Globex Mining Enterprises Inc. Upgrades Ironwood Gold Resource To Indicated From Inferred

Published: 2025-06-10 11:36:17 ET GMX.TO

Published on 06/10/2025 at 11:36

GLOBEX MINING ENTERPRISES INC. informed shareholders as regards to the completion of the NI 43-101 Technical Report on Globex's 100% owned Ironwood Gold Deposit received on May 30th. The report titled "NI 43-101 Technical Report, Ironwood Gold Deposit, Cadillac, Quebec, Canada, by SLR Consulting (Canada) Ltd., effective April 15, 2025, was written by Qualified Person Reno Pressacco, M.Sc. (A), P.Geo., FGC.

and will be filed on Sedar within 45 days. Highlights from the Ironwood Gold Deposit Resource Report: 19 new holes in 2024 increased the total drilled on Ironwood to 105 drill holes and 31,360 metres. The 2024 drill program suggests that the Ironwood deposit may be open to depth.

Drilling near surface showed the mineralization extends vertically to sub-outcrop but the upper +-60 metres from surface grades +/- 3 g/t - 5 g/t gold, somewhat lower grade than the deeper mineralization. The new resource has 86% of the tonnes upgraded to Indicated Resource from Inferred due to a much higher confidence level. The 2024 drilling was successful in reaching the Globex goals of largely delineating the shape and boundaries of and improving confidence in, the mineral grade and tonnage.

The new NI 43-101 Resource outlined an Indicated Resource of 234,800 t at an average grade of 14.38 g/t Au for 108,528 ounces within an approximate drill hole spacing of up to 25 m inside the mineralized domains and 37,100 t Inferred resource at an average grade of 7.22 g/t Au for 8,614 ounces within the mineralized domains and with a drill spacing greater than 25 m. Five (5) mineralized domains have been intersected in the drilling and are included in the resource calculation. In February 2008 a resource on the Ironwood deposit also prepared by Reno Pressacco estimated an Inferred Resource of 243,200 tonnes grading 17.3 g/t gold for 136,000 ounces. The biggest impact on the new resource came from a drop in the cut off grade to 1.5 g/t vs 3.0 g/t in 2008 which reduced the overall grade of the deposit, increased the total tonnes and marginally reduced the total contained ounces.

The mineralized resource was defined using a cut-off grade of 1.5 g/t Au, generated by assuming metallurgical recovery of 90%, standard treatment and refining charges, mining costs of CAD 140.00/t for underground mining, processing costs of CAD 15.00/t and administrative costs of CAD5.00/t and a minimum mining width of 2 metres. A price of USD 2,500 per ounce Au and a USD/C$ exchange rate of USD 1.00 = CAD 1.43 was used. Globex will now study the best way forward to create value from this compact high-grade gold deposit for Globex shareholders.

The possibilities include mining it ourselves utilizing one of a number of possible mining methods, entering a joint venture with a more senior company who may have a processing facility nearby or selling the deposit or entering an option agreement. Currently, the company are reviewing and updating the Cadillac Gold Mine and Wood Gold Mine data both historical gold mines which are located within one (1) of each other on the Wood/Cad Cadillac property. The initial review to date suggests that the ounces now classified as an Indicated Resource.

The company is looking at the historical Wood and Cadillac Gold Mines located on the same property in order to identify and detail potential areas where additional drilling may extend the potential of these historical gold deposits.