Globex Mining Enterprises Inc. (TSX:GMX) (OTCMKTS:GLBXF) informed shareholders on Wednesday that Imperial Mining Group has mobilized crews to begin drilling on its Crater Lake project, which adjoins Globex’s similarly named property.
The Crater Lake scandium property is a 6 kilometre ring structure east of Schefferville, Quebec. Imperial Mining Group owns the northwestern half of the structure and Globex owns the southeastern portion.
Scandium can be added to aluminium to make lighter, stronger alloys for use in automobiles, ships and aircraft. Worldwide supply of the metal is low, with an estimated 15 tons produced globally each year.
Imperial is planning a 2,500 metre diamond drill program to better understand the scandium resource potential at Crater Lake. Globex recently acquired its land position on the property in anticipation of Imperial’s exploration campaign.
Because Crater Lake is remote and exploration is costly, Globex will wait for results of Imperial’s drilling before making any decisions to explore its property, the company said in a statement.
Imperial anticipates preliminary results to be available in early spring, according to a recent press release.
Based in Montreal, Globex has a diversified portfolio of mid-stage exploration, development and royalty properties spanning a wide variety of commodities. In addition to doing its own exploration, the junior miner options many of its projects to other companies.
Shares of Globex were unchanged on Wednesday afternoon at $0.33 in Toronto and down 2.8% to US$0.25 in the US.
Contact Angela Harmantas at [email protected]
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