Globex Mining Enterprises Inc said an option agreement between Azimut Exploration and KGHM International at Azimut’s Kukamas gold and copper property in the James Bay area of Quebec shows that the company’s own adjacent property is ideally situated.
Under the option agreement announced on December 8, KGHM can earn up to a 70% interest in the property by paying Azimut $475,000 in cash payments and undertaking $6.4 million in exploration over six years.
In a statement, Globex noted that the Kukamas property consists of two large claim blocks along the highly prospective Yasinski greenstone belt within the La Grande Subprovince of the Archean Superior Province of Quebec.
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The two claim blocks are separated by a block of 25 claims owned 100% by Globex, which the company said are the location of numerous occurrences of gold, copper, silver, and iron assaying as high as 36 grams per tonne (g/t) gold, 62 g/t silver, and 10.96% copper in grab and trench sampling.
The company also noted that nearby to the northeast of this claim block, an additional three claims enclosed two other occurrences of gold and silver where grab and trench samples have returned samples of up to 47.2 g/t gold and 13.6 g/t silver.
Globex said it looks forward to ongoing exploration by Azimut and KGHM on their Kukamas project.
“Globex intends to undertake exploration on its claim blocks next summer if we don’t option the asset per our business model before that time,” the company said.
Globex is a Toronto Stock Exchange, Frankfurt and OTCQX-listed corporation with a diversified North American portfolio of mid-stage exploration, development and royalty properties containing precious metals, base metals, specialty metals and minerals, and industrial minerals and compounds.
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