Globex Mining Enterprises Inc (TSE:GMX) (OCTMKTS:GLBXF) said more work was warranted after it received drill assays from three holes at the Knutson portion of its Laguerre-Knutson-Raven River gold property in Ontario.
The three holes totaling 759 metres (m) each hit three zones of geology, which corresponded to the downward projection of the mineralized zones.
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Assays included 0.66 grams per ton (g/t) gold from a true width of 2.83m at Knutson No 2, including 1.28 g/t gold over 1.16m. At Knutson East, 1.10 g/t gold was found over 5.66m, including 6.96 g/t of the yellow metal over 0.46m.
Historical trenching at Knutson has returned 0.42 ounces per ton (oz/t) gold over an average width of 5.3 feet for a length of 160 feet on Vein No 1 and 0.25 oz/t gold over an average width of 5.9 feet for a length of 90 feet.
"While the three drill holes did not return assays comparable to those reported on surface and encountered in grab sampling by Globex, the fact that the zones do project to depth as displayed by the intense alteration, shearing and sulphide mineralization is a positive outcome which suggests more work is warranted," said Globex Mining in a statement on Tuesday.
Two further holes, totaling 422.7m were targeted as potential extensions to the north of the Laguerre gold zone but neither hit a projection of the hosting rock unit, the company added.
The Raven River gold zone, east of the Laguerre/Knutson gold zones was not tested nor were two new target areas defined by an aeromagnetic survey earlier this year by Globex.
Contact the author at giles@proactiveinvestors.com