Connect with us

Hi, what are you looking for?

Tuesday, May 30, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


Globex Mining Enterprises provides shareholder update on Harricana drill results

The royalty covers 105 claims over 4,147 hectares

Photo by Sabrianna via Unsplash

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).

Read more: NevGold issues $1.5M in shares to GoldMining Inc. for Nutmeg Mountain project

Read more: NevGold starts drilling at Nutmeg Mountain property

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.

Read more: NevGold should be trading at a premium to peers: Analysis

Read more: 2023 will be a ‘very strong’ year for gold mining: NevGold

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.


NevGold Corp. is a sponsor of Mugglehead news coverage

Follow Mugglehead on Twitter

Like Mugglehead on Facebook

Follow Joseph Morton on Twitter

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like


The western part of the property is part of the joint venture between Doré and Argonaut


Getchell Gold used only 18 of the 27 holes drilled in the Central Area for its mineral resource estimate


The latest results demonstrate the high-grade and expansion potential of the Kora-Kora South and Judd-Judd South vein system


Findings from 226 drill holes are still pending publication