Jul 22 2020
Globex Mining Enterprises Inc. is happy to inform shareholders that it has successfully sold 91 claims that total 4,960 ha, including the Lac De Maurès Est, Lac Testard Ouest, Lac Chix, Rosario, Pyrox, Lac Testard Ouest, Boulder Gold, Boulder Lake, and Claudette Zone properties.
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These properties are situated around 80 km north of Chibougamau in Quebec to Troilus Gold Corp. Several gold and copper showings, geophysical anomalies, horizons, and structures worthy of more detailed work are covered by these claims.
In return for 100% interest in the claims, Troilus Gold has paid 350,000 Troilus common shares to Globex Mining Enterprises. The latter has also been granted with a Gross Metal Royalty of 2%, of which 1% may be bought for $1,000,0000, at any time.
Troilus Gold has been collating a huge land package located south and southeast of the Troilus Mine. The claims of Globex Mining Enterprises fill the gaps inside the vast land package.
Shareholders must note that the inclusion of those eight royalties to the royalty portfolio of Globex Mining Enterprises brings the royalty total up to 62 spanning from the producing Mid-Tennessee zinc mines, advanced Authier (lithium), Bell Mountain (gold and silver), Rocmec1 (gold), and Fayolle (gold) royalties, and many others in different stages of exploration.
Among the 190 projects of Globex Mining Enterprises, 54 have Ni 43-101 or historical resources and 40 have had historical mining undertaken on them. The company’s assets are targeted in eastern Canada, along with three assets in the United States and one in Saxony Germany that is presently being drilled by Excellon Resources.
In Other News
Zinc cost has rebounded more than the $0.90/lb USD cut-off and now stands at $1.00/lb USD. This implies that the royalty payments to Globex Mining Enterprises from Mid-Tennessee Mines will start again.
Globex Mining Enterprises has also sold three minor claim holdings for cash to three other firms—“Casa South,” “Windfall East,” and “Belleterre Area claim fractions”—for $40,500. Globex Mining Enterprises has retained a 2% NSR on the Windfall East claims.
O3 Mining has been drilling on and in the region of Nordeau East and West gold zones that were optioned from Globex Mining Enterprises. On July 7th, 2020, O3 Mining announced a drill hole on the Nordeau East property grading 46.4 g/t Au across 1.3 m.
The drill intersection is situated about 250 m north of the Nordeau East gold zone and remains exposed to depth and in all directions.
Excellon Resources Inc. has initiated a preliminary 15-hole drill program on the Silver City project in Saxony, Germany, which was optioned from Globex Mining Enterprises. Twelve more drill holes have been sanctioned for instant follow-up if veining and silver mineralization are intersected from current drilling intersect as expected.
Eros Resource Corp. has paid $80,000 to Globex Mining Enterprises, representing advance royalties due so far with respect to the Bell Mountain gold-silver mine project located in Nevada. Limitation placed on the property has been lifted and permission has been provided to resume work.
On July 9th, 2020, Nippon Dragon Resources Inc. had reported that the development of drift on the 50 Level of the Rocmec 1 (Russian Kid) gold deposit is progressing quickly. The drift will access a 100-m-long by 30-m-high block of mineralized rock that will be mined by thermal fragmentation. Globex Mining Enterprises holds a 3% GMR on the property at the present gold price.
Source: https://www.globexmining.com/