Globex Mining Enterprises Inc said it has acquired 100% interest in the Pointe-Aux-Morts dolomite deposit in Quebec.
Historical work in the early 1980s outlined a historical, non-compliant resource of around 23.4 million tonnes at a grade of 20.5% magnesium oxide, 30.5% calcium oxide and 0.92% silicone dioxide.
A later report in the 1990s concluded that the deposit had good potential, readily available markets and a market for 400,000 tonnes per year for crushed 3/16-inch material, according to Globex.
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The report also indicated an additional annual market for 200,000 tonnes of magnesium oxide and calcium granules for electrical furnaces in the US, the company added.
“While the reports are historical, they do indicate favorably on the economic potential of the deposit. Globex will recompile the historical information and see what work should be done to place its economic potential in the modern context as well as interact with all local stakeholders to inform and receive input as to the social acceptability of the project,” Globex told investors in a statement.
Rouyn-Noranda-based Globex has over 210 assets, including 89 royalties, principally located in Quebec and eastern Canada. Its portfolio is diversified, featuring royalties and precious metal, base metal, and industrial mineral properties.
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