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Globex Mining Enterprises Inc. informed shareholders of the updated resource figures announced by Selwyn Resources Ltd. on the Getty Lead‐Zinc zone, part of the Scotia Mine property purchased by Selwyn from Acadian Mining Corporation.
Globex retains a 1% Gross Metal Royalty on the Getty deposit which is located 1,500 metres west of mill facilities. Selwyn announced a NI 43‐101 compliant resource estimate using a variety of zinc equivalent cut‐off grades. Tonnages and grades varied from 5,720,000 tonnes grading 1.68% Zn and 1.23% Pb in the Measured and Indicated categories and 1,350,000 tonnes grading 1.52% Zn and 1.31% Pb in the Inferred category, both at a cut‐off of 1.50% zinc equivalent, to 2,160,000 tonnes grading 2.35% Zn and 2.00% Pb in the Measured and Indicated categories and 460,000 tonnes grading 2.21% Zn and 2.23% Pb in the Inferred category, both at a cut‐off of 3.00% Zn equivalent. The resource calculation has an effective date of March 28, 2011 and was done by Michael Cullen and Chrystal Kennedy both P.Geos employed by Mercator Geological Services of Dartmouth, Nova Scotia. In a subsequent Selwyn press release dated April 6, 2011, Selwyn stated: “The recently completed Getty deposit mineral inventory also indicates the potential for open pit mining in that area, so with additional drilling and engineering studies, the mineral resources may have the potential to expand the longevity of the Scotia Mine”. |
