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.
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]