Globex Mining Enterprises (TSX: GMX) updated shareholders regarding its drill results on the Harricana project, Main Fontana gold zone, located in the Duverny township of Quebec.
The company maintains a 2 per cent net smelter royalty, with 1 per cent of that which could be purchased for $2 million prior to commercial production. The royalty agreement, entered into with Kiboko Gold (CSE: KIB) covers 105 claims over 4,147 hectares.
Kiboko Gold reported assays from 26 holes over 3,449 metres. It’s part of the continuing systematic 11,000 metre, 67 hole verification program in the Main Fontana gold zone.
Highlights include:
- 8.7 grams per tonne (g/t) gold (Au) over nine m (RCFON22-021), including 22.2 g/t Au over three m;
- 23.9 g/t Au over three m (RCFON22-026), including 35.4 g/t Au over two m
- 47.2 g/t Au over one m (DDFON22-004)
- 7.2 g/t Au over two m (RCFON22-006), including 14 g/t Au over one m
- 8.4 g/t Au over one m (RCFON22-018)
- 3.3 g/t Au over two m (RCFON22-002)
- 3.2 g/t Au over two m (RCFON22-022)
- 2.3 g/t Au over 2.5 m (DDFON22-007)
- 5.2 g/t Au over one m (RCFON22-026)
- 5.2 g/t Au over one m (RCFON22-004).
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Kiboko to take further evaluation on low-grade intersections
Globex creates shareholder value by buying mineral properties enhancing them and either exploring them itself, optioning it or joint venturing them, or in some cases selling them. Its metals of choice include both base metals, specialty metals and minerals as well as industrial minerals and compounds.
Kiboko’s present interpretation is that the mineralization is subvertical, corresponding to an estimated true width range of 50 per cent to 60 per cent of the intervals. Kiboko also discovered other low-grade intersections, and intends on undertake further evaluation.
The Fontana property has 25 claims, of which 22 are under agreement with Tres-or and three are owned by Globex. The total amount of space is 943 hectares in Duverny Township, Quebec. The cliams are 16 kilometers northeast of the town of Amos and are reachable by all-weather gravel roads.
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NevGold Corp. (TSX-V: NAU) (OTCQX: NAUFF) (Frankfurt: 5E50) is a Vancouver-based gold producer with successful exploration programs happening in Limousine Butte project in Nevada and Nutmeg Mountain in Idaho.
Nevgold is focusing on using the historical database to expand the 2020 mineral resource to the north and south with near surface drilling. Additionally, the company will test for high-grade feeder structures at depth. Also, Nevgold will identify parallel structures hosting additional near near-surface mineralization to the east and west of the mineral resource.
NevGold shares dropped a penny and closed at $0.39.
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