- Globex Mining Enterprises (TSX:GMX) has acquired the Lac Fortune Gold Mine in Quebec
- The company acquired the mine in a share-royalty payment valued at C$75,000
- Globex gave 250,000 of its shares and a 2 per cent net smelter royalty, with the option to purchase 1 per cent of the royalty at any time for $200,000
- Globex is now planning an aerial survey of Lac Fortune and its two other gold properties in Quebec
- Globex Mining Enterprises Inc (GMX) is up 10.91 per cent, with shares trading at $0.30 and a market cap of $17.04 million
Globex Mining Enterprises (TSX:GMX) has acquired the Lac Fortune Gold Mine in Quebec, in a deal valued at C$75,000.
The company acquired the mine in a share-royalty payment of 250,000 shares in Globex and a 2 per cent net smelter royalty. Globex is able to purchase 1 per cent of the royalty at any time for $200,000.
The property has a historical gold mine onsite with an underground reach of 110 metres.
The company’s motivation lies in a 1986 report, which claims the site contains 224,425 metric tonnes of gold at a grading of 5.38 grams per tonne. The same report found assays up to 34.28 grams per tonne of gold.
However, it must be noted that the historical report was developed prior to the disclosing regulations. With that in mind, the company was quick to point out that these results have not been verified by Globex and therefore cannot be readily relied upon.
The property adds to the company’s Francoeur and Arntfield gold properties, also in located Quebec.
With the acquisition complete, Globex is now planning an aerial survey of all three properties, focusing on historically untested regions. The company hopes an untested area surrounding a gold feature, known as the Cadillac Break, will provide compelling results.
The aerial survey will allow Globex to better define areas of potential mineralisation and inform a further any exploration programs.
The company is not a gold-only miner and is currently exploring other North American properties with potential base metal and speciality metal mineralisations.
Globex Mining Enterprises (GMX) is up 10.91 per cent, with shares trading for $0.30 at 11:01am EST.