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Globex Mining Enterprises sells claims to Troilus Gold Corp and bolsters royalty portfolio as it updates on activity

The firm has sold 91 claims totaling 4,960 hectares around 80 kilometres north of Chibougamau to Troilus

Globex Mining Enterprises Inc. -
Troilus has paid Globex 350,000 of its own shares and granted the firm a 2% gross metal royalty (GMR), 1% of which may be purchased back at any time for $1 million

Globex Mining Enterprises Inc (TSX:GMX) OTCMKTS:GLBXF), the mineral property bank, revealed on Tuesday that it has sold a number of claims covering copper and gold showings in Quebec to Troilus Gold Corp as the group also updated investors on other business activity.

The firm said it has sold 91 claims totaling 4,960 hectares around 80 kilometres north of Chibougamau to Troilus, which is consolidating a large land package near its Troilus mine.

READ: Globex Mining sells a number of non-core specialty mineral royalties to new energy centric royalty company, Electric Royalties

Troilus has paid Globex 350,000 of its own shares and granted the firm a 2% gross metal royalty (GMR), 1% of which may be purchased back at any time for $1 million.

Globex said its royalty portfolio now totals 62, ranging from the producing Mid-Tennessee zinc mines, advanced Fayolle (gold), Rocmec1 (gold), Bell Mountain (gold, silver) and Authier (lithium) royalties and numerous others in various stages of exploration.

It pointed out that 54 of Globex’s 190 projects have historical or Ni 43-101 resources and 40 have had historical mining undertaken on them.

Meanwhile, Globex also updated on other activity within its portfolio, noting that zinc has rebounded above the US$0.90 per pound cut-off and is currently at US$1 per pound, meaning royalty payments to Globex from Mid-Tennessee Mines will restart.

 The company has also sold for cash three minor claim holdings to three other companies, “Casa South”, “Windfall East”, and “Belleterre Area claim fractions” for US$40,500. Globex kept a 2% net smelter royalty (NSR) on the Windfall East claims.

Globex has also received a payment of $80,000 from Eros Resource Corp, which is an advance on royalties due to date on the Bell Mountain gold silver mine project in Nevada. Restrictions at the asset have now been lifted and work is proceeding.

The firm also holds a 3% gross metal royalty at the current gold price on Nippon Dragon's Rocmec 1 (Russian Kid) gold deposit, which is advancing rapidly, it added.

In terms of drilling, O3 Mining (CVE: OIII) have been drilling on and in the area of Nordeau East and West gold zones optioned from Globex.

On July 7, 2020, O3 reported a drill hole on the Nordeau East property in Quebec, grading 46.4 grams per ton gold over 1.3 metres (m). This intersection lies around 250m north of the Nordeau East gold zone and is open in all directions and to depth.

Elsewhere, Excellon Resources Inc has started an initial 15-hole program on the Silver City project in Saxony, Germany optioned from Globex. Twelve additional drill holes have been permitted for immediate follow-up should current drilling intersect anticipated veining and silver mineralization.

Shares in Toronto ticked up around 4.3% to C$0.50 each.

---Updates for share price---

Contact the author at [email protected]

Quick facts: Globex Mining Enterprises Inc.

Price: 0.66 CAD

TSX:GMX
Market: TSX
Market Cap: $36.06 m
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