Globex Mining Enterprises Inc said drilling by its partner Orford Mining (TSX-V:ORM) Corporation at the Joutel Eagle property in Quebec has confirmed the location of the historical South Gold mineralization system of the property.
According to project operator Orford, two drill holes were completed across the northwest-trending South Gold mineralized system in an area of historical drilling where historical drill logs were stripped of assays.
Highlights from the drill results include hitting gold mineralization 60 and 140 metres below surface and grades of up to 14.7 grams per tonne (g/t) over 0.64 metres (m), including an interval of 1.11 g/t gold over 20.64 m.
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Globex said it was pleased with Orford’s progress to date and that it looked forward to the operator’s continuing efforts exploring the over 50 square kilometres property.
The property was optioned from Globex in late 2021 and under the agreement, should Orford complete the earn-in, Globex will maintain a 3.5% gross metal royalty (GMR) of which 1.5% GMR may be purchased for $2 million.
Included in the optioned land package is a separate block of cells to the southwest which includes a large number of untested, strong airborne electromagnetic anomalies.
Further, the company has acquired by staking an additional 18 cells totalling 1006 hectares directly joining the northwest end of the Joutel Eagle property under option to Orford.
The new property contains several areas with untested priority, coincident airborne electromagnetic and magnetic anomalies.
Globex said it has compiled historical data in the area, reinterpreted some of the geology, and expects to undertake groundwork on the property this summer.
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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