Globex Mining Enterprises Inc's (TSE:GMX) (OTCMKTS:GLBXF) partner Chibougamau Independent Mines Inc (CVE:CBG) said Tuesday that it has hit the highest grade gold to date at the C-3 copper/gold zone on the Bateman Bay property in Quebec as it posted its latest drill assays.
Globex, an exploration, royalty and property bank, holds a 3% gross metal royalty on the Bateman Bay and Grandroy mine properties.
READ: Globex Mining Enterprises' partner Chibougamau extends depth of C-3 copper-gold discovery with latest drilling
Chibougamau has now completed a four hole drill program in the area of the C-3 copper/gold zone and the results come from hole BJ-20-29.
Highlight assays from this hole included 13.34 grams per ton (g/t) gold and 27.6 g/t silver, 5.04% copper and 0.033% cobalt from an intercept of 0.88 metres.
Also encountered was 16.15 g/t gold, 31.3 g/t silver, 5.53% copper and 0.058% cobalt from a length of 1.09 metres, the company revealed in a statement.
"Chibougamau Independent is pleased with our drill results to date which have followed the C-3 one down plunge to a vertical depth of approximately 515 metres. We are currently planning our next drill program which, if undertaken, will most likely be from a barge on Lac aux Dorés," said the company.
An initial two holes of the current program were reported in late February this year.
Hole BJ-19-27 hit two mineralized zones returning the following assays: 2.49% copper, 4.24 g/t gold, 11.1 g/t silver and 0.014% cobalt over a core length of 9.25m.
A second zone returned 4.14% copper, 0.55 g/t gold, 16.2 g/t silver and 0.017% cobalt over a core length of 5.55 m.
In other company news, Chibougamau said its offices in Rouyn-Noranda, Quebec will close for a minimum of three weeks due to the continuing coronavirus (COVID-19) crisis. Employees will work from home and the company expects, in large part, to function as usual. Calls to its office will be forwarded to reception and responded to as quickly as possible, the company added.
-ADDS update on Rouyn-Noranda office--
Contact the author at email@example.com