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Globex Mining Enterprises to start airborne survey at Francoeur/Arntfield/Lac Fortune gold mines property in Quebec

Francoeur/Arntfield/Lac Fortune consists of 135 claims, five mining leases and three mining concessions, all adding up to 4,155 hectares

Globex Mining Enterprises Inc. -
The Quebec property is already home to numerous areas of gold mineralization

Globex Mining Enterprises Inc (TSE:GMX) (OTCQX:GLBXF), the mineral property bank, is kicking off a 2,000-kilometer airborne survey at its Francoeur/Arntfield/Lac Fortune gold mines property in Quebec this week as it also updated investors on activity at its other projects.

Francoeur/Arntfield/Lac Fortune consists of 135 claims, five mining leases and three mining concessions, all adding up to 4,155 hectares.

The magnetometer survey is aimed at better defining rock units and their relationship to known and potential gold mineralization to inform the firm's next phase of exploration.

READ: Globex Mining has ample funding, new projects even as coronavirus shuts down its operations

A team is also on the ground mapping, prospecting, and sampling mineralized rock exposures, Globex added.

The property is already home to numerous areas of gold mineralization and the group's fieldwork has uncovered several new areas such as the “South Zone” with channel sampling results up to 9.52 grams per ton (g/t) gold over 7.1 meters (m) and the “450 Zone” with channel samples up to 7.04 g/t of the yellow metal over 9.5 m.

Globex currently owns 193 diversified assets including over 50 royalties and says it has sufficient funds for future operations and no debt.

The group's option partners are also busy. O3 Mining (CVE:OIII) is planning more drilling and stripping on the group's Nordeau claims, while Nippon Dragon Resources (CVE:NIP) is currently sampling underground at its Rocmec 1 property.

Eros Resources (CVE:ERC) have received a “Finding of non-significant impact” from the EPA regarding its Bell Mountain, Nevada, gold/silver mine property - a Globex royalty project, while Renforth Resources Inc (CNSX:RFR) has started a program of prospecting and geophysics and hopes to complete a mini bulk sample on the New Alger royalty property.

Recently, Monarch Gold (TSE:MQR) sold the Fayolle gold deposit to IAMGOLD (NYSE:IAG) which Globex said it intends to quickly put into production, feeding the latter's Westwood mill. Globex owns a 2% NSR on the property.

Globex said it was also awaiting a drill permit to test the depth extension of gold at its Laguerre-Knutson gold mine property near Larder Lake, Ontario.  A program of six holes is planned mainly centered on the downdip of the Knutson gold zone.

"With the price of zinc recently returning above $0.90 per pound, we expect, if it maintains a price over $0.90 cents, that our income stream from the Tennessee Zinc mine royalty will generate significant income for Globex.

"We are also hopeful that property options currently being discussed with other parties will be finalized and generate income for Globex as well as advance exploration on a number of important assets," the company added.

Contact the author at [email protected]

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Price: 0.445 CAD

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