Globex Mining Enterprises Inc has shared the positive findings as reported by Orford Mining Corp on its Joutel Eagle gold project in Quebec, which it optioned to the latter in November last year.
As reported then, Globex optioned its Eagle Northwest, Gagné and Valrennes claims, spanning around 50 square kilometres, in the Joutel camp to Orford Mining Corp, saying Orford had 'good exploration experience' in the area.
Orford can earn a 100% interest by paying C$1.65 million (half in cash and half in Orford shares) over five years, with C$425,000 in the first 12 months as a firm obligation, and by spending C$2.775 million on work, of which C$525,000 is a firm obligation within the first 24 months.
READ: Globex Mining Enterprises options land package in the Joutel camp in Quebec to Orford Mining Corp
Globex will retain a 3.5% Gross Metal Royalty (GMR), 1.5% of which Orford may purchase for a cash payment of C$2 million.
Orford is currently in the middle of its first drilling program at the property and reported that its first two drill holes hit "considerably more sulphide mineralization and Quartz veining than we expected based on historical information".
"The best grade intersection of the vein zone was also the deepest leaving high grade mineralization open at depth," added Orford.
Globex noted that David Christie, the CEO of Orford, had said his company believed its South Gold Zone at Joutel Eagle currently being drilled "has great potential..."
Globex has a diversified North American portfolio of mid-stage exploration, development and royalty properties containing precious and base metals.
The company explores on its own account and options many of its projects to other companies which pay Globex cash, shares and a royalty and undertake extensive exploration in order to earn an interest in Globex's projects.
Contact the author at giles@proactiveinvestors.com