Project Updates From Globex Partners Highlighted by Encouraging Assay Results at Joutel Eagle Property

Another batch of news and updates has been issued that is of interest to shareholders of Globex Mining Enterprises Inc. (CA: GMX – $0.79 & US: GLBXF – $0.60 & GER: G1MN – €0.53). Several option partners are advancing exploration programs and are presenting promising results. Among them, the steady exploration progress achieved by Orford Mining Corporation [ORM] at the Joutel Eagle property. This week, Orford reported another batch of excellent assay results, which once again surpassed expectations.

So far this year, 14 drill holes have been completed for a total of 2,535m of drilling. This work has tested approximately 400m of the South Gold Zone along strike. Multiple continuous intervals have been encountered that are often wider and higher grade than the historical results achieved by the previous operators of the property. Highlight intervals from the current batch included a section spanning 17.6m of core with an average grade of 1.4 g/t gold. Included within this section, a high-grade subinterval of 2.5m was mineralized with 5 g/t gold. Another wide interval of nearly 10m was reported in the same drill hole with an average of 1.4 g/t gold.

The ongoing series of positive results presented by Orford, following the option deal with Globex, have validated the exploration potential of the property. Orford remains committed to continue the discovery process further along the system in accordance with the plan to expand the defined gold resources at Joutel Eagle. The company plans to review all of the results achieved this year and then prepare another drilling program to follow up on this success.

Emperor Reports Drilling Targets Chosen for Maiden Exploration Program at Duquesne West Property

When the Duparquet Partnership optioned the Duquesne West Gold project to Emperor Metals Inc [CE], part of the attraction was based on the compliant gold resources already established within the property. A resource base of 727,000 ounces of gold (assays cut to 1 oz.) is certainly a good start for any junior explorer. The plan was for Emperor to engage in thorough exploration work with the expectation that significant undiscovered gold zones had been overlooked by previous operators.

A process to compile historical resources, and all available geophysical data for the property, enabled the creation of a 3D geological model. Emperor then elected to employ artificial intelligence technology to interpret this model as part of the selection process to determine drilling targets for the maiden exploration program.

Multiple priority drilling targets have since been established. Analysis of historical results and geological modeling have provided a better understanding of the factors that contributed to the formation of higher-grade gold mineralization. The AI technology also contributed to optimization of the drill plan such that targeted zones may be tailored to most efficiently increase the resources of the project. Emperor has now applied for permitting to allow an additional 46 drill pads to be prepared, in advance of a major exploration campaign.

A program of between seven to ten thousand meters of total drilling is expected to be underway by mid-May. (Note: At publishing a drill has already been moved onto the property). This represents a substantial commitment by the option partner and Globex management is pleased with the ambitious exploration efforts which will be fully funded by Emperor. Globex anticipates receiving several more installment payments of cash and Emperor shares. A GMR of 3% is retained on the project, half of this interest is held by Globex.

Royalty Revenues Anticipated by Globex as Quarrying Underway at Silidor Property

In 2022, a deal was reported with Agregat RN Inc. [PRIVATE], to allow the aggregates supplier to develop a granite quarry at Globex’s Silidor property. Agregat subsequently applied for a license to extract and crush granite rock from an open pit operation on the property. Development commenced and there is the expectation for several million tons of material that may ultimately be extracted from the pit. Earlier this month, Globex reported that quarrying operations have commenced at the project.

The crushed stockpile at the Silidor Gold Mine Property

The first 100,000 tonnes of granite has been blasted and +20,000 tonnes have been crushed and is ready for shipment. Agregat has a contract to provide up to one million tons of crushed gravel from this operation to supply Glencore. The terms of the deal require that Globex will be paid an advance royalty payment of $150,000 for the first 300,000 tonnes of aggregates produced and sold from the project. Afterwards, Globex shall be paid a fixed rate of 25 cents per tonne.

In another update, Globex also reported this month that a detailed geophysical survey has been completed at its Tyrone property. A total of 171kms of airborne electromagnetic and magnetic survey was undertaken by Geotech Ltd. The Tyrone property is situated between two largely unexplored projects currently under option to Polish mining company KGHM International Ltd. Early phase prospecting work at these adjacent property holdings has identified expansive potential showings for copper and gold deposits, along with values of silver, arsenopyrite and antimony. Surface sampling at Tyrone has confirming high-grade gold (up to 47.2 g/t Au), copper (up to 10.96% Cu) and silver values (up to 108 g/t Ag). The geophysical data has provided validation of the properties exploration potential and add value to the project as a potential transaction target.

Globex also confirmed that exploration work by St. Barbara Limited will resume at the Mooseland property in Nova Scotia. Globex holds a 2% GMR on this high-grade gold property with a proven resource and underground access. Resources stand at 3,454,000 tonnes grading 4.71 g/t Au for 523,000 oz. Au and open.


Once again, several important updates have been reported within a short time, highlighting activity at projects advancing under option and royalty deals, or directly held by Globex. The substantial exploration efforts funded by Orford and Emperor will outline additional resources at their projects. This in turn builds value for the royalties retained by Globex for these projects. Meanwhile the royalty income is set to commence at the Silidor property, contributing revenue that Globex may direct towards funding its own proprietary exploration ambitions. The airborne geophysical survey launched at the Tyrone project is just one such program that may also create shareholder value to advance a property and make it more attractive for a potential transaction in the future.

Each individual milestone achieved to advance the many partnerships and option deals is a win for Globex shareholders as these projects are all funded by partners. Several of the royalties held by the Company are now approaching production and may begin to pay out recurring revenue. In addition, Globex has amassed a lavish treasury to provide funding for the next series of acquisitions it may uncover to continue the project generator strategy that it has executed so successfully. At every level of the business plan the outlook is bullish. Smallcaps Recommendation: BUY. Advice: BuyPrice Target: $2.87Latest Company Report (pdf)
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