Globex Mining Enterprises Inc. (TSX:GMX, OTCQX:GLBXF) has further updated on its asset portfolio, noting that Emperor Metals Inc has closed the first $2,335,817 tranche of the flow through portion of its financing with funds to be spent on Globex’s 50% owned Duquesne West-Ottoman property in Quebec.
Emperor has optioned 100% interest in the property, which straddles the Porcupine Destor Break, from Globex and Géoconseils Jack Stoch Ltée for cash payments totaling $10 million, 15 million shares having a minimum price of $0.20 each, $12 million in work on the property, all over five years and a 3% gross metal royalty, 1% which may be purchased for $1 million.
Elsewhere, Sayona Mining Ltd (ASX:SYA) has received the final permit from the Quebec Government to allow it to restart the upgraded North American Lithium operation near Barraute in the first quarter of 2023.
Globex noted that this augurs well for the company (Globex) as it holds a 0.5% gross metal royalty (GMR) on the centre of the proposed Authier lithium mine open-pit and is a large shareholder of Electric Royalties, which similarly holds a 0.5% GMR on the center of the open-pit.
READ: Globex Mining Enterprises says option agreement between Azimut Exploration and KGHM International shows its adjacent property is ideally situated
Meanwhile, Cartier Resources, noted Globex, has reported hitting 3.3 grams per ton (g/t) gold over 4.6 metres (m), including 9.56 g/t of the yellow metal over 1m at a vertical depth of 800m on the downdip and plunge of the West Nordeau deposit.
Finally, Globex notes the continuing improvement in the share price of Yamana Gold (TSX:YRI, LSE:AUY) Inc to $7.48 per share. Globex continues to hold 706,714 shares of Yamana currently worth $5,286,220.
Globex Mining Enterprises is a Canada-based exploration and project generator/property bank, which seeks to create shareholder value by acquiring mineral properties.
Contact the author at giles@proactiveinvestors.com