Globex Options Grand Calumet Uranium-Fluorite Property to Hawk Precious Minerals Inc.
GLOBEX MINING ENTERPRISES INC. announce that Hawk Precious Minerals Inc. (CNQ: HAWK) has signed an option agreement with Globex whereby Hawk can earn up to 70% interest in Globex’s 100% owned Grand Calumet uranium-fluorite property.
In order to earn the 70% interest in the property, Hawk must pay Globex $205,000, issue to Globex 1.7 million Hawk shares and perform $2.5 million in exploration work within a 31/2 year period.
In addition to the 30% retained interest in the property, Globex will maintain a 3% Gross Metal Royalty, 1% of which can be purchased by Hawk at anytime for $1 million. A five kilometre area of influence around the property has been instituted under which any property claimed by either party will fall under this agreement including the Gross Metal Royalty clause.
The Grand Calumet Uranium-Fluorite property is situated in Grand Calumet Township (31F15) approximately 35 km northwest of Hull, Quebec and Ottawa, Ontario.
The property was worked initially between 1953 and 1954 by Calumet Uranium Mines Ltd. during which period diamond drilling and scintillometer surveys outlined two uranium-fluorite zones. Mapping, stripping, surface sampling and a small bulk sample (680 kg grading 0.10% U3O8 and 0.15% ThO2) further defined the mineralization with individual grab samples ranging up to 4% U3O8 and 20% ThO2. The mineralization is described as being highly erratic in nature. Calumet Uranium Mines Ltd. reported a resource of 490,000 tons averaging 0.05% U3O8 and 0.15% ThO2 on one area of the property (Quebec Geological Report 80, 1958).
Quebec government files (Cogite 31F/15-0026) report a historical non NI 43-101 conformable calculated tonnage of 1 million tonnes grading 0.80% U3O8, 0.29% ThO2 and 10% to 15% fluorite referencing Albarmont Inc.’s 1983 annual report. This historical reference has not been independently verified by Globex.
This press release was written by Jack Stoch in his capacity as a Qualified Person (Q.P.).
Forward Looking Statements – We seek safe harbor
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 Company’s expectations and projections.
Contacts: Globex Resources Ltd. Jack Stoch P. Geo., Q.P., President & CEO (819) 797-5242 (819) 797-1470 (FAX) info@globexmining.com
www.globexmining.com
Hawk Precious Minerals Inc. Vance White President (416) 214-2250 416-367-1954 (FAX) ir@hawkpreciousminerals.com
www.hawkpreciousminerals.com
