Globex Mining Enterprises Inc noted that Cartier Resources Inc has signed a letter of interest (LOI) to acquire the East Cadillac property in Vauquelin Township, Quebec, east of Val-d'Or from O3 Mining.
The East Cadillac property covers some 29,754 hectares when including Cartier's original Chimo Mine property with a reported Indicated Resource of 684,000-ounce (oz) gold (Au) and 1,358,000 oz Au in the Inferred Resource category.
Within the large East Cadillac property, there are 54 claims totaling 1,454 hectares on which Globex holds a 3% Gross Metal Royalty consisting of the Nordeau East and West properties, as well as the Bateman claims. In addition, the property has numerous areas of gold mineralization intersected in drilling.
READ: Globex Mining Enterprises options Magusi Mine project in Quebec to Electro Metals and Mining
Globex said it is “pleased” with Cartier's move to consolidate the gold potential of the area and looks forward to Cartier's further advancement of exploration on Globex's gold royalty asset.
In other news, Globex said it has received the first $100,000 cash payment from Infini Resources Private Limited (Fleur de Lys Exploration Corp) as their initial payment in acquiring Globex's des Herbiers uranium property in Quebec.
Globex Mining holds a diversified North American portfolio of mid-stage exploration, development, and royalty properties containing precious metals base metals and specialty minerals.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
Follow her on Twitter: @UttaraProactive