Globex Mining updates Crater Lake exploration, Quebec

Globex Mining Enterprises Inc. [GMX-TSX; GLBXF-OTCQX ] reported work undertaken by Scandium Canada Ltd. [SCD-TSXV; OTCQB; SCDCF] on their adjoining property to Globex’s Crater Lake area property.  Scandium Canada reported that they have completed two separate types of drill programs at their Crater Lake Scandium Project located 200 km ENE of Schefferville, Quebec.

The drilling campaign had two objectives. The first objective, the drilling of 6 geo-mechanical holes totalling 1,669 metres, was completed to determine the optimal angles of the slopes of a proposed open pit design for a pre-feasibility study.

The second objective, 1,185 metres in seven drill holes, was to confirm the potential extension of the TG Zone for an additional 250 metre length. The company reported “mineralization is present in all holes.”

Globex is pleased that Scandium Canada Ltd. is moving forward with advancing this logistically remote project. The scandium orebody is located within the northwest portion of a circular magnetic structure, the northern half of which is owned by Scandium Canada Ltd. and the southern half by Globex. Numerous occurrences of scandium and rare earths are located on Globex’s property. Globex undertook a Terraquest Fixed-Wing, High Resolution Horizontal Aeromagnetic Gradient and Matrix-Plus VLF-EM Survey of its claims in order to better define the ore bearing structure on our property. As Globex’s neighbour advances their project, the intrinsic value and potential of Globex’s property is enhanced. Globex must now decide to either advance the property by itself or seek a qualified partner.