Globex Mining Enterprises Inc said its partner Emperor Metals has received the necessary permit from provincial authorities for 12 initial drill pads at the Duquesne West high-grade gold project in Quebec.
The drill pads are an early step for a fully funded 8,000-10,000 meter drilling program at the project, which is located in the Duparquet Mining District.
The program will initially begin with one drill with the possibility of adding another drill if needed. The anticipated start date is the first half of May 2023.
The 50% Globex-owned company 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.
"This permit allows us to solidify our upcoming drilling plans with our contractors and set commencement dates,” Emperor Metals CEO John Florek said in a statement.
“We are excited to begin the process of resource expansion on this high grade gold deposit. The new AI model illuminated the blue-sky potential for exploration targets; drilling along the margins of a high-grade gold deposit significantly reduces the risk for our exploration program to add to our ounces."
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.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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