Troilus Announces New Gold Discovery on Globex’s Lac Testard Royalty Property
April 04 2022 - 9:00AM
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 Troilus Gold Corp. (TLG-TSX, CHXMF-OTCQX) has announced “drill
results from its high-grade gold-copper-silver Testard target
located approximately 10 kilometres south of the main mineral
corridor and former mine site”.
The new gold discovery is
located on a group of five Globex royalty property cells
acquired from Globex in 2020 as part of a larger 91 cell
acquisition deal announced by Globex in a press release on July 21,
2020. Under the transaction, Globex received 350,000 Troilus shares
and retains a 2% Gross Metal Royalty of which 1% may be purchased
for $1 million.
The new discovery is located 400 metres
from the main Testard surface showing, also on Globex’s
Royalty cells as reported in Globex’s press release dated February
9, 2022.
In their March 31, 2022, press release, Troilus
reports as regards the main Testard surface
showing “drill hole TES-21-005 targeted and
intersected gold bearing structures at depth below previously
sampled outcrop. Intercept highlights include: 6.72 g/t gold over
3.2 metres, including 17.3 g/t gold over 0.7 metres”.
A new gold discovery was
drilled 400 metres northwest from the main Testard surface
outcrop where previously reported grab samples
assayed as high as 203.0 g/t Au, 2,440 g/t Ag and 4.37% Cu and
channel samples as high as 5.4 g/t Au over 2 m including 19.5 g/t
Au over 0.5 m (see Troilus press release dated February 8,
2022).
New gold discovery drill holes
TES-21-001 and TES-21-002 “intersected gold-rich quartz
veins”. Assays reported by Troilus are as
follows:
Hole
TES-21-002 intersected:
- 4.63 g/t gold over 7.6
metres including 20.2 g/t gold over 1.2 metres
- 7.12 g/t gold over 1.4
metres
Hole
TES-21-001 intersected highlights including
- 1.96 g/t gold over 3.8
metres, including 2.68 g/t gold over 1.8 metres
- 4.86 g/t gold over 0.75
metres
Justin Reid, Troilus President and CEO,
commented, "The results from our first test drilling program at
Testard are very exciting. The structural model developed by our
geological team used to identify these initial drill targets, some
of which are nearly half a kilometre away from the main showing, is
truly impressive. Testard has returned the highest insitu gold and
silver grades identified to date within the entire Frotet-Evans
Greenstone Belt; these initial drill results are hugely motivating
to our team as we continue to assess results and further develop
our models in preparation for an expanded drill program. Though
early, the proximity of this target to our future operation,
powerline, access roads and infrastructure warrants further work,
especially considering these exciting grades."
Globex is pleased by the work being undertaken
by Troilus and looks forward to the next phase of work on Globex’s
Lac Testard Royalty Property.
Note: |
Production royalties are only payable upon production but do have
an asset value. Globex currently has 89 royalties on various
properties of which, 87 are in Canada, 1 in the US and 1 in Saxony
Germany. |
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.
We Seek Safe Harbour. |
Foreign Private Issuer 12g3 – 2(b) |
|
CUSIP Number 379900 50 9LEI 529900XYUKGG3LF9PY95 |
For further information, contact: |
Jack Stoch, P.Geo., Acc.Dir.President & CEOGlobex Mining
Enterprises Inc.86, 14th StreetRouyn-Noranda, Quebec Canada J9X
2J1 |
Tel.: 819.797.5242Fax: 819.797.1470 info@globexmining.com
www.globexmining.com |
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.
A photo accompanying this announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/41cb3c45-7ae8-40b0-acf4-85a7fbfa5142
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