Globex Mining Enterprises Inc announced that IAMGOLD Corporation has started open pit mining and processing gold ore from the Fayolle property in Quebec, on which Globex retains a 2% Net Smelter Royalty (NSR).
The company said IAMGOLD’s current 2023 production guidance for Fayolle is 10,000 to 15,000 gold ounces.
Globex noted it believes the property has significant additional exploration potential.
As well, Globex stated that it has a 2% NSR on the adjoining Destorbelle gold property to the west and owns 100% of the Victoria Gold property to the southeast and east, both of which have gold mineralization in drill holes and in surface exposures.
The Fayolle deposit has a Measured & Indicated resource of 706,400 tonnes grading 4.89 grams per tonne gold, based upon a gold price of $1,300 per ounce, as published by Monarch Gold in 2019, according to the company.
Listed in Toronto, Frankfurt and on the OTCQX in the US, Globex Mining 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