Globex Shareholders Optimistic as Option Partners Report Outstanding Progress

The roster of active partners working independently to advance projects in Quebec continues to provide a steady news flow of interest to Globex Mining Enterprises Inc. (CA: GMX – $0.83 & US: GLBXF – $0.63 & GER: G1MN – €0.53) shareholders. This year is starting off with similar encouraging progress updates that characterized most of the last few years. Several option and royalty partners presented news reports demonstrating advancement of their respective properties.

Perhaps the most notable of the status updates was provided by Brunswick Exploration [BRW] as aggressive work programs are rapidly contributing towards outlining a significant lithium deposit. Last year, Brunswick was so encouraged by the early results of drilling work that they opted to accelerate the purchase of the project. Further assay results were announced this month of similar magnitude and Brunswick has already decided to move ahead with another round of drilling.

Not to be outdone, Emperor Metals [AUOZ] is also delivering encouraging results from ongoing drilling work at the Duquesne West gold property. The intriguing potential to advance a lower-cost open pit mining scenario is now being investigated and numerous gold zones that may become economic resources for such a plan are being incorporated into a resource model. Meanwhile, Infini Resources Limited [proposed ASX Code: I88] is also moving ahead with its uranium discovery ambitions following a transaction with Globex, and at the right time with the price of uranium moving higher.

Positive Assay Results Presented by Brunswick Exploration Validate the Potential at Mirage

Brunswick Exploration Inc has established itself as a competent and motivated player in the lithium exploration scene. Following the acquisition deal to acquire the Mirage lithium project from Globex last year, the company immediately launched a drilling program. Initial assay results were encouraging such that Brunswick accelerated the option deal to secure 100% ownership of the project.

Assay results were presented last week for the final batch of ten drill holes. The most promising section from this report was an interval of 37.2m bearing an average of 1.8% lithium oxide (Li2O) in MR-23-28. Undercutting this section, Drill Hole MR-23-29 also encountered attractive results with an interval of 32.2m bearing an average of 1.55% Li2O. Most of the other drill holes in this batch also intersected encouraging intervals with attractive grades. There was also a significant component of tantalum oxide reported in some of the drill core intervals, although further assay results are pending.

Cross Sections A to A’ along Dyke MR-6 – Brunswick Exploration

The maiden drilling work successfully confirmed the potential for a lithium deposit to be defined on the property. A dyke swarm has been outlined within an area spanning roughly 2km by 2km. Of the six potential dyke targets identified, five demonstrated wide continuous intervals of mineralization.

Brunswick is now continuing with an aggressive exploration posture and has announced that a second phase of drilling work is underway at the Mirage property. The Phase II winter drilling program will target extensions of the dyke structures that were confirmed in the first round. Drilling will advance along the entire 2.8km strike length of the system and will also include additional targets and outcrops.

Globex shareholders remain leveraged to the outcome of this work, as the Company retains a 3% GMR on the Mirage project. Globex also controls property interests surrounding the lithium discovery area.

Emperor Metals Announces Additional Assay Results and Updates Duquesne West Project Status

Option partner Emperor Metals has remained active to advance the Duquesne West gold project. The company reported another batch of assay results from ongoing drilling. The results included a higher grade interval spanning 3.65m of core with an average of 6.25 g/t gold. Within that section was an enriched zone of 1.15m bearing an impressive 12.17 g/t gold. In another drill hole, a chunky interval of 15.7m was mineralized with an average grade of 0.82 g/t gold. Approximately 25% of the outstanding drill core samples from this program remain to be reported as more assay results are pending.

This latest round of drilling work was geared towards establishing near-surface resource zones that would be suitable for inclusion within an open-pit mining shell. Emperor has been working to outline an open-pit mine concept envisioned 400m in depth, along a strike length extending 1.8kms and to a width of 0.8km at surface. Emperor is also re-evaluating about 3000m of historical drilling work completed by a previous operator, to include other potential near-surface gold showings that may be added to the resources of the proposed open-pit shell. The current model includes a larger super-pit encompassing several gold zones, plus the potential for an additional four smaller satellite pits to exploit nearby gold deposits in proximity.

Emperor acquired the Duquesne West property through an option transaction with Duparquet Partners in October, 2022. Globex is a 50% partner of Duparquet and therefore retains 50% ownership of the outstanding 3% GMR on the project. In addition, Globex shall be paid 50% of the remaining option payments issued by Emperor to complete the acquisition, staged over a term of five years.

Globex Announces Receipt of Option Payments to finalize Uranium Property Transaction

In another previously announced transaction, Globex reported vending the Des Herbiers uranium project to Infini Resources Limited. As part of this deal, Infini committed to issue a cash payment of $200,000 plus a further block of Infini shares valued at $300,000 following the conditional admission letter from the security authorities. Infini has now confirmed the aforementioned letter was granted and issued the payment to Globex. The share payment amounted to 1,672,427 Infini shares that Globex will hold in its portfolio of partner shares.

The Des Herbiers property covers a group of 66 claims located near the town of Johan Beetz in Quebec. Previous operators of the project revealed numerous low to moderate-grade uranium occurrences through more than 57,000m of historical drilling work, along with trenching and sampling programs. Nearly 44 million pounds of uranium are estimated within the resources delineated at the project so far. The price of uranium itself has been rising since the original transaction was reported, which provides an encouraging factor to support further advancement of the project. Globex retains a 3% GMR on the property.


With the progress updates issued so far this year, Globex has emerged with cash and share payments in hand from Infini and the prospect of further payments due from Emperor. Meanwhile the retained royalty interests held for all three of the properties mentioned so far this month are also more attractive as each project advances. Lastly, the portfolio of wholly owned properties controlled by Globex may be the subject of pending transactions with so many projects located in close proximity to the ones successfully advancing from previously completed deals.

Globex shareholders are ideally positioned to participate in the success of the partner companies. There is added security in the strong cash position that has been amassed from the outcome of so many transactions that have been achieved in recent years. The growth profile for the Company remains attractive. Diversity is an added benefit, with leverage to so many subsectors like lithium and uranium that remain in bullish posture. Many of the outstanding royalty interests are approaching development by partner companies that could deliver recurring revenue streams thereafter. It appears that another exciting year is getting underway for this project generator. Smallcaps Recommendation: BUY. Advice: BuyPrice Target: $2.87Latest Company Report (pdf)
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