Category: Base Metals

Ottawa, Ontario–(Newsfile Corp. – April 11, 2024) – Gold79 Mines Ltd. (TSXV: AUU) (OTCQB: AUSVF) (“Gold79” or the “Company”) is pleased to announce the initiation of a non-brokered private placement to raise gross proceeds of up to $1,000,000, comprising 4,000,000 post-consolidation (see below) units (each a “Unit”), at $0.25 per Unit (the “Offering”). Each Unit will consist of one post-consolidation common share of the Company and one-half post-consolidation common share purchase warrant, each whole warrant (a “Warrant”) will entitle the holder to purchase one common share of the Company at a price of $0.30 per share for a period of 24 months following the date of issuance. Additionally, the Warrants will be callable during the 24-month period, at the option of the Company, in the event that the 20-day volume-weighted average price of the Company’s common shares meets or exceeds $0.50 for ten consecutive trading days based on trades on the TSX Venture Exchange and Alternative Trading Systems. Subscribers will be notified of the call provision being triggered and will have a 30-day period to exercise the warrants.

Any securities issued under the Offering will be subject to a statutory hold period of four months and one day from the date of issuance. This Offering is subject to approval of the TSX Venture Exchange (“TSX-V”). The anticipated closing date of the Offering is April 30, 2024.

The Offering will be conducted by the Company utilizing the Existing Security Holder Prospectus Exemption under OSC Rule 45-501 Ontario Prospectus and Registration Exemptions and other equivalent provisions of applicable securities laws in other jurisdictions in Canada (collectively, the “Existing Security Holder Exemptions”) as well as the “accredited investor” exemption under National Instrument 45-106 Prospectus and Registration Exemptions and also other exemptions available to the Company.

The Company will make the Offering available to all shareholders of the Company as of April 10, 2024 (the “Record Date”) who are eligible to participate under the Existing Security Holder Exemptions and who have notified the Company by no later than April 24, 2023 at 5:00 pm (Eastern) of their intention to participate in the Offering. The Existing Security Holder Exemptions limit a shareholder to a maximum investment of $15,000 unless the shareholder certifies in the subscription agreement that he or she has obtained advice regarding the suitability of the investment from a registered investment dealer or otherwise qualifies to rely on another private placement exemption.

In the subscription agreement, shareholders will be required to certify the number of common shares of the Company held as of the record date and the total number of Units they wish to subscribe for. Each existing shareholder on the record date will be entitled to purchase that number of Units equal to at least their pro rata share based on the common shares owned on the record date, subject to a $4,000 minimum subscription. Any additional available Units will be allocated by the Company based on subscriptions received and Units available. Orders will be processed by the Company on a first come, first served basis such that it is possible that a subscription received from a shareholder may not be accepted by the Company if the Offering is over subscribed. Any person who becomes a shareholder of the Company after the Record Date shall not be entitled to participate in the Offering under the Existing Security Holders Exemptions.

Proceeds raised under the Offering will be used for exploration expenditures related to the Gold Chain, Arizona project; property claim costs and contractual property payments; and, for working capital and general corporate purposes.

It is anticipated that certain officers and directors of the Company will participate in the Offering. Gold79 may pay commissions to qualified finders in Canada in connection with the Offering. Any finder fees paid would be in accordance with TSX-V policies.

The offered securities will not be registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act”) and may not be offered or sold within the United States or to or for the account or benefit of U.S. persons, except in certain transactions exempt from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell, or the solicitation of an offer to buy, securities of the Company in the United States.

Share consolidation

Gold79 will consolidate the Company’s common shares, subject to TSX-V approval, on the basis of one post-consolidation common share for every 10 pre-consolidation common shares. The Company will not be seeking a new name or trading symbol. In accordance with the articles and bylaws of the Company, the consolidation has been approved by the board of directors of the Company, and shareholder approval is not required.

The Company will issue a future news release announcing the effective date of the consolidation and its new CUSIP and ISIN numbers.

Currently, there are 191,298,579 common shares issued and outstanding, and after the consolidation and before the closing of the Offering, there will be approximately 19,129,857 common shares issued and outstanding. No fractional shares will be issued as a result of the consolidation. Instead, any fractional share interest of 0.5 or higher arising from the consolidation will be rounded up to one whole share, and any fractional share interest of less than 0.5 will be cancelled without further compensation.

Registered shareholders of the Company will receive a letter of transmittal from the Company’s transfer agent with instructions for exchanging their pre-consolidation shares for post-consolidation shares. Shareholders who hold their shares through a broker or other intermediary will not need to complete a letter of transmittal.

About Gold79 Mines Ltd.

Gold79 Mines Ltd. is a TSX Venture listed company focused on building ounces in the Southwest USA. Gold79 holds 100% earn-in option to purchase agreements on three gold projects: the Jefferson Canyon Gold Project and the Tip Top Gold Project both located in Nevada, USA, and, the Gold Chain Project located in Arizona, USA. In addition, Gold79 holds a 32.3% interest in the Greyhound Project, Nunavut, Canada under JV by Agnico Eagle Mines Limited.

For further information regarding this press release contact:
Derek Macpherson, President & CEO
Phone: 416-294-6713
Email: dm@gold79mines.com
Website: www.gold79mines.com.

Book a 30-minute meeting with our CEO here.

Stay Connected with Us:
Twitter: @Gold79Mines
Facebook: https://www.facebook.com/Gold79Mines
LinkedIn: https://www.linkedin.com/company/gold79-mines-ltd/

FORWARD-LOOKING STATEMENTS:

This press release may contain forward-looking statements that are made as of the date hereof and are based on current expectations, forecasts and assumptions which involve risks and uncertainties associated with our business including the proposed private placement or any future private placements, the share consolidation, the uncertainty as to whether further exploration will result in the target(s) being delineated as a mineral resource, capital expenditures, operating costs, mineral resources, recovery rates, grades and prices, estimated goals, expansion and growth of the business and operations, plans and references to the Company’s future successes with its business and the economic environment in which the business operates. All such statements are made pursuant to the ‘safe harbour’ provisions of, and are intended to be forward-looking statements under, applicable Canadian securities legislation. Any statements contained herein that are statements of historical facts may be deemed to be forward-looking statements. By their nature, forward-looking statements require us to make assumptions and are subject to inherent risks and uncertainties. We caution readers of this news release not to place undue reliance on our forward-looking statements as a number of factors could cause actual results or conditions to differ materially from current expectations. Please refer to the risks set forth in the Company’s most recent annual MD&A and the Company’s continuous disclosure documents that can be found on SEDAR at www.sedar.com. Gold79 does not intend, and disclaims any obligation, except as required by law, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

NOT FOR RELEASE OR DISTRIBUTION IN THE UNITED STATES OR
FOR DISSEMINATION TO U.S NEWS WIRE SERVICES

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/204981

ROUYN-NORANDA, Quebec, April 10, 2024 (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) reports that today Emperor Metals Inc. (“Emperor”) (CSE: AUOZ, OTCQB: EMAUF, FSE: 9NH), announced additional assay results and achievements from the 8,579 meter, 2023 drilling campaign at the Duquesne West Gold Project under option from Duparquet Assets Ltd., a 50% owned subsidiary of Globex Mining Enterprises Inc.

Emperor has reported the following in today’s press release:

“Emperor has been targeting a multi-million-ounce resource in a combination conceptual open pit and underground mining scenarios. This campaign, guided by the innovative application of Artificial Intelligence (AI) and Machine Learning, was strategically designed to achieve two major objectives:

• Explore anticipated extensions of high-grade targets suitable for both underground and open-pit mining.
• Identifying potential infill opportunities within a conceptual open-pit model. Historically, the potential for lower-grade, bulk tonnage contributory ounces was overlooked.

Highlights of Emperor’s 2023 Drilling Campaign:

• Extensions of High-Grade Targets:Exploration drilling has successfully identified extensions of high-grade mineralization favorable to both underground and open pit mining methods, underscoring the robust potential of the project.
  • 10.8 m of 15.8 g/t Au (DQ23-05)
  • 11.7 m of 5.63 g/t Au (DQ23-01)
  • 13.2 m of 3.75 g/t Au (DQ23-09)
• Opportunities in Conceptual Open Pit Model:Drilling and resampling has unveiled promising potential for the conceptual pit, previously classified as waste, that are now recognized for their potential to expand and improve the basic economics. Some notable thickness include:
  • 25.0 m of 1.69 g/t Au (DQ23-02)
  • 11.75 m of 0.61 g/t Au (DQ23-10)
  • 24.4 of 0.5 g/t Au (DQ23-05)
• Expansion of Mineralization Footprint: A continuous trend of mineralization extending over 1.2 kilometers east of the conceptual open-pit model has been discovered, significantly expanding the overall footprint of mineralization at the project.
• Fully Funded 2024 Drilling Program: Emperor is fully funded for a 5,000-meter drilling program set to commence in Q2 of 2024, building on the successes of the 2023 campaign.

Upcoming Drilling Season:

Emperor is fully funded for a 5,000-meter drilling program to begin in Q2 of 2024. These results will be used to refine their A.I. models which will aid in targeting in the 2024 drill season. Emperors strategy is focused on evaluation of increasing potential ounces for a later mineral resource update. Most of Emperor’s work in 2024 will be concentrated on the open pit concept; where they see potential to add ounces cost effectively by expanding the footprint and/or adding incremental ounces to the conceptual open pit.

Emperor is also sampling near-surface core from Globex’s historical core library that was not assayed. Up to 70% of this core has not been assayed. So far, over 3,000 meters have been sampled. This is a huge benefit to shareholders,   acquiring additional assays without drilling, saving capital while having no shareholder dilution.

Image 1: A) Figure showing Phase 1 conceptual open pit model and location of assays in this press release. B) Figure showing Phase 1 Open Pit contained in the Ultimate Pit Conceptual Model. These intercepts increase the footprint of the deposit and add ounces to the deposit.

Summary of Drill Results:

2023 Recent Drilling Results

Full results for DQ23-10 to DQ23-14 and unsampled historical core have been released from SGS Laboratories (see Image 1 and Table 1 intercept highlights). The strategy of diamond drillholes DQ23-10 to 14 and the assaying of historic unsampled intervals was to determine if the Phase 1 pit could be extended westward to connect smaller satellite pits and add incremental ounces in the previously unsampled host rock. Affirmation of both scenarios bolstered support for growth. Both the smaller Phase 1 and Ultimate Pit Conceptual Model contain mineralization in the host rock that surrounds the high-grade zones.

• DQ23-10 intersects 11.75 meters (m) of 0.61 g/t Au
• DQ23-14 intersected 5.0 m of 0.83 g/t Au.

Up to 70% of the core is un-assayed in Emperors conceptual open pit models. These lower grade, additional bulk tonnage ounces within the open-pit conceptual model are very significant for reducing strip ratio and improving overall economics in a combination open-pit and under-ground mining scenario.

Historic Core Sampling
Historic drill core sampling was confined to the potential Phase 1, Open Pit areas where intervals within previous obtained drill-core were not sampled (see Image 1 and Table 1). This was the best strategic option for evaluation in the inaugural drill program.

Drillholes DQ10-11 and DQ11-22 revealed the potential to add incremental ounces to the main portion of the Phase 1, pit shell with intersections of 8.0 m of 1.9 g/t Au and 6.0 m of 0.76 g/t Au this is expected to extend the footprint of mineralization and add additional lower grade incremental ounces to the high-grade zones in the Phase 1, Open Pit.
Outside the main area of the Phase 1, Open Pit, mineralization extends 1.7 km eastward to what previous workers called the Nip Zone. The combination of several factors gives significant exploration potential for expanding the pit:

• Drillholes ²DQ06-17 and DQ06-18 which are 1.7 km from the main Phase 1, Open Pit area contain unsampled mineralization (see table 1) where higher grade gold exists in historical core. In addition to these incremental ounces, both these drill-holes have near surface, higher grade intercepts. ²DQ06-17 had an interval of 4.6 m of 2.56 g/t Au and ²DQ06-18 had an interval of 2.5 m of 51.9 g/t Au.
• There is very limited drilling between the main Phase 1 Open Pit and the eastern portion of property (Nip Zone), which creates significant opportunity.
• Multiple high-grade near surface hits with reasonable thickness in historic drillholes along this trend; such as ²DQ10-17 of 16.0 m of 3.2 g/t Au.

The open pit concept in Image 1B shows an ultimate pit with a depth extent of 400 meters; the footprint is 1.8 km by 0.8 km. Sampling unsampled historic core in 2024 will strategically focus on the area of the conceptual open pit design. This will allow us to determine the potential economics as we progress through the phases having the necessary assay results for resource evaluation and eventually for economic evaluations.

In General, mineralization is within and proximal to a fertile, gold endowed, quartz-feldspar porphyry intrusion (QFP), which appears to enrich the greenstone belt along this structural corridor that hosts the Duquesne West Gold Deposit.  Apophyses of this intrusion are more endowed and are close to the most highly replacement type mineralization. Competency contrasts between rock types within this mineralized corridor are good sites for additional mineralization.

High and low-grade mineralization are important in Open Pit Mining:

1. Highest grade intercepts are within mafic (+/- ultramafic) breccia zone carapaces mantling the QFPs or highly deformed replacement style structural zones (in the mafic volcanics) that are highly strained and completely replaced by ankerite, sericite, and quartz.
2. The broadest low-grade zones are located within the QFPs.
3. Some lower-grade broad zones mantle higher-grade intercepts in the mafic volcanics.  This usually occurs at the margin between mafic volcanics and QFP (low grade in both units surrounding a high-grade intercept.)

This mineralizing system is significantly large in length, width and depth. These broad zones will aid in lowering strip ratios when Emperor has enough data to support a new resource estimate for both open pit and underground conceptual mining scenarios.

Samples were sent to SGS Laboratories in Lakefield, ON.

About the Duquesne West Gold Project

The Duquesne West Gold Property is located 32 km northwest of the city of Rouyn-Noranda and 10 km east of the town of Duparquet. The property lies within the historic Duparquet gold mining camp in the southern portion of the Abitibi Greenstone Belt in the Superior Province.

Under an Option Agreement, Emperor agreed to acquire a one hundred percent (100%) interest in a mineral claim package comprising 38 claims covering approximately 1,389 ha, located in the Duparquet Township of Quebec (the “Duquesne West Property”) from Duparquet Assets Ltd., a 50% owned subsidiary of Globex Mining Enterprises Inc. For further information on the Duquesne option please see Globex’s press release dated October 12, 2022.

The Property hosts a historical inferred mineral resource estimate of 727,000 ounces of gold at a grade of 5.42 g/t Au.^1,2 The mineral resource estimate predates modern CIM guidelines and a Qualified Person on behalf of Emperor has not reviewed or verified the mineral resource estimate, therefore it is considered historical in nature and is reported solely to provide an indication of the magnitude of mineralization that could be present on the property. The gold system remains open for resource identification and expansion.

Reinterpretation of the existing geological model was created using Artificial Intelligence (A.I) and Machine Learning. This model shows the opportunity for additional discovery of ounces by revealing gold trends unknown to previous workers and the potential to expand the resource along significant gold-endowed structural zones.
Multiple scenarios exist to expand additional resources which include:

1. Underground High-Grade Gold
2. Open Pit Bulk Tonnage Gold
3. Underground Bulk Tonnage Gold.

¹ Watts, Griffis, and McOuat Consulting Geologists and Engineers, Oct 20, 2011, Technical Report and Mineral Resource Estimate Update for the Duquesne-Ottoman Property, Quebec, Canada for XMet Inc.

² Power-Fardy and Breede, 2011. The Mineral Resource Estimate (MRE) constructed in 2011 is considered historical in nature as it was constructed prior to the most recent Canadian Institute of Mining and Metallurgy (CIM) standards (2014) and guidelines (2019) for mineral resources. In addition, the economic factors used to demonstrate reasonable prospects of eventual economic extraction for the MRE have changed since 2011. A qualified person has not done sufficient work to consider the MRE as a current MRE. Emperor is not treating the historical MRE as a current mineral resource. The reader is cautioned not to treat it, or any part of it, as a current mineral resource.

Table of Significant Drilling Intercepts
Hole No.	From (m)	To (m)	Interval (m)	Au (g/t Au)
1DQ23-10	108.75	109.8	1.05	1.96
	109.8	111	1.2	0.005
	111	112.5	1.5	0.2
	112.5	115	2.5	0.59
	115	117.5	2.5	0.09
	117.5	118.5	1	0.14
	118.5	119.5	1	2.06
	119.5	120.5	1	0.85
		Wt. Avg.	11.75	0.61
		Including:	2	1.46
1DQ23-11	38.15	39.35	1.2	2.18
1DQ23-11	217	218	1	1.29
	218	219	1	0.8
	219.0	220.0	1	0.06
	220	221	1	0.36
		Wt. Avg.	4	0.63
		Including:	2	1.05
1DQ23-12	11	12	1	1.04
	12	13	1	0.1
	13	14	1	0.92
		Wt. Avg.	3	0.69
1DQ23-14	169	170	1	0.55
	170	171	1	1.28
	171	172	1	1.18
	172	173	1	0.52
	173	174	1	0.61
		Wt. Avg.	5	0.83
		Including:	2	1.23
1DQ23-14	308	309	1	0.19
	309	310	1	0.36
	310	311	1	0.17
	311	312	1	0.28
	312	313	1	0.17
	313	314	1	0.60
	314	315	1	0.53
		Wt. Avg.	6	0.33
1Host Structures are interpreted to be steeply dipping and true widths are generally estimated to be 80 to 90%.
Historical Core Results
Hole No.	From (m)	To (m)	Interval (m)	Au (g/t Au)
1,2DQ02-10	443.4	444.3	0.9	5.42
	444.3	445	0.7	0.13
	445	446	1	5.55
	446	447	1	0.28
	447	448	1	19.28
	448	449	1	13.42
	449	450	1	5.9
	450	451	1	1.48
	451	452	1	5.09
	452	453	1	0.31
	453	454	1	2.65
	454	455	1	0.48
	455	455.5	0.5	0.05
	455.5	456.7	1.2	0.54
	456.7	458	1.3	0.47
		Wt. Avg.	14.6	4.16
		Including:	9.6	5.56
1DQ06-17	226.1	227	0.9	4.52
	227	227.75	0.75	0.83
		Wt. Avg.	1.65	2.84
1DQ06-18	265	266	1	0.61
	266	267	1	0.06
	267.0	268.0	1	0.21
		Wt. Avg.	3	0.29
1DO-10-03	184	185	1	0.69
	185	186	1	0.79
		Wt. Avg.	2	0.74
1DO-10-10	7	8	1	0.64
	8	9	1	0.44
		Wt. Avg.	2	0.54
1DO-10-11	39	40	1	0.13
	40	41	1	0.16
	41	42	1	0.02
	42	43	1	0.01
	43	44	1	0.10
	44	45	1	14.62
	45	46	1	0.05
	46	47	1	0.13
		Wt. Avg.	8	1.90
		Including:	3	4.93
1DO-11-20	408	409	1	0.74
	409	410	1	0.13
		Wt. Avg.	2	0.44
	437.8	439	1.2	0.53
	439	440	1	0.79
		Wt. Avg.	2.2	0.65
1DO-11-22	189	190	1	3.07
	190	191	1	0.72
	191	192	1	0.04
	192	192.5	0.5	0.12
	192.5	193	0.5	0.23
	193	194	1	0.05
	194	195	1	0.50
		Wt. Avg.	6	0.76
		Including:	4	1.00
		Including:	2	1.90
1DO-11-22	216	217	1	0.21
	217	218	1	0.26
	218	219	1	0.28
	219	220	1	0.28
	220	221	1	0.14
	221	222	1	0.33
	222	223	1	0.50
		Wt. Avg.	7	0.29
1Host Structures are interpreted to be steeply dipping and true widths are generally estimated to be 80 to 90%.
2Core that has been re-assayed to confirm historical grade.

QP Disclosure

The technical content for the Duquesne West Project in Emperors news release was reviewed and approved by John Florek, M.Sc., P.Geol., a Qualified Person pursuant to CIM guidelines.”

This press release was copied with minor changes by Jack Stoch, 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
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 info@globexmining.com 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 SEDAR at www.sedar.com.

55,256,836 shares issued and outstanding

An image accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/b52ebeef-41d4-4f87-a72f-b52611b7be5c