of uranium deposits are recognized on the property: the syngenetic type (in highly metamorphosed sedimentary rocks) and the epigenetic (?) type (pegmatite related). In both cases, high grade values are reported with a generally good association of uranium with many other ore elements (Au, Ag, REE Th, Y, Nb, etc.) justifying a good economic potential of the property”.
The Globex property has been increased in size such that it now covers an area of over 26,000 hectares much of which remains unexplored. Historically, uranium surface samples assaying up to 7% U308 and over 1 oz/t Au have been received from select surface samples with the highest assays being obtained at the Hunters Point showing on the west side of the large regional fold (or basinal structure), while the Coconut showing and Aurizon’s Snake showings are on the east side of the fold structure. Clearly more exploration is required both for uranium and gold as well as for the various rare earth elements.
The work by Noront, our previous option partner and Aurizon on adjoining claims, has advanced the understanding and potential of the area in particular the over 26,000 hectares of mineral claims owned outright by Globex.
LEGEND Ag:____________Silver Au:____________Gold REE:__________ Rare Earth Elements (17 elements of the periodic table ______________ including scandium (Sc) and yttrium (Y)). LREE:__________Light rare earth elements include lanthanum (La), cerium ______________(Ce), praseodymium (Pr) and neodymium (Nd). HREE:__________Heavy rare earth elements include promethium (Pm), samarium ______________(Sm), europium (Eu), gadolinium (Gd), terbium (Tb), ______________ dysprosium (Dy), holmium (Ho), erbium (Er), thulium (Tm), ______________ ytterbium (Yb) and lutetium (Lu). U:____________ Elemental Uranium U308:__________Uranium Oxide Y:____________ Yttrium Radiometrics:__A measure of the natural radiation in the earth’s surface. ______________ Measures the spatial distribution of 3 radioactive ______________ elements; potassium (K),__thorium (Th) and uranium (U). This press release was written by Jack Stoch in his capacity as a Qualified Person (Q.P.). We Seek Safe Harbour.__________________ Foreign Private Issuer 12g3 – 2(b) ________________________________________CUSIP Number 379900 10 3
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 Company’s expectations and projections.
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