Globex Mining Enterprises Inc. (TSX:GMX, OTCQX:GLBXF) has informed shareholders that Troilus Gold Corp (TSX:TLG, OTCQX:CHXMF) has announced drill results from its high-grade gold-copper-silver Testard target located approximately 10 kilometres south of the main mineral corridor and former mine site.
The company said the new gold discovery is located on a group of five royalty property cells acquired from Globex as part of a larger 91-cell acquisition deal announced in July 2020. Under the transaction, Globex received 350,000 Troilus shares and retains a 2% gross metal royalty of which 1% may be purchased for $1 million. The new discovery is located 400 metres (m) from the main Testard surface showing, also on Globex's royalty cells.
"The results from our first test drilling program at Testard are very exciting,” Troilus president and CEO Justin Reid said in a statement.
In March, Troilus reported the main Testard surface showing drill hole TES-21-005 targeted and intersected gold-bearing structures at depth below previously sampled outcrop.
Intercept highlights include: 6.72 grams per tonne (g/t) gold over 3.2m, including 17.3 g/t gold over 0.7m.
Globex said the March report by Troilus indicated a new gold discovery was drilled 400m northwest from the main Testard surface outcrop where previously reported grab samples assayed as high as 203 g/t gold, 2,440 g/t silver and 4.37% copper and channel samples as high as 5.4 g/t gold over 2m including 19.5 g/t gold over 0.5m. New gold discovery drill holes TES-21-001 and TES-21-002 intersected gold-rich quartz veins.
Assays reported by Troilus are as follows:
- Hole TES-21-002 intersected: 4.63 g/t gold over 7.6m, including 20.2 g/t gold over 1.2 metres and 7.12 g/t gold over 1.4m
- Hole TES-21-001 intersected highlights including 1.96 g/t gold over 3.8m, including 2.68 g/t gold over 1.8m and 4.86 g/t gold over 0.75m
“The structural model developed by our geological team used to identify these initial drill targets, some of which are nearly half a kilometre away from the main showing, is truly impressive. Testard has returned the highest in situ gold and silver grades identified to date within the entire Frotet-Evans Greenstone Belt; these initial drill results are hugely motivating to our team as we continue to assess results and further develop our models in preparation for an expanded drill program,” added Reid.
Contact the author at stephen.gunnion@proactiveinvestors.com