- Globex Mining Enterprises (GMX) has acquired a manganese property in New Brunswick, consisting of 15 claims in Carleton county
- The property is located 20 kilometres north-northeast of Hartland, covering the Grassville South manganese zone
- While the area was previously mapped and drilled, historical resource calculations have not yet been verified by Globex’s geological experts
- The company intends to option its new asset, due to growing interest in manganese as a potential new battery metal
- Globex Mining Enterprises (GMX) is up 5.71 per cent and is currently trading at C$0.74 per share
Globex Mining Enterprises (GMX) has acquired a manganese property in New Brunswick, consisting of 15 claims in Carleton county.
The claims are located 20 kilometres north-northeast of Hartland, and cover the Grassville South manganese zone in the region.
The area was previously mapped by Stratmat in 1954, and underwent a gravity survey which prompted the drilling of seven holes. The holes which were drilled on the property’s resulting gravity anomaly totalled 590 metres.
A subsequent report by K.O.J. Sidwell reported 453,000 tonnes of manganese mineralisation within the claims. This report indicated that the mineralisation had a grading of 11 per cent manganese and 8.45 per cent iron to a depth of 80 metres, in a body 250 metres long and 10 metres wide.
However, these historical resource calculations were only preliminary in nature, and occurred before the implementation of NI 43-101 regulations. They have not yet been verified by Globex Mining or its geological experts, and as such should not be relied upon.
While there is every chance that additional mineralisation exists within the property, much of the area is obscured by a deep cover, which has made exploration difficult.
Globex Mining intends to option its newly acquired asset, due to growing interest in manganese as a potential new battery metal. Current speculation has suggested that manganese may replace cobalt in the development of a new battery type.
Manganese X Energy (MN), another mining company with claims in New Brunswick’s Carleton county, may already be ahead of this growing trend. Yesterday, the company saw its shares spike by over 25 per cent, ahead of its upcoming drill program at the Battery Hill Project.
With another manganese property under its belt, Globex Mining also intends to capitalise on the rising tide of potential manganese applications.
Globex Mining Enterprises (GMX) is up 5.71 per cent and is currently trading at C$0.74 per share at 2:11pm EDT.