Shares in Globex Mining Enterprises Inc (TSE:GMX) (OTCMKTS:GLBXF) nudged higher in Toronto as Chibougamau Independent Mines Inc (CVE:CBG) revealed it would undertake at least 3,400 metres of drilling at the 100% owned C-3 copper/gold zone in Quebec.
C-3 is part of the Bateman Bay property. Globex, an exploration, royalty and property bank, holds a 3% Gross Metal Royalty (GMR) on the Bateman Bay and Grandroy Mine properties.
"The new drill program should start within the next two weeks once the final permit is received," said Chibougamau Independent Mines in a statement Monday.
The eight holes are planned to test the zone along strike to both the southeast and northwest and, depending upon results, to greater depth.
Last month, Chibougamau announced intersections from two holes, which showed 4.33% Copper, 3.69 g/t gold and 19.62 g/t silver, over a 22 metre core length.
The other hit 7.70% Copper, 3.58 g/t Gold and 33.25 g/t Silver, over a 9.2 metre core length.
Combined with previous Chibougamau drilling, the C-3 Zone has been intersected from surface to a depth of 450 metres.
Globex Mining shares added nearly 3% today in Toronto to $0.37.
Contact Giles at [email protected]