Shares in Globex Mining Enterprises Inc (TSE:GMX) (OTCMKTS:GLBXF) nudged higher in Toronto as it and Chibougamau Independent Mines Inc (CVE:CBG) updated on encouraging exploration on its Bateman Bay and Grandroy Mine properties in Quebec.
Globex, an exploration, royalty and property bank, holds a 3% Gross Metal Royalty (GMR) on both properties.
Recently, Chibougamau’s completed two drill holes in a bid to extend what's called the C-3 zone at the Bateman property along strike and to depth. A step-out hole has also been completed.
These drill holes have now shown that the C-3 zone extends from surface to at least a vertical depth of 450 m (meters) (1,476 ft) and is open in all directions, the companies reported.
"Two drill holes were also completed on the Grandroy Mine copper/gold property following up on a projected control structure. Both holes, drilled to undercut the old open pit, intersected pyrite mineralization with visually minor chalcopyrite. The core has been logged and split and will be sent for assay," the statement read.
"We are particularly pleased with the results to date on the C-3 zone which seems to be demonstrating potential for size," the statement also revealed.
Globex Mining shares added 1.54% to $0.33 in Toronto.
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