Globex Mining Enterprises Inc announced that it signed a letter of intent (LOI) agreement to option its Dalhousie nickel-copper-cobalt project in Quebec to Burin Gold Corp.
The company said under the terms of the agreement, Burin will pay $1.5 million and issue 4 million of its shares to Globex as well as complete $5 million in exploration expenditures over a four-year period to earn a 100% interest in the property.
Globex noted that it will retain a 3% Gross Metal Royalty (GMR) on all payable metals subject to a 1% buyback for $1 million payable anytime.
The company added that fieldwork at Dalhousie will begin this summer, including reprocessing of the transient or time-domain electromagnetic method (TDEM) geophysical survey data, aiming to better delineate and model existing conductive features, which should quickly fast-track the project so that Burin can drill-test the priority conductors later this year.
Historical chip channel samples collected at Dalhousie above the untested electromagnetic (EM) conductors graded up to 3.79% copper, 0.90% nickel, and 0.28% cobalt, Globex said.
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