Technical Report; Lac Chibougamau Mining Properties (32G-16)
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Technical Review & Evaluation of the Exploration Potential of the “LAC CHIBOUGAMAU” Mining Properties in McKenzie, Roy, Obalski and Lemoine Townships, Abitibi Mining District Province of Québec NTS 32G-16 For Chibougamau Independent Mines Inc. and Globex Mining Enterprises Inc. Rouyn-Noranda, Province of Québec Effective Date: August 16, 2012 Claude P. Larouche, B.Sc. Eng., M.Sc., Geol., ing. (OIQ) Technical Report Lac Chibougamau Mining Properties – 32G-16 Page 1 August 16, 2012 Technical Report; Lac Chibougamau mining properties (32G-16) Date and Signature Page The following report titled: Technical Review (NI 43-101 compliant) and Evaluation of the Exploration Potential of the “LAC CHIBOUGAMAU” Mining Properties, McKenzie, Roy, Obalski and Lemoine Townships, Abitibi Mining District, Province of Québec, NTS 32G/16” and dated August 16, 2012, has been prepared by Claude P. Larouche, ing. (OIQ), in accordance with Form 43-101F1, for Globex Mining Enterprises Inc. and Chibougamau Independent Mines Inc. The Author takes responsibility for and has made the necessary investigation to be able to rely reasonably on the information contained in the present technical report. The information, conclusions, opinions, and estimates contained herein are based upon information made available to the author at the time of preparation of the report and its conclusions and recommendations are valid and appropriate considering the status of the project and the purpose for which the report is prepared. The present report and the attached summary can be used by Globex Mining Enterprises Inc. and Chibougamau Independent Mines Inc. for any required filing with Canadian Securities Regulatory Authorities pursuant to National Standards of Disclosure for mineral projects and a copy of the report should be available at Globex’s office for reference. Effective Date: August 16, 2012 Signed on August 20, 2012 Claude P. Larouche, ing. (OIQ) # 34885 Page 2 Technical Report; Lac Chibougamau mining properties (32G-16) Contents Date and Signature Page ................................................................................................................. 2 1- ) Summary .............................................................................................................................. 5 2- ) Introduction ........................................................................................................................ 17 3- ) Reliance on Other Experts ................................................................................................. 18 4- ) Property Description and Location .................................................................................... 19 4.1 Property Location ........................................................................................................... 19 4.2 Property Description ...................................................................................................... 19 4.3 Terms of Acquisitions .................................................................................................... 20 4.4 Environmental Regulations and Liabilities .................................................................... 23 5- ) Accessibility, Climate, Local Resources, Infrastructures and Physiography .................... 23 5.1 Accessibility ................................................................................................................... 23 5.2 Climate ........................................................................................................................... 23 5.3 Local Resources ............................................................................................................. 23 5.4 Infrastructures................................................................................................................. 23 5.5 Physiography .................................................................................................................. 24 6- ) History................................................................................................................................ 24 7- ) Geological Setting and Mineralization .............................................................................. 71 7.1 Regional Geology ........................................................................................................... 74 7.2 Local Geology ................................................................................................................ 79 7.3 Structures ........................................................................................................................ 82 7.4 Alteration ........................................................................................................................ 84 7.5 Mineralization ................................................................................................................ 84 7.5.1 Fe-V-Ti potential within the layered zone of the Lac Doré Complex .................... 85 7.5.2 Magmatic Cu-Ni mineralization ............................................................................. 86 7.5.3 Volcanogenic (exhalite-related) massive sulphide ................................................. 86 7.5.4 Porphyry-type deposits ........................................................................................... 88 7.5.5 Epigenetic Cu-Au sulphide veins ............................................................................ 92 8- ) Deposit Type .................................................................................................................... 101 9- ) Exploration ....................................................................................................................... 103 10- ) Drilling ......................................................................................................................... 104 11- ) Sample Preparation, Analyses and Security ................................................................. 105 12- ) Data Verification .......................................................................................................... 108 13- ) Mineral Processing and Metallurgical Testing............................................................. 109 14- ) Mineral Resource Estimates ......................................................................................... 109 15- ) Mineral Reserve Estimates ........................................................................................... 111 16- ) Mining Method ............................................................................................................. 111 17- ) Recovery Methods........................................................................................................ 111 18- ) Project Infrastructure .................................................................................................... 111 19- ) Market Studies and Contracts ...................................................................................... 111 20- ) Environmental Studies, Permitting and Social or Community Impact ........................ 111 21- ) Capital and Operating Costs ......................................................................................... 111 22- ) Economic Analysis ....................................................................................................... 112 23- ) Adjacent Properties ...................................................................................................... 112 24- ) Other Relevant Data and Information .......................................................................... 115 25- ) Interpretation and Conclusions .................................................................................... 115 Page 3 Technical Report; Lac Chibougamau mining properties (32G-16) 26- ) Recommendations ........................................................................................................ 118 27- ) References .................................................................................................................... 122 28- ) Certificate of Qualifications ......................................................................................... 131 List of Appendices Appendix 1: List of claims and cells acquired by Globex / CIM within the Chibougamau Area (32G- 16) . 132 Appendix 2: List of previous diamond drill holes completed on the property (or close to the boundaries) for which location and data are available (either complete or partial geology + assays) . .. 138 Appendix 3: Incomplete list of significant assays reported within the assessment work files . 168 Appendix 4: Survey points locating grids of lines used as reference for geophysical surveys and drilling. Mines and mineralized occurrences on the property and surrounding area 171 have also been referenced . List of Tables Table 1: List of Abbreviations and Conversion Factors used in the text . 18 Table 2: List of Former Mineral Producers in Chibougamau . 24 Table 3: Mines and Mineralized Occurrences on Globex Properties and contiguous claims . 27 Table 4: Characteristics Fe-Ti-V deposits in Chibougamau . 86 Table 5: Characteristics of magmatic Cu-Ni mineralization on Ile Marguerite . 86 Table 6: Characteristics of VMS deposits in Chibougamau-Chapais . 88 Table 7: Porphyry-style systems mineralization in Chibougamau . 91 Table 8: Characteristics of “mesothermal” –type deposits in Chibougamau . 99 List of Figures Figure 1: Location Map . 21 Figure 2: Sketch of Claims .