ROUYN-NORANDA, Quebec, May 26, 2025 (GLOBE NEWSWIRE) -- 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 Renforth Resources Inc. (RFR-CSE, RFHRF-OTC, 9RR-FSE) has published a new NI 43-101 Resource Estimate Technical Report as regards the Parbec Property in Malartic Township, Quebec. Globex retains a 3% Gross Metal Royalty on all mineral production from the property which is located 5 kilometres west of the large open pit Agnico Eagle Malartic Gold Mine along the gold localizing Cadillac Break.
Renforth announced a 29% increase in the resource estimate with 73% of the new mineral resource now in the Measured and Indicated categories.
The resource data summary by SGS Canada Inc. is reproduced below.
April 2025 Parbec Gold Deposit MRE
(1) Mineral Resources are reported at a cut-off grade of 0.27 g/t Au for the open-pit mining scenario and 1.40 g/t Au for the underground mining scenario
(2) The cut-off grades were determined at a gold price of 2,100 US$ per ounce.
(3) The mineral resources were estimated in compliance with Canadian Institute of Mining, Metallurgy and Petroleum standards. These mineral resources were reported in accordance with the NI 43-101 standards.
(4) Mineral resources do not constitute mineral reserves because they have not demonstrated economic viability.
(5) Inferred resources are exclusive of measured and indicated resources.
(6) The effective date of these mineral resources is April 4, 2025.
(7) Assumptions used are a mining recovery of 95%, a mining dilution of 5%, processing recovery of 95%, processing cost of 12.75 US$/t, general and administration of 1.50 US$/t, open-pit mining cost of 2.5 US$/t for ore, 2 US$/t for waste and underground mining cost of 66 US$/t.
(8) All resources are presented in-situ and undiluted.
(9) All $ values are in US$ unless specifically noted.
(10) All figures are rounded to reflect the relative accuracy of the estimate. Numbers may not add due to rounding.
173 NQ drill holes totalling 46,144 metres and 28,404 assayed samples totalling 31,483 metres were incorporated into the new resource calculation, undertaken by Yann Camus, P.Eng. at SGS Canada Inc. and a qualified person as defined by National Instrument 43-101, in a NI 43-101 report titled Technical Report on the Mineral Resource Estimate Updated for the Parbec Gold Deposit, Abitibi-Temiscamingue Region, Québec, Canada, May 22, 2025. The NI-43-101 may be accessed on Sedar or on Globex's web site. The Renforth press release may be accessed by clicking through here.
Globex is pleased with the progress by Renforth in upgrading the resource both in number of gold ounces and in the upgrading of the quality much of the resource into the Measured and Indicated categories.
This press release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person (Q.P.) under NI 43-101.
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| 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 SEDARplus.ca.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ca736cf9-6a14-421e-83ef-53baed67bc1f
