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Globex Mining says drilling kicks off at Bateman Bay property in Quebec

Chibougamau Independent Mines has received its drill permit for the C-3 copper/gold zone in Quebec

Chibougamau
Globex holds a 3% gross metal royalty on the property, located in Quebec

Globex Mining Enterprises Inc (TSE:GMX) (OTCMKTS:GLBXF) and Chibougamau Independent Mines Inc (CVE:CBG) released promising news Wednesday announcing Chibougamau Independent Mines has received its drill permit for the C-3 copper/gold zone in Quebec. 

Drilling has kicked off at the property, and Chibougamau is planning around 3,400 metres of drilling at the wholly 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. Its assets include over 40 former mines.

READ: Globex Mining Enterprises shares nudge up as more drilling is expected at Quebec property

The other 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 Katie Lewis at [email protected]

Quick facts: Globex Mining Enterprises Inc.

Price: 0.37 CAD

TSX:GMX
Market: TSX
Market Cap: $20.13 m
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