Globex Mining Enterprises Inc, the mineral property bank, told investors it has received an option payment of C$450,000 and 1.5 million shares from Emperor Metals Inc over the Duquesne West-Ottoman gold property in Quebec.
The company said half of the payment is due to the company and the other 50% to Geoconseils Jack Stoch Ltd, which is an equal partner in the property held under the jointly owned Duparquet Assets Limited company.
The Duquesne West/Ottoman property spans 1,389 hectares (Ha) and straddles the gold localizing Porcupine-Destor Break. Previous exploration there has indicated a number of gold zones along the strike length. An NI 43-101 resource estimate from 2011 pegged an uncapped inferred, contained gold resource of 853,000 ounces.
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Emperor has an option to acquire 100% interest in the property by paying C$10 million in cash over five years, 15 million Emperor shares or a deemed share value of C$3 million (whichever is greater,) C$12 million in exploration and a 3% gross metal royalty, of which 1% may be purchased for C$1 million.
Within the five-year earn in period, Emperor will undertake a NI 43-101 resource estimate.
Should the estimate indicate a gold or gold equivalent resource in all categories of at least 1 million ounces of gold, Globex will receive an additional one-time payment of 2.5 million Emperor shares.
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 writer at giles@proactiveinvestors.com