Globex Mining Enterprises Inc. (TSX:GMX, OTCQX:GLBXF), a mineral property bank, has provided an update on two of its high potential royalties, noting that it was seeing great value from the Kewagama Gold Mine and New Alger Gold Mine near Cadillac, Quebec, which are both owned by Radisson Mining Resources (TSX-V:RDS).
The O’Brien, Kewagama and New Alger gold mine properties have been consolidated by Radisson Mining into one continuous package covering some 5 kilometers (km) of the gold localizing Cadillac Break with several NI 43-101 resources.
Rouyn-Noranda, Quebec-based Globex holds a 2% Net Smelter Royalty (NSR) on Kewagama and a 1% NSR on the New Alger Gold Mine.
READ: Globex Mining reports more progress by Orford on optioned Joutel Eagle property in Quebec
On March 2,2023, Radisson said it saw “significant potential to expand resources” with additional drilling, as currently modeled high-grade trends drilled since 2019 in the current resource areas are “wide open.”
According to the company, this includes Trends 2, 3 and 4, which all plunge steeply (80° to 85°) on Globex’s Kewagama royalty asset.
In addition, Radisson reported a significant increase in Indicated and Inferred Resources without breaking down the distribution of the gold resources in the various mineralized trends. However, gold trends 2, 3 and 4, which plunge eastward in Kewagama remain open below 900 meters (m), 500m and 500m respectively.
Radisson has earlier supplied more details regarding these trends showing “high-grade gold intersections and multiple areas of definable mineral resources.”
In addition, Radisson has said that mineral resources are open for an additional 750m to the east, indicated as Trend 5, where Kewagama borders the 100%-owned Central Cadillac-Wood Gold Mines property to the east.
Radisson has revealed that modeling and re-interpretation of drilling data available on the Larder Lake Cadillac Break portion of the New Alger Gold Mine property has allowed it to establish Inferred Resources totaling 293,000 tons grading 7.59 grams per ton (g/t) gold (Au) for 72,000 ounces.
The New Alger Gold Mine is part of what Radisson calls O’Brien West. “With approximately 2.5 kilometers of ground along the prolific Larder Lake-Cadillac Break having seen limited exploration work in recent years, O’Brien West remains open in all directions,” Raddison has noted.
Globex said that it is “pleased” with the progress made by Radisson on Kewagama and the New Alger Gold Mine.
“We look forward to their additional efforts to expand their resource base thereby increasing the asset value and potential of Globex’s two royalties,” said the company.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive