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Globex Mining snags new tract of land near recent gold discovery in Quebec

Globex’s new land totals just over 3,200 hectares covering 13 kilometres along regional strike to the southwest of Azimut’s new gold discovery

gold in rocks
The acquisition positions Globex solidly within the regional gold discovery play

Globex Mining Enterprises Inc (TSE:GMX) (OTCMKTS:GLBXF) told shareholders Wednesday that it has acquired new land along strike of an exciting new discovery in the Canadian province of Quebec.

Last month junior miner Azimut Exploration reported new drill results from its Patwon project that included 102 metres at 3.2 grams per ton gold and 108.2 metres at 2.8 grams per ton.

Globex’s new land totals just over 3,200 hectares covering 13 kilometres along regional strike to the southwest of Azimut’s discovery.

READ: Globex Mining Enterprises sees positive results from exploration program at Francoeur/Arntfield Gold Mines property in Quebec

The acquisition positions Globex solidly within the regional gold discovery play, the Quebec-based firm told investors in a statement.

Channel sampling from Patwon, also known as the Elmer gold property, returned grades of 9.5 grams per ton gold over 7.1 metres and 9.6 grams per ton over 5.4 metres.

The mineral bank also acquired nearly 158 hectares encompassing a portion of a high priority exploration target within the Patwon regional strike. Globex told shareholders recently that the new property could be a gold-silver-copper volcanic massive sulphide mineralized system due to soil and geophysical anomalies viewed on the site.

Globex, which boasts a portfolio of over 100 mineral projects, also acquired two projects in the James Bay area. The company staked 19 cells that cover a series of surface showings of high grade gold and copper known as the Tyrone project, which is within Azimut’s Kakamas cell block. Surface sampling from the area has previously returned gold values of up to 12 and 13 grams per ton, according to Globex.

The firm also staked four cells near the Renard diamond mine in Quebec, where previous drilling revealed a number of kimberlite bodies. Globex said it will “reassess” further exploration on its Lake Savignac diamond project.

Shares of Globex lifted 1.4% on Wednesday at C$0.38 and were trading at US$0.28 over the counter.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Quick facts: Globex Mining Enterprises Inc.

Price: 0.39 CAD

TSX:GMX
Market: TSX
Market Cap: $21.21 m
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