- Globex Mining Enterprises (GMX) and Emperor Metals (AUOZ) provided an update on scheduled drilling for the Duquesne West/Ottoman project in Quebec
- Currently, preparation work is ongoing to organize drilling on the property in the second fiscal quarter
- Emperor is conducting due diligence on relevant data sets to help understand known mineralization
- Drill permit applications have been sent and contracting companies have been hired
- Emperor Metals (AUOZ) is unchanged trading at $0.14 per share as of 8:48 a.m. EST
- Globex Mining Enterprises (GMX) is up 1.33 per cent trading at $0.76 per share as of 12:27 p.m. EST
Globex Mining (GMX) and Emperor Metals (AUOZ) have provided an update on scheduled drilling on the Duquesne West/Ottoman project in Quebec.
Currently, preparation work is ongoing to organize drilling on the property in the second fiscal quarter.
Emperor Metals CEO, John Florek, stated,
“Emperor is conducting due diligence on third-party data sets as we incorporate additional geological data into our A.I. Block Model. We are at a critical phase in our planning, and a deeper understanding of the controls of mineralization of this deposit is critical for Q2 targeting.”
The A.I. Block Model contains 102,479 metres of drilling from 327 holes. Emperor has applied for drill permits and has hired several contracting companies to support this project. Also, quotes will be requested from drill contractors shortly.
Property shows signs of gold
The property itself is made up of 38 blocks covering 1,389 hectares and spans the gold localizing Porcupine-Destor Break. Previous exploration has indicated a number of gold zones along the strike length of the property. It has an inferred resource of 727,000 ounces of contained gold.
Globex Mining has an indirect interest in the property through its 50 per cent ownership of Duparquet Assets. In the fall, Globex Mining optioned the property to Emperor for $10 million in cash, 15 million shares, and $12 million in work expenses over 5 years while retaining a 3.00 per cent gross metal royalty.
Emperor Metals (AUOZ) is unchanged, trading at $0.14 per share as of 8:48 a.m. EST.
Globex Mining Enterprises (GMX) is up 1.33 per cent, trading at $0.76 per share as of 12:27 p.m. EST.
