Globex Mining Enterprises Inc has announced that optionee Maple Gold Mines Ltd (TSX-V:MGM, OTCQB:MGMLF) has completed a Phase 1 drill program of eight holes totalling 4,462 metres (m) to test potential extensions of mineralization along the past-producing Eagle-Telbel trend at its Eagle gold property in Quebec.
The company said in a statement that the drilling had identified at least four additional styles of gold mineralization beyond the known Eagle-Telbel style mind historically, providing further indications for multiple gold events that may provide for broader gold distribution than previously interpreted.
Highlights from the drill results, as reported by Maple, are an intercept of 4 grams per tonne (g/t) gold over 7.5m, including 6.4 g/t over 3m within a semi-massive pyrite and iron carbonate horizontal typical of historical Eagle-Telbel style of mineralization.
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Under the option agreement, Maple has the option to pay $1,200,000, half in cash and half in shares, over a 5- year period to Globex and undertake $1,200,000 in exploration over 4 years in order to earn 100% interest in the Eagle property.
Globex will retain a 2.5% gross metal royalty (GMR) of which 1% GMR may be purchased by Maple prior to commercial production for $1,500,000.
Meanwhile, Globex has requested shareholders to not attend the company’s upcoming annual meeting in person in light of ongoing public health concerns related to COVID-19.
The meeting will be available by way of a toll-free telephone conference call at 1-866-365-4406 with the access code 3616167.
The company said that shareholders participating in the telephone conference call will not be able to vote at the meeting but will be able to ask questions via email to info@globexmining.com at least 48 hours prior to the meeting.
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.
Contact the author Emily Jarvie at emily.jarvie@proactiveinvestors.com
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