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Globex Properties

Crater Lake SE - Rare Earth, Niobium, Scandium
NTS 13M05, Quebec

Updated November 2020

Property Description and Location
The Crater Lake SE property consists of 38 contiguous claims totaling 1,863.45 hectares located in NTS 13M/05, approximately 1,300 km NNE of Montreal and 200 km ENE of Schefferville northeastern Quebec (Figure 1). Access to the property is restricted to fixed wing aircraft or helicopter. Drilling is achieved with helicopter support. Topography is comprised of gently rolling hills with local steep cliffs which rise between 500 and 650 metres above mean sea level (Figure 1).

The claims are wholly owned by Globex and are not subject to any underlying royalty or any third-party agreements.

Figure 1 : Claim Map

History
Documented exploration on the property is fairly recent, mostly due to the remoteness of the property. In 1979, the first geological survey was conducted by F.C. Taylor of the Geological Survey of Canada when he mapped the Mistastin Batholith. Subsequent surveys, by the Ministère des Ressources Naturelles du Québec or by the Geological Survey of Canada have better defined the geology of the Misery Syenite and Mistastin Batholith.

In 2010, Quest Rare Minerals Ltd mapped and sampled their property. Each geologist was equipped with a Radius Solution RS125 spectrometer and when the readings were greater than 700 or 800 counts per second (cps), a sample was systematically collected. A total of 30 grab samples were collected within what is now Globex Crater Lake SE property. Six (6) samples returned interesting REE values: sample #205144 returned 6.75% REE, 0.87% Nb and sample #205286 returned 1.91% REE, 0.12% Nb. Their locations are shown on figure 2. Several samples returned > 100 g/t Sc, sample # 205141 returned 180 g/t Sc, sample # 205142 returned 161 g/t Sc, sample # 205143 returned 133 g/t Sc, sample # 205210 returned 228 g/t Sc, sample # 205283 returned 117 g/t Sc. All of these samples are located along the very high magnetic ridge located in the central portion of the mag anomaly, as what Imperial has noticed during their 2010-2020 exploration work. This is the only work performed within the limits of Globex's property (2010 - GM-66009).

Between 2010 and 2014 Quest Rare Minerals Ltd conducted exploration programs including geological, geophysical and radiometric surveys. These surveys were followed by diamond drilling programs. Thirty-two (32) holes totalling 7,008 meters were drilled. Figure 3 gives the locations of the drill holes and highlights some of the best results.

Figure 2: Location of all the 2010 grab samples on the property (GM-66009)

A breakdown of the drilling done by Quest consists of: in 2010, Quest drilled 8 holes totalling 1,170 m; in 2011 they drilled 6 holes totalling 1,894 m; in 2012 they drilled 11 holes totalling 2,498 m and in 2014 they drilled 7 holes totalling 1,446 m for a grand total of 32 holes with a cumulative meterage of 7,008 meters. The locations of the drill holes are illustrated on figure 3 and the best results obtained from that work are summarized in table 1.

In 2020, Imperial Mining Group drilled 4 holes totalling 675 m. The locations of those drill holes are illustrated on figure 3 and the best results obtained from that work are summarized in table 1 (Imperial Mining Group – press release dated November 4^th 2020).

Figure 3: Location of all the holes drilled on Imperial's property

Figure 4: Locations of best scandium and REE results (grab, channel, drill hole)

Table 1: Best results 2010 – 2020 drilling

# DDH	Best results
ML 10002 (2010)	0.0284% Sc over 6.50 m
ML 10002 (2010)	0.0506% Sc over 18.95 m
ML 11009 (2011)	0.282% TREO over 344.58 m
ML 11011 (2011)	0.0411% Sc, over 2.05 m
ML 14026 (2014)	0.0262% Sc, 1,1760% TREO+Y - over 167.83 m
	0.0351% Sc, 1,7206% TREO+Y - over 27.63 m *
	0.0304% Sc, 1,4779% TREO+Y - over 62.78 m *
ML 14028 (2014)	0.0235% Sc, 1,0800% TREO+Y - over 199.69 m
ML 14028 (2014)	0.0280% Sc, 1,4065% TREO+Y - over 77.92 m *
ML 14029 (2014)	0.0286% Sc, 1,4086% TREO+Y - over 80.05 m
ML 14030 (2014)	0.0319% Sc, 1,1442% TREO+Y - over 6.04 m
CL 20036 ⭲ (2020)	289 ppm Sc₂O₃, 0.364% REE - over 7.04 m
CL 20037 ⭲ (2020)	253 ppm Sc₂O₃, 0.305% REE - over 29.14 m
	and - 298 ppm Sc₂O₃, 0.332% REE - over 17.65 m
	and - 271 ppm Sc₂O₃, 0.419% REE - over 21.69 m
CL 20038 ⭲ (2020)	244 ppm Sc₂O₃, 0.710% REE - over 2.6 m
CL 20038 ⭲ (2020)	and 192 ppm Sc₂O₃, 0.500% REE - over 3.6 m
CL 20039 ⭲ (2020)	NSV

* = including

1 ppm = 1 g/t = 0.0001%.

1 ppm of scandium metal equals 1.5338 ppm scandium oxide (Sc₂O₃).

⭲ 2020 drilling information gathered from November 4^th 2020 press release.

Geological Setting
The Crater Lake SE property is located within what is termed the core zone of the Churchill Province (Figure 4). This geological province is bounded to the west by the Superior Province (2.78 – 2.64 Ga) and to the east by the Nain Province (3.8 – 2.3 Ga). The core zone is comprised mostly of reworked Archean rocks, which are juxtaposed against the Labrador Trough, to the west.

The property is wholly located within the Mistastin Batholith which is composed of 4 subunits, segregated according to their modal minerals (quartz, plagioclase, alkaline feldspar). These subunits are: a) biotite and hornblende rich granite; b) biotite and hornblende rich monzonite; c) quartz syenite – quartz monzonite; d) biotite and hornblende rich quartz syenite (Figure 5). A rapakivi texture throughout these units is often reported.

The main feature on the Crater Lake SE property is the presence of a circular magnetic anomaly which correlates with a small (~30 km²) quartz syenite intrusion labelled the Misery Syenite (Figures 2, 4, 6 and 7). This late intrusive is located within the fayalite rich granite portion of the Mistastin Batholith. The dominant unit within the property is a coarse-very coarse-grained alkali feldspar unit with 1 to 10% mafic minerals.

Figure 5: Geological Provinces in Northeastern Quebec and Newfoundland-Labrador

Figure 6: Geology of the Misery Syenite

Quest Rare Minerals and subsequently Imperial Mining Group Ltd exploration work was mostly concentrated on the western edge of the Misery intrusion (Figure 7). This area contains various facies of syenite, which have been, so far, observed only in that area. These units are: a pegmatitic syenite, a nepheline and olivine rich syenite, a strictly nepheline rich syenite and a melano-syenite which is the richest unit regarding the content of REE, scandium and niobium. The increase in mafic minerals is usually a good indicator of the presence of REE and other strategic minerals. The melano-syenite is composed of 30% hornblende, 20% microcline, 20% aegirine, 15% biotite, 5% orthopyroxene and 5% magnetite. A recent high definition mag survey was conducted and this work has helped better define the best target areas (Figure 7).

Regional mineralization
Approximately 100 kilometers north of the Crater Lake SE property, Quest Rare Metals has worked on their Strange Lake deposit. In March of 2017, Micon International Limited deposited, on SEDAR, an NI43-101 compliant technical report on the B Zone portion of the deposit, where they have estimated the Indicated Mineral Resources as being 278 Mt @ 0.93% TREO and the Inferred Mineral Resources as being 214 Mt @ 0.85% TREO. According to Micon, the mineral resources at the B Zone occur near surface and are amenable to conventional open pit mining methods. In 2011, Midland Exploration Inc. worked their claims covering the Ytterby 2 showing (GM-65937). The property is located halfway between Strange Lake and Crater Lake, and the best results from a boulder returned 0.86% TREE and an outcrop returned 0.71% TREE. The other significant REE mineralization in the area is the Imperial Mining Group Crater Lake Scandium project, adjacent to Globex's property, where exploration work as defined substantial REE, scandium and niobium mineralization. The November 4^th 2020 press release emphasizes the fact that the recent results on the summer 2020 drilling program have shown that: 1) the scandium grade increases with depth; 2) the STG and TG zones remain open at depth and laterally and 3) the mineralized zone is estimated to be 110 meters in true width. Imperial plans to issue a NI43-101 technical report in 2021. Figure 8 shows a cross section of hole CL20037 with the best intersects being located in an olivine-rich ferrosyenite.

Crater Lake SE Property mineralization
Within the property limits, the main mineral occurrences were obtained from the 30 grab samples that were collected in 2010 (GM-66009). Four (4) samples returned values > 1% REE. Sample # 205144 returned 6.75% REE from a north-south dyke carrying 25% magnetite, sample # 205286 returned 1.91% REE from massive magnetite xenolith (100% magnetite), sample # 205282 returned 1.66% REE from a coarse grained syenite outcrop exhibiting rapakivi texture – this unit is not magnetic and sample # 205507 returned 1.57% REE from a biotite rich intrusive (Figure 2). Scandium mineralization was also observed on Globex's property. Five (5) of the 30 samples returned values > 100 g/t Sc, sample # 205141 returned 180 g/t Sc, sample # 205142 returned 161 g/t Sc, sample # 205143 returned 133 g/t Sc, sample # 205210 returned 228 g/t Sc, sample # 205283 returned 117 g/t Sc. All of these samples are located along the very high magnetic ridge located in the central portion of the mag anomaly, as what Imperial has noticed during their 2010-2020 exploration work (Figure 2).

Figure 7: Geology of the Misery Syenite

Figure 8: Vertical cross section of hole CL20037

Conclusions
The exploration work conducted by Quest Rare Metals Inc and subsequently by Imperial Mining Group Ltd, since 2010, on their Crater Lake Scandium project located in northeastern Quebec has revealed a great potential for the discovery of new REE-scandium-niobium mineralization and to extend the presently known mineralized TG and STG zones. A new detail magnetic survey has identified two new high priority targets just south of the STG zone and as better defined the very high magnetic areas within broader and weaker magnetic areas (Figure 7). In 2020, such very high magnetic features were drilled and returned significant intersections of scandium rich ferrosyenite within a package of medium grained syenite. Figure 8 shows the cross section of hole CL20037.

Globex's property holds in excess of 9 kilometers, strike length, of the high magnetic ridge as illustrated on figures 2 and 4. The magnetic response on Globex's property is similar to the ridge located on Imperial's property, where sampling and drilling have returned excellent scandium values. Samples collected in 2010, on Globex's property, also indicate a close relationship between the high magnetic ridge and values in scandium > 100 g/t Sc (Figure 2).

It is recommended to execute a high definition mag survey, followed by a geological survey and collection of channel or grab samples (where channel samples could not be retrieved). The objective of this work is to delimit a high-grade scandium target. If this preliminary work returns significant scandium mineralization targets, a first phase drilling program could then be planned.

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