Troilus Announces New Gold Discovery on Globex’s Lac Testard Royalty Property

Apr 4th, 2022 9:00 EST

ROUYN-NORANDA, Quebec, April 04, 2022 (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 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 [email protected] 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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