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Globex Mining Enterprises Inc.
Summary
| Project: | Middle Tennessee Mines | |
|---|---|---|
| Deposit: | Middle Tennessee Mines | |
| Location: | United States | |
| Commodities: | Zinc | |
| Date: | 4/25/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Active Mining & Production | |
| Report details: | 25-4-2018: Globex Mining Enterprises Inc. announces a Resource Estimation report for its Middle Tennessee Mines deposit at the Middle Tennessee Mines project. JV with Nyrstar NV - updated resources and reserve for MTM property. Rouyn-Noranda, Québec, Cana | |
| Resources: | (Reserve, P+P): 3.46Mt @ 3.30% Zn at MTM operation | |
| CP/QP: | [Resources]: J. Morton Shannon, (AMC Consultants Pty Ltd.) | |
| ABSTRACT: | Rouyn-Noranda, Québec, Canada. GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz Stock Exchanges and GLBXF – OTCQX International) is pleased to provide shareholders with a short update regarding our Middle Tennessee Mines Royalty. The Middle Tennessee Mines (MTM) is comprised of three operating mines: Gordonsville, Elmwood and Cumberland and one project Stonewall, all operated by Nyrstar NV. Zinc mineralization occurs as what is known as Mississippi Valley type deposits. At the current zinc price, Globex retains a 1.4% Gross Metal Royalty. Globex has received royalty payments totaling CDN$ 1,008,171 in 2017 and CDN$ 564,222 to date in 2018. On March 22, 2018, Nyrstar issued a press release providing an update on operations, which commenced in May of 2017, and a new resource calculation. The press release stated the following: “The operation achieved approximately 0.76 million tonnes mill throughput at an average grade of 3.12% Zn to the end of 2017. Total Ore Reserves increased by 1.08 million tonnes and this increase is largely attributable to higher zinc prices and lower treatment charges, together with conversion of Measured and Indicated Resources to Ore Reserves. In terms of Resources, a total of 730 thousand tonnes of Measured and Indicated Resources was added, and this was due to discovery of extensions to mineralization and remodeling parts of the orebody”. | |
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