Globex Mining Enterprises Inc said Emperor Metals Inc is preparing to drill at the AI Block Model on the Duquesne West/Ottoman gold property in the second quarter of 2023.
50% Globex-own Duparquet Assets Ltd optioned the Duquesne West/Ottoman property to Emperor for $10 million in cash, 15 million shares, and $12 million in work over five years while retaining a 3% gross metal royalty in October 2022.
Emperor CEO John Florek commented: “Emperor is conducting due diligence on third-party data sets as we incorporate additional geological data into our AI Block Model. We are at a critical phase in our planning and a deeper understanding of the controls of mineralization of this deposit is critical for 2Q targeting.”
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The AI Block Model contains 102,479 metres of drilling, or 327 holes, that in current terms represent a +/- C$30 million to leverage future exploration drilling, according to Globex.
Emperor has applied for drill permits and has hired several contracting companies to support this project. Quotes will be requested from drill contractors shortly, the company added.
"Globex looks forward to the drill program which is expected to test extending several of the previously indicated gold zones," 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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