Globex Mining Enterprises Inc said that drilling at the Labyrinth project in Quebec is progressing well, with the first eight holes hitting the targeted lode at depth.
Australia’s Labyrinth Resources is conducting the first drilling program at the Quebec property, with over 2,000 metres of diamond drilling completed already.
The company said that the initial holes have all intercepted the targeted Boucher lode at planned depth, with core visually displaying a well-developed quartz vein hosting pyrite and chalcopyrite.
READ: Globex Mining Enterprises notes positive findings in first drilling by Orford Mining Corp at optioned Joutel Eagle gold project, Quebec
The vein has ranged from 1.5 metres to 6 metres wide, with a significant alteration assemblage consisting of sericite and carbonate up to 18 metres wide, Globex told shareholders.
Globex retains a 5% Gross Metal Royalty on the first 25,000 ounces of gold production from the property and a 3% Gross Metal Royalty on all production thereafter.
The company also said that Labyrinth intersected visible gold outside the current non-JORC resource between the Talus and Boucher lode, which Globex said highlights potential to expand the known mineralization and validates Labyrinth's initial appraisal of the resource.
Compilation of a maiden JORC resource remains on track for delivery in 2022, the firm added.
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.
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