Globex Mining Enterprises Inc revealed that it has bought a 100% interest in a block of claims in Quebec’s Rouyn and Joannes townships, around 10 kilometres (km) east of Rouyn-Noranda called the Rouyn Merger property in an all-share deal with a 1% net smelter royalty payout.
The Canadian exploration, royalty, and property bank company said the Rouyn Merger property consists of 49 claims totaling 1,509.4 hectares (3,729.8 acres) covering around 6.5km (4.04 miles) of the prolific, gold localizing Cadillac Break.
The vendor, IAMGOLD Corporation, received 183,000 Globex shares subject to a four-month hold period and a 1% Net Smelter Royalty, said the company.
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Globex said its new property includes areas of known gold mineralization, including the Rouyn Merger, O’Neil-Thompson and East O’Neil zones, which have seen historical drilling to relatively shallow depth, outlining in some cases “significant but erratic gold vein structures” at or near the gold localizing Cadillac Break.
“The Cadillac Break is one of the most important gold localizing structures in the Abitibi of Quebec and Ontario with numerous gold deposits located along its length,” noted the company.
The Rouyn Merger property has been explored intermittently since the 1930’s when the Rouyn Merger gold deposit was found. Various non-compliant resource calculations have been undertaken on the Rouyn Merger gold zone but, due to the structural complexity of the ore lenses and expected high levels of dilution, production has been limited to a brief period in 1948-1949 of 32,198 to grading 3.87 grams per tonne (g/t) of gold, according to the company.
“Metallurgical testing between 1943 and 1947 indicated 95% gold recovery by treating ore crushed to 60% minus 200 mesh,” said Globex. Likewise, exploration on the O’Neil-Thompson gold zone outlined a non-NI 43-101 compliant resource and limited production in 1936 of 2,449 tonnes.
The most recent work on the property was in 2015-16, during which, an aeromag survey was flown, surface sampling undertaken and seven drill holes completed totaling 1,956 metres (m) in three target areas.
Several holes intersected significant gold values, such as Hole RM15-05, which returned 16.0 g/t gold over 1m from 277.5 to 278.5m, followed by 4.19 g/t gold over 0.5m from 278.5 to 279.0m, said the company.
Before acquiring the property, Globex undertook 3D modeling of the geological, geophysical and drill data. As a result, Globex has identified several priority areas for drilling at shallow depth and at mid-level depths of 500m and below.
The company said it plans to undertake a survey over the entire property but at a different angle than the previous survey to merge such data with its 3D modeling.
Globex Mining owns a diversified portfolio of mid-stage exploration, development, and royalty properties in Canada, Germany, and the US.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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