Chibougamau Independent Drilling Returns True Width of 10.6m
grading 2.93% Cu, 39 g/t Ag and 0.68 g/t Au
Chibougamau Independent Drilling Returns True Width of 10.6m
grading 2.93% Cu, 39 g/t Ag and 0.68 g/t Au
ROUYN-NORANDA, QUEBEC--(Marketwired - Oct 3, 2013) -
CHIBOUGAMAU INDEPENDENT MINES INC.
(TSX VENTURE:CGB)(STUT:CLL) and
GLOBEX MINING ENTERPRISES INC.
(TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) are pleased
to inform shareholders of the assay results received from two
additional drill holes, BJ-13-10 and BJ-13-14, undertaken to test a
mineralized geological target in an area of historical
drilling.
Hole BJ-13-10 was drilled from the same set up
as previously announced hole BJ-13-09 (see press release dated
September 9, 2013) which intersected a core length of 1.58% Cu and
11.1 g/t Ag over 36.5 metres. Hole BJ-13-10 has a dip of 60?and a
length of 225 metres and intersected a core length of 43.5
metres (142.7 ft) grading 2.93% Cu, 39.0 g/t Ag and 0.68 g/t Au
with a projected true width of 10.66 metres (35 ft).
BJ-13-10 |
From (m) |
To (m) |
Length (m) |
Cu% |
Ag (g/t) |
Au (g/t) |
37.5 |
81.0 |
43.5 |
2.93 |
39.0 |
0.68 |
Including |
15.0 |
5.12 |
48.3 |
1.19 |
Including |
25.5 |
1.92 |
37.6 |
0.44 |
Hole BJ-13-14 was drilled from the same set up
as BJ-13-13 (see press release dated September 18, 2013) which
intersected a core length of 11.5 metres grading 5.23% Cu, 50.0 g/t
Ag and 0.97 g/t Au. Hole BJ-13-14 has a dip of 45?, a length of 125
metres and was drilled bearing 175? or 25? more southward than hole
BJ-13-13. Hole BJ-13-14 intersected 45.0 metres (147.6 ft)
grading 1.12% Cu, 6.7 g/t Ag and 0.32 g/t Au with
a projected true width of 17 metres (55.8 ft).
BJ-13-14 |
From (m) |
To (m) |
Length (m) |
Cu% |
Ag (g/t) |
Au (g/t) |
69.5 |
114.5 |
45.0 |
1.12 |
6.7 |
0.32 |
Including |
9.55 |
1.72 |
15.4 |
0.35 |
Including |
26.0 |
1.23 |
5.4 |
0.40 |
Mineralization in both holes consists of semi-massive to
stringer sulphides with varying amount of chalcopyrite and pyrite
in a siderite, sericite schist.
Compilation of historical drill data shows that while
our drilling has tested only the shallow upper reaches of the
mineralized zone, given that a historical drill hole intersected
mineralization at a vertical depth of approximately 250m (820 ft)
grading 3.08% Cu over a core length of 12.8m (42 ft) indicating
significant potential to depth.
Compilation of the first four holes in the mineralized zone,
allows us to now define with some certainty the strike and dip of
the mineralization. The strike is between 120? and 130? and the dip
near vertical. Drilling in the future will be oriented so as to
intersect the mineralized zone based upon this strike and dip
orientation.
Assaying was done at Expert Laboratory in Rouyn-Noranda, Quebec,
using the standard fire assay method for gold and aqua regia
digestion with an AA finish for copper and silver. Core sampling
and quality assurance/quality control procedures and assay methods
are available on the Chibougamau Independent Mines' website at
www.chibougamaumines.com under Technical, Technical
Information.
The property is owned 100% by Chibougamau Independent Mines Inc.
Globex Mining Enterprises Inc. retains a 3% Gross Metal Royalty on
any production from the property.
Claude P. Larouche, B.Sc. Eng., M.Sc., Geol., ing (OIQ)
is senior on site manager of this project. Neither the TSX
Venture Exchange nor its Regulation Services Provider (as that term
is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of the
release.
Jack Stoch, P.Geo. President and CEO of Globex Mining
Enterprises Inc and Chibougamau Independent Mines Inc. wrote this
press release in his capacity as QP under applicable
regulations.
We
Seek Safe Harbour. |
Foreign Private Issuer 12g3 - 2(b) |
|
CUSIP Chibougamau Independent Mines - CBG-V 167101 10 4 |
|
CUSIP Globex Mining Enterprises - GMX 379900 50 9 |
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 Companies expectations and
projections. A more detailed discussion of the risks is available
in the current Globex's "Annual Information Form" available on
SEDAR at www.sedar.com