- Globex Mining Enterprises Inc. (GMX) announced an inferred gold resource increase for the Labyrinth Gold Project
- The resource is now estimated to be 500,000 ounces of gold
- Globex has a 5.00 per cent gross metal royalty on the first 25,000 ounces of gold produced and 3.00 per on all production thereafter
- Next steps include a 3,000-metre surface diamond drilling program which is underway
- Globex Mining Enterprises Inc. (GMX) is up 2.94 per cent and is trading at $0.70 per share as of 3:53 p.m. ET
Globex Mining Enterprises (GMX) has announced a resource increase to 500,000 ounces of gold inferred on the Labyrinth Gold Project in Québec.
Globex stated it has a 5.00 per cent gross metal royalty on the first 25,000 ounces of gold produced and a 3.00 per cent gross metal royalty on all production thereafter.
The resource is open in all directions, which can support a substantial mineral resource growth plan through near-mine and regional drilling.
A total of 5,000 metres of underground diamond drilling has been completed on the project to support a JORC resource model.
Next steps include a 3,000-metre surface diamond drilling program which is underway to test the downdip extents of existing mineralization.
Globex Mining Enterprises Inc. (GMX) is up 2.94 per cent and is trading at $0.70 per share as of 3:53 p.m. ET.
