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Globex Mining Enterprises acquires 15 claims in New Brunswick covering the Grassville South manganese zone

In 1954, the company noted that Stratmat mapped the area and undertook a gravity survey followed by seven drill holes totaling 590 metres on the resulting gravity anomaly

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A subsequent report by K.O.J. Sidwell, reported 453,500 tonnes of manganese mineralization grading 11.0% manganese and 8.45% iron to a depth of 80 metres

Globex Mining Enterprises Inc. (TSX:GMX) (OTCMKTS:GLBXF) has increased its exposure to manganese by acquiring 15 claims, 20 kilometres north-northeast of Hartland, New Brunswick in Carleton County, covering the Grassville South manganese zone.

In 1954, the company noted that Stratmat mapped the area and undertook a gravity survey followed by seven drill holes totaling 590 metres on the resulting gravity anomaly.

A subsequent report by K.O.J. Sidwell, reported 453,500 tonnes of manganese mineralization grading 11.0% manganese and 8.45% iron to a depth of 80 metres in a body 250 metres long and approximately 10 metres wide.

READ: Globex Mining closes two additional property deals to raise $1.7M in cash

The group pointed out that the resource calculation is historical and preliminary in nature and was undertaken prior to the implementation of NI 43-101 regulations, and has not yet been verified by Globex nor its geological staff and thus, should not be relied upon.

The Sidwell report suggested that there was poor correlation between the drill results and the gravity anomaly and our consulting geologist has indicated that the mineralized zone has a strike of approximately 15 degrees variance with the gravity anomaly.

In other words, there is every chance that additional mineralization should not be ruled out, the group said, and, in addition, much of the area is blanketed by a deep-cover which made exploration difficult.

Globex Mining pointed out that shareholders are probably aware of the current speculation regarding the development of a new type of battery containing manganese as a possible replacement for cobalt and the rise in the stock price of Manganese X (CVE:MN) over the last several days.

It noted that the addition of another manganese property will allow Globex to take further advantage of the current interest in manganese as a potentially important battery metal by seeking to option this new asset.

Contact the author at jon.hopkins@proactiveinvestors.com

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Price: 0.71 CAD

TSX:GMX
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Globex Mining adds to their Manganese portfolio by staking additional claims...

Globex Mining (TSE: GMX-OTCQX: GLBXF) CEO Jack Stoch shared the news with Steve Darling from Proactive that the company has staked some new claims on a property in New Brunswick. That property is covering the Grassville South manganese zone. Stoch talks about the reason behind the interest in...

5 days, 23 hours ago

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