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Global Announces New High-Grade Vein Extension Discovery During Bulk Sampling Program

By Market Wire,  July 07, 2014, 09:00:00 AM EDT


VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 07/07/14 -- Global Minerals Ltd.(TSX VENTURE:CTG)(OTCBB:GMLFF) is pleased to announce the discovery of a new high-grade extension of the Strieborná vein at its 100% owned silver/copper property in Slovakia. The extension was discovered during the collection of a bulk sample for metallurgical purposes and has been explored by a combination of drifting on the vein as well as three cross-cuts which fully intersect it. Highlights include:

  • Average grade of 348 grams silver per tonne and 1.55% Cu across 5.5 meters in cross-cut 1
  • Average grade of 496 grams silver per tonne and 2.21% Cu across 5.0 meters in cross-cut 3
  • Average grade of 434 grams silver per tonne and 1.85% Cu across 4.5 meters in cross-cut 5

New Discovery Extends High Grade Zone

Tunneling was conducted during March to May 2014 on Level 6 (approximately 150 meters below surface) to intersect the Strieborná vein and collect a bulk sample for metallurgical testing (See Figure 1). Nearby drilling had indicated the presence of the vein that is now confirmed by the tunneling. This newly defined section is the continuation of a high-grade zone in the deposit that begins on Level 10, a further 200 meters below Level 6. Its full extension up the dip of the vein above Level 6 is not yet known but thought to be meaningful given the Company's past experience studying Strieborná. The high-grade zone extends along the strike of the vein for at least 250 meters (see Figure 2).

An extensive sampling program was conducted to assess this zone and includes channel and panel samples. Results are compiled in the accompanying Table. The Company now has approximately 500 tonnes of mineralized material stockpiled on surface for future metallurgical testing (see photo 1 - channel sample of channel and photo 2 of panel sample).

Phase I Development May Yield Significant Capital Savings

The new data collected from this bulk sampling program is currently being incorporated into our existing resource model, and the Company is now evaluating a Phase I development program for Strieborná. Phase I is a mine plan that targets the high grade zone of the Strieborná vein to produce a silver/copper concentrate within the parameters of the Company's mine operating permit (see press release of May 15, 2014). Phase I can be largely accomplished with existing mine infrastructure and result in significant savings in the capital expenditure to commence operations. Management anticipates that the further development of the mine, including a wider area of ore recovery and a metallurgical solution for antimony can be accomplished in a subsequent Phase II expansion.

Existing infrastructure is extensive and includes a newly rehabilitated shaft and hoist with a 500 tonne per day capacity, rehabilitated tunnels which now bring rail to the vein itself, mine ventilation and an operational pumping and water treatment system. Power, water and other utilities are now connected to the mine site.

Global will now conduct a resource update including the new data. This will be used in a Preliminary Economic Assessment (PEA) that will focus on the Phase I development. The PEA is anticipated in the fourth quarter of 2014.

Tim McCutcheon, Global's CEO said, "The team at Global is solving issues one by one ahead of our drive to put Strieborná into production. With this latest announcement it is clear to me the project's geological risk is more than removed, demonstrating a high grade zone we believe will have favorable economics. We have rehabilitated a significant part of the infrastructure that would be used at the beginning of mine operations, our water treatment facility is fully operational, our metallurgical test work is very advanced, and we have a mine operating permit. Our next steps are to finalize our PEA for Phase I development and then collect the last bits of data to progress to a feasibility study and subsequent mine financing."

About Strieborná

Strieborná is a high-grade silver/copper vein deposit in an historic mining district near the town of Roznava in eastern Slovakia. It has excellent expansion potential over and above the already well-defined resource. Significant infrastructure at site includes a working shaft and hoisting system, extensive underground access through a series of drifts, crosscuts and tunnels and associated surface facilities.

QUALIFIED PERSONS: William Bond C.P.G., M.Sc., Geol. and VP Exploration for Global is the Qualified Person (QP) under NI 43-101 responsible for the Strieborná exploration program and this press release. He has verified the results and other data disclosed in this news release, including sampling, analytical and test data. Fieldwork has been conducted under his supervision. All samples were submitted to ALS Minerals for analysis in Rosia Montana, Romania and Vancouver, Canada. Silver and copper were analyzed by induction coupled plasma - atomic emission spectroscopy (ICP-AES) using four-acid digestion methods. Quality-control and quality-assurance protocols were incorporated with the submitted samples which included standards, blanks, and duplicate analysis.

FORWARD-LOOKING STATEMENTS AND FORWARD-LOOKING INFORMATION : This news release contains certain "forward-looking statements" within the meaning of applicable Canadian securities laws. Forward-looking statements and forward-looking information are frequently characterized by words such as "plan," "expect," "project," "intend," "believe," "anticipate", "estimate" and other similar words, or statements that certain events or conditions "may" or "will" occur.

FORWARD-LOOKING STATEMENTS are based on the opinions and estimates of management at the date the statements are made, and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. These factors include the inherent risks involved in the exploration and development of mineral properties, the uncertainties involved in interpreting drilling results and other geological data, fluctuating metal prices, the possibility of project cost overruns or unanticipated costs and expenses, uncertainties relating to the availability and costs of financing needed in the future and other factors. The Company undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change. The reader is cautioned not to place undue reliance on forward-looking statements.

Readers are advised that National Instrument 43-101 of the Canadian Securities Administrators requires that each category of mineral reserves and mineral resources be reported separately. Readers should refer to the continuous disclosure documents filed by Global and available at www.sedar.com, for detailed information, which is subject to the qualifications and notes set forth therein.

The mineral resources are reported in accordance with Canadian Securities Administrators' National Instrument 43-101 and have been estimated in conformity with generally accepted CIM Estimation of Mineral Resource and Mineral Reserves Best Practices Guidelines. Mineral resources are not mineral reserves and do not have demonstrated economic viability. There is no certainty that all or any part of the mineral resource will be converted into mineral reserve.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.

Strieborná - Level Six Sample Results
Channel/Panel ID Sample ID From To Interval Length, m Ag ppm Cu %
CH6_05 J662255 6.00 7.00 1.00 205 0.85
CH6_05 J662257 7.00 8.00 1.00 441 1.87
CH6_05 J662258 8.00 9.00 1.00 831 3.49
CH6_05 J662259 9.00 10.00 1.00 439 1.91
CH6_05 J662260 10.00 10.50 0.50 35 0.14
P6_05 J662265 6.00 7.00 1.00 484 2.07
P6_05 J662266 7.00 8.00 1.00 507 2.17
P6_05 J662267 8.00 9.00 1.00 139 0.59
P6_05 J662268 9.00 10.00 1.00 812 3.48
P6_05 J662269 10.00 10.50 0.50 53 0.24
CH6_03 J662271 1.30 2.30 1.00 97 0.41
CH6_03 J662272 2.30 3.30 1.00 162 0.68
CH6_03 J662274 3.30 4.30 1.00 392 1.63
CH6_03 J662275 4.30 5.30 1.00 1070 4.75
CH6_03 J662276 5.30 6.30 1.00 123 0.56
P6_03 J662277 1.30 2.30 1.00 105 0.44
P6_03 J662278 2.30 3.30 1.00 196 0.84
P6_03 J662279 3.30 4.30 1.00 1110 4.84
P6_03 J662280 4.30 5.30 1.00 1585 7.41
P6_03 J662282 5.30 6.30 1.00 125 0.55
CH6_01 J662284 0.50 1.50 1.00 563 2.56
CH6_01 J662285 1.50 2.50 1.00 169 0.74
CH6_01 J662286 2.50 2.90 0.40 281 1.20
CH6_01 J662287 2.90 4.00 1.10 660 2.92
CH6_01 J662288 4.00 5.00 1.00 231 1.02
CH6_01 J662290 5.00 6.00 1.00 62 0.29
P6_01 J662293 0.50 1.50 1.00 571 2.59
P6_01 J662294 1.50 2.50 1.00 122 0.52
P6_01 J662295 2.50 2.90 0.40 105 0.46
P6_01 J662296 2.90 4.00 1.10 877 3.85
P6_01 J662298 4.00 5.00 1.00 183 0.79
P6_01 J662299 5.00 6.00 1.00 85 0.39
CH6_02 J662301 1.20 2.20 1.00 307 1.28
CH6_02 J662302 2.20 3.20 1.00 1010 4.49
P6_02 J662304 1.20 2.20 1.00 215 0.91
P6_02 J662306 2.20 3.20 1.00 400 1.76
CH6_04 J662308 0.40 1.40 1.00 475 2.00
CH6_04 J662309 1.40 2.40 1.00 1190 5.06
CH6_04 J662310 2.40 2.80 0.40 280 1.22
P6_04 J662311 0.40 1.40 1.00 669 2.84
P6_04 J662313 1.40 2.40 1.00 408 1.75
P6_04 J662312 2.40 2.80 0.40 225 0.97

Global Minerals Ltd.

Tim McCutcheon

CEO

877.356.0674

info@globalminerals.com

www.globalminerals.com



Source: Global Minerals Ltd.



This article appears in: News Headlines

Referenced Stocks: CTG, GMLFF


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