Rich gold district
Québec is renowned as one of the world’s richest gold districts, contributing significantly to Canada’s gold production. The province is home to prolific mining regions like the Abitibi Greenstone Belt and the James Bay area, which host some of the largest and most productive gold mines in the country.
Gold mining companies in Québec have shown strong financial performance, driven by high-grade deposits and efficient operations.
Globex Mining Enterprises Inc. (TSX:GMX) is one such company, actively advancing its various mining projects, showcasing significant progress and promising results.
In the past month, Globex has reported promising results from several key projects:
- Duquesne West/Ottoman Gold Project: Initial drill holes have confirmed the potential for a large, low-grade open-pit gold deposit.
- Lac Escale (Mirage) Project: This project saw several new lithium pegmatites intercepted within multiple significant, near-surface intervals.
Here’s a detailed look at their recent developments:
Fiedmont (East Vallée) royalty claims
In early October, Globex released drill results from its Fiedmont (East Vallée) royalty claims, located along strike to the southeast of the North American Lithium Mine under Sayona Mining Ltd. (OTCQB:SYAXF) near Barraute, Québec. Globex retains a 2 per cent net smelter return (NSR) on these claims. The drill program consisted of 12 holes testing the southeast extension of the Core Pegmatite, previously defined over a 4.25 km strike length. Ten of these holes were drilled on the Globex royalty claims (holes EV 24-001 to EV 24-009 inclusive and hole EV 24-012).
Lac Escale (Mirage) property
A week later, Globex reported the first set of 2024 drill results on its Lac Escale (Mirage) property, including within the Globex one-kilometre external boundary area of influence in the James Bay area of Québec. Globex retains a 3 per cent gross metal royalty (GMR) on the Lac Escale claims and $100,000 per year advance royalty payments commencing at the fifth year of the agreement.
The drill campaign focused on the Central Zone, including the MR-6 and MR-3 dykes, and continued to intersect wide and well-mineralized intervals on their extension and at depth. Highlights include:
- Several new lithium pegmatites intercepted around the MR-6 dyke in the Central Zone, with significant dyke staking observed to the East and North of MR-6.
- Multiple significant, near-surface intervals extending the MR-6 dyke, including 1.75 per cent Li2O over 40.4 metres in drill hole MR-24-73, 1.07 per cent lithium oxide (Li2O) over 24 metres in drill hole MR-24-74, and 1.25 per cent Li2O over 16 metres in drill hole MR-24-72.
- Three new stacked dykes confirmed 250 metres to the East of MR-6, with 1.25 per cent Li2O over 26 metres, 1.49 per cent Li2O over 26.2 metres, and 1.93 per cent Li2O over 22.35 metres in drill hole MR-24-76.
Brunswick Exploration will start metallurgical studies in the coming weeks for the MR-6, MR-4, and MR-3 dykes. Since the beginning of 2024, Brunswick has drilled approximately 12,000 metres to discover, delineate, and expand the spodumene-bearing pegmatites.
North Contact Zone
By mid-October, Globex presented drill results from drilling collared near the north boundary of several Globex 3 per cent GMR claims. The drill holes are collared on Globex royalty claims and pass out of the royalty claims at a vertical depth of approximately 200 metres. The current results include:
- 14.7 g/t Au over 4.3 metres within 5.2 g/t Au over 20.6 metres.
- 15.0 g/t Au over 1.0 metre within 5.7 g/t Au over 4.0 metres in the North Contact Zone.
Globex has a large package of 3 per cent GMR royalty claims along the strike of the Chimo Mine, with several partially defined gold resources in addition to gold zones outside the principal gold-bearing structure, such as the North Contact Zone.
Duquesne West Property
Globex also reported assay results from the first three drill holes (Holes DQ 24-01 to DQ 24-03, 1,452 metres) of their 19-hole drill program (8,166 metres) at the Duquesne West property located in Duparquet Township, Québec, under option from Globex. The Duquesne West property has a historical mineral resource estimated at 727,000 oz. Au at a grade of 5.42 g/t Au (or 853,000 oz. Au grading 6.36 g/t Au uncut).
The current drill program aims to demonstrate that additional ounces are contained within the conceptual open-pit model and that low-grade bulk tonnage is indeed unaccounted for and will be added to a new mineral resource update expected in Q1 2025. The currently reported results include:
- 52.1 metres grading 0.8 g/t Au.
- 30.2 metres grading 0.4 g/t Au.
These results feed into Emperor’s conceptual model of a potential lower-grade, bulk-tonnage gold deposit.
Investment corner
Globex Mining Enterprises boasts a diversified portfolio of more than 250 projects and royalties across North America, including precious metals (gold, silver), base metals (copper, zinc), and specialty minerals (lithium, rare earths). This diversification reduces risk and increases the potential for significant returns. Globex’s strategy of optioning projects to other companies also allows it to generate revenue through cash, shares, and royalties without bearing the full exploration costs.
The team has shown significant progress across its various projects, with promising drill results and strategic advancements. Investors should consider deepening their due diligence into Globex Mining Enterprises Inc. due to its diverse portfolio of royalty claims, ongoing exploration success, and potential for substantial resource expansion. The company’s strategic partnerships and consistent exploration efforts position it well for future growth and value creation.
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