logo-loader

Globex Mining receives second year option payment from Excellon for Bräunsdorf silver project

Published: 16:10 22 Sep 2020 BST

Globex Mining Enterprises Inc. -
The project area has a 750-year history of pick and shovel mining

Globex Mining Enterprises Inc (TSE:GMX) (OTCQX:GLBXF), the mineral property bank, has received a cash boost from Excellon Resources Inc (TSE: EXN), which made its second year option payment for the Bräunsdorf silver project in Germany, now known as the Silver City project.

The option payment consists of C$100,000 in cash and Excellon stock worth C$325,000.

READ: Globex Mining Enterprises says it stands to benefit from potential sale of investee company NSGold

Globex said it was now looking forward to the first series of Excellon's drill results from the Saxony project from both proof-of-concept holes and those exploring in areas of historical production.

The current program consists of 15 holes with an additional 12 for follow-up should drilling intersect anticipated veining and mineralization. Excellon is currently undertaking planning for the year two phase of exploration on the asset.

The project area has a 750-year history of pick and shovel mining. Globex and now Excellon, are the first to do modern exploration in the area which covers some 164 square kilometres and numerous areas of historical mining and mineralization.

Excellon has recently consolidated its stock on a 5:1 bases to facilitate listing on the New York Stock Exchange.

Contact the author at giles@proactiveinvestors.com

Caledonia Mining tackles 2023 challenges with optimism for 2024 as it...

Caledonia Mining Corporation PLC (AIM:CMCL, NYSE-A:CMCL) chief executive Mark Learmonth tells Proactive's Stephen Gunnion the company faced a challenging 2023, primarily due to poor production in the first half of the year at its core asset, the Blanket Mine in Zimbabwe, and an underperformance...

24 minutes ago