Globex Mining Enterprises Inc announced that quarrying has commenced at its Silidor gold mine property in Rouyn-Noranda, Quebec.
The company said in 2022, it agreed to a quarrying deal with Agrégat RN Inc, which allowed Agrégat to apply for a BEX (a quarry licence) in order to quarry and crush for sale, large sterile granite outcroppings on the property.
Globex noted it will receive $150,000 as an initial royalty payment upon the first 300,000 tonnes being sold from the property, after which Globex is to receive $0.25 per tonne.
The company added that 100,000 tonnes has currently been blasted and is being processed for delivery, and Agrégat has an initial contract to provide one million tonnes to Glencore.
As well, Globex stated the property has several million tonnes easily accessible within the current BEX and studies are underway to identify other areas on the property with economic potential, in order to extend the BEX in the near future.
The company also said it maintains the rights to all precious and base metals on the property.
Listed in Toronto, Frankfurt and on the OTCQX in the US, Globex boasts a North American portfolio featuring mid-stage exploration, development, and royalty properties. These assets span precious metals, base metals, specialty metals, minerals, and industrial compounds.
Contact Sean at sean@proactiveinvestors.com