- Open pit mining and gold ore processing has begun on the Fayolle Property in Québec
- IAMGOLD (NYSE:IAG) has started production and Globex Mining (TSX:GMX) retains a two per cent Net Smelter Royalty (NSR)
- The Fayolle deposit has a measured and indicated resource of 706,400 tonnes grading 4.89 g/t Au based on a gold price of $1,300 per ounce
- Globex Mining Enterprises Inc. Shares (NYSE:GMX) opened trading at $0.83 per share
Open pit mining and gold ore processing has begun on the Fayolle Property in Québec.
IAMGOLD (NYSE:IAG) has started production and Globex Mining (TSX:GMX) retains a two per cent Net Smelter Royalty (NSR).
The Fayolle deposit has a measured and indicated resource of 706,400 tonnes grading 4.89 g/t Au based on a gold price of $1,300 per ounce.
IAMGOLD obtained a mining lease in March 2023 and began mining activity immediately. Ore is being treated at the Westwood mill. Current 2023 production guidance is 10,000 to 15,000 ounces.
Globex is pleased that IAMGOLD has initiated mining on the property which Globex believes has significant additional exploration potential.
Along with 2 per cent NSR on the Fayolle property, Globex has a 2 per cent NSR on the Destorbelle Gold Property directly to the west and owns 100 per cent the Victoria Gold property to the southeast and east, both of which have gold mineralization in drill holes and/or in surface exposures.
Globex Mining Enterprises Inc. (GMX) is an exploration and royalties enterprise with a diversified North American portfolio of mid-stage exploration and development properties. Recently, Orford Mining Corporation (TSXV:ORM) reported multiple gold zones in Hole 23-JE-017 on the Joutel Eagle Property in Northern Québec, also optioned by Globex. Click here for news on those results.
Globex Mining Enterprises Inc. (GMX) opened trading at $0.83 per share.
The material provided in this article is for information only and should not be treated as investment advice. For full disclaimer information, please click here.