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Globex Mining intersects 8.68 g/t gold on Beacon claim in Quebec

Globex Mining Enterprises (TSE:GMX) announced Tuesday it intersected up to 8.68 grams per tonne (g/t) gold in an unnamed drill hole completed on its wholly owned Beacon claim, located east of the city of Val D'Or, Quebec.

The hole was intended to intersect the Boulamaque granodiorite batholith - a type of volcanic rock. Drilled to a depth of 260 metres, the 426-metre drill hole intersected 3.72 g/t gold over 4.4 metres, including 2.9 metres grading 5.19 g/t gold, which also included 1.5 metres at 8.68 g/t gold.

Globex said the mineralized area is untested in all directions, and has a strike distance of at least 450 metres.

This same granodiorite mineralization hosts Globex's wholly owned Wrightbar gold mine. Beacon Gold Mines has a property to the southwest of this hole, while to the north are Richmont Mines' Beaufor gold mine and a property owned by Courvan Mining.

The true width of the mineralization is unknown as only one hole has been completed to date, Globex said. However, it intends to do additional drilling on this discovery.

Globex shares started the day high before leveling off, trading at $1.70 as of 10.04 am EDT.