ROUYN-NORANDA, Quebec, May 22, 2025 (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 it has signed an option agreement on its Golden Pike (Devils Pike) gold property in New Brunswick with Australian company Bryah Resources Limited (BYH-ASX). The Golden Pike has a historical NI 43-101 capped Inferred Resource of 214,800 t at 9.6 g/t Au containing 66,300 oz gold.1
Under the agreement, which is a four-year option, Bryah may pay Globex as follows to earn a 100% interest in the property. Failure to complete all payment terms results in earning no property interest.
- $20,000 for 2-month due diligence period (received);
- Year 1, $80,000 and $ 200,000 in Bryah shares and undertake $500,000 (FIRM) in expenditures;
- Year 2, $100,000 and $200,000 in Bryah shares and undertake $500,000 in expenditures;
- Year 3, $200,000 and $200,000 in Bryah shares and undertake $1,000,000 in expenditures;
- Year 4, $300,000 and $500,000 in Bryah shares and undertake $1,000,000 in expenditures;
Total: $700,000 cash, $1,100,000 in Bryah shares and $3,000,000 in property expenditures.
Should Bryah achieve production, Globex will retain a 2% Gross Metal Royalty (GMR) on the first 20,000 oz. Au produced and a 3% Gross Metal Royalty on all subsequent production. Bryah shall have the right to purchase 1% of the 3% GMR only prior to reaching 20,000 oz. of gold recovery. In addition, at the sixth anniversary, Globex shall begin to receive an annual $60,000 advance royalty payment adjusted for inflation and recoverable by Bryah from first production of gold and other metals or minerals from the property. The property has a pre-existing royalty that may be due to a third party for which Globex will remain responsible.
In addition to the property’s gold potential, several occurrences of antimony are recorded with grab samples on surface of up to 53% Sb. (Note: grab samples are selective in nature and do not represent an average grade.) Extensive geological, geochemical, geophysical surveys have been undertaken on the property in addition to exploration drilling and definition drilling on the Golden (Devil’s) Pike gold zone.
1 Technical Report on the Golden Pike Project, Canada NI 43-101 Report. Qualified Persons: Paul Chamois, M.Sc. (Applied), P.Geo., Tudorel Ciuculescu, M.Sc., P.Geo., David A. Ross, M.Sc., P.Geo., Roscoe Postle Associates Inc., August 19, 2011.
Golden (Devil’s) Pike South Gold Deposit (Longitudinal Section) – Bryah Resources Ltd.
Source: Bryah Resources Press Release May 21, 2025
True Widths – Extract from NI43-101
The mineralizing system trends northerly, dips steeply to the west, and has a true width varying from one metre to five metres. Wider mineralized intervals may be a result of en echelon veining or splaying of veins. The veining is structurally controlled along a brittle fracture and is oblique to the regional northeast structural trend. The veining consists mainly of quartz and carbonate with or without sulphides. Many of the veins appear to be composite, consisting of more than one generation of quartz and/or carbonate. Individual intersections range as high as 26.47 g/t Au across 4.10 m in hole FR-95-09 to 8.08 g/t Au across 7.72 m in hole DP-08-15.
COMPETENT PERSONS STATEMENT – EXPLORATION RESULTS
The information in this announcement that relates to exploration results is based on the information obtained from the NI43 101, public, and supplied data (from Globex) which has been reviewed by Mr. Ashley Jones, who is a Member of the Australasian Institute of Mining and Metallurgy (AusIMM) and is a director of Bryah Resources. Mr. Jones has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr. Jones consents to the inclusion in this announcement of the matters based on his information in the form and context in which it appears. Where the Company refers to Exploration Results in this announcement (referencing previous releases made to the ASX), the Company is not aware of any new information or data that materially affects the information included in the relevant market announcements.
This press release was written by Jack Stoch, P. 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 9 LEI 529900XYUKGG3LF9PY95 |
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| For further information, contact: | |
| Jack Stoch, P.Geo., Acc.Dir. President & CEO Globex Mining Enterprises Inc. 86, 14th Street Rouyn-Noranda, Quebec Canada J9X 2J1 |
Tel.: 819.797.5242 Fax: 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 SEDARplus.ca
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/763af6ad-cdf7-4273-aea6-17de5cfa3a9c
