Globex’s Crater Lake Southeast Scandium Project, Quebec
ROUYN-NORANDA, Quebec, March 20, 2019 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz Stock Exchanges and GLBXF – OTCQX International) is pleased to inform shareholders that Imperial Mining Group (IPG-TSXV) have announced that they have mobilized crews to start a 2,500 metre drill program on their Crater Lake Scandium Property east of Schefferville, Quebec which adjoins Globex’s similarly named property. The target is scandium mineralization in a magnetic pyroxenite horizon related to an oval, 6 km diameter alkali intrusive complex. While Imperial Mining Group holds the northwestern half of the 6 km ring structure, Globex holds the southeastern half (see map below).
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Globex recently acquired its land position in anticipation of drilling by Imperial. Scandium (Sc), when alloyed with aluminum, produces an extremely light weight and strong material well suited for the next generation of airplane manufacturing and other high-tech applications. Minor amounts of scandium in alloys will allow for the manufacture of lighter and more fuel efficient aircrafts and cars which should be cheaper to operate and emit less CO2. Concentrations of scandium are low and rare making it one of the most expensive elements.
Because the Crater Lake Southeast property is remote and exploration costly, Globex will await the results of drilling by Imperial before considering an exploration program on its property.
Imperial Mining’s latest press release has been posted on Globex’s website under “Properties, Crater Lake Southeast Property”.
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 9 LEI 529900XYUKGG3LF9PY95 |
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| For further information, contact: | |
| Jack Stoch, P.Geo., Acc.Dir. President & CEO Globex Mining Enterprises Inc. 86, 14th Street Rouyn-Noranda, Quebec Canada J9X 2J1 |
Tel.: 819.797.5242 Fax: 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.
51,803,577 shares issued and outstanding
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/75519b9b-cd91-490a-9e14-d8424f5f167f
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