Globex Mining Enterprises Inc told shareholders that it has received the first-year anniversary option payment from Orford Mining (TSX-V:ORM) Corp for its option on Globex’s Eagle Northwest, Gagné and Valrennes claim packages.
The $100,000 cash payment comes with 1,428,571 Orford shares.
Globex’s claim package totals 191 claims (or around 50 square kilometres) in the Joutel Mining Camp.
READ: Globex Mining Enterprises' Nordeau gold royalty could be worth C$20M according to new NI 43-101 technical report
According to Globex, Orford reports that they have completed a 718 line-km time-domain electromagnetic (TDEM) and magnetic survey over the entire property as well as a three-hole initial drill program on the South Gold Zone.
The firm added that Orford has indicated that in January 2023 they will start a 2,000-metre, 10-hole drill program on the South Gold Zone and several regional targets.
“Globex is very pleased with the pace and progress made by Orford and looks forward to the January drill program,” the Quebec-based company said in a release.
Meanwhile, Globex said it had acquired a block of 18 claims known as the Mistaouac NE Property, which ties onto the on-strike extension of the Eagle Northwest claim block where Globex has identified several prospective drill targets.
Contact Angela at angela@proactiveinvestors.com
Follow her on Twitter @AHarmantas