Globex Mining Enterprises Inc said underground exploration at the Labyrinth gold project in Quebec is approaching completion, with initial results supporting a potentially significant Joint Ore Reserves Committee (JORC) resource later this year, according to the project's operator.
Per an update from its operator Labyrinth Resources, the company said more than 4,390 metres (m) of diamond drilling has been completed, assays were pending for eight holes with six expected to be received in the next two weeks, and the final hole in the initial program was underway.
Upon completion of the underground program, surface drilling is set to commence in late June targeting significant mineralization extensions to depths of up to 400 m below the current known resource.
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The program will consist of 3,000 m across five holes covering more than one kilometre in strike of the Labyrinth gold deposit and will be targeting the extension of the known resource to the depth of 700 m below surface.
Labyrinth CEO Matt Nixon said the company was extremely pleased with the progress at the property as it continues to intercept mineralization across multiple historically modelled lodes through the first genuine exploration conducted in over ten years.
“The fact that we have a readily accessible underground mine provides a real point of difference to our exploration focus in regards to interpretation and comprehension of the mineralization that has historically been mined across four levels down to 130 m below surface,” Nixon said.
“The initial underground drilling program delivered great results in support of establishing a significant maiden JORC resource later this year and we now immediately turn our attention to the commencement of a surface diamond drilling campaign.”
Globex said it is pleased by the rapid progress of the work undertaken by Labyrinth and that it looks forward to the announcement of drill assays and the results of the deeper drilling program scheduled to commence shortly.
The company retains a 5% gross metal royalty on the first 25,000 ounces of gold produced from the property and a 3% gross metal royalty thereafter.
Globex Mining Enterprises is a Toronto Stock Exchange, Frankfurt and OTCQX-listed corporation with a diversified North American portfolio of mid-stage exploration, development and royalty properties containing: precious metals, base metals, specialty metals and minerals, and industrial minerals and compounds.
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