Globex Mining Enterprises Inc. (TSX:GMX, OTCQX:GLBXF) has announced the results of an NI 43-101 technical report that covers a portion of its Nordeau gold royalty property located approximately 45 kilometers east of Val-d’Or, Quebec.
The report, which was published by Cartier Resources Inc on October 13, included an estimate of 311,000 troy ounces of gold, more than doubling the previous NI 43-101 resource calculation in 2009.
It makes reference to the West Nordeau gold deposit resource, which has been upgraded and is now incorporated into the Chimo Mine Gold System. The West Nordeau gold deposit is one of several mineralized gold zones on the property that Globex called the Nordeau Project which Cartier now refers to as the East Cadillac property, which consists of 54 cells or portions of cells totaling 1,500 hectares.
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Additionally, the Cartier press releases stated the following: “For the West Nordeau deposit: Globex Mining Enterprises Inc. (TSX:GMX, OTCQX:GLBXF)royalty cost of C$64.80/troy ounce”. Using that royalty cost and Globex’s 3% GMR royalty and inputs of 311,000 troy ounces would mean a value of more than C$20 million, Globex said in a statement.
“The estimate of the West Nordeau deposit was made from a database consisting, as of July 12, 2022, of 154 drill holes totaling 55,097m drilled, 6,873 deviation measurements as well as 18,973 samples analyzed for the gold and collected over a core length of 19,785m representing 36% of the core length drilled,” the company said. “The estimate was carried out on 8 mineralized structures, intersected by 4,982 meters of drilling, having produced 802 different gold intersections.”
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.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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