- Globex Mining (GMX) announced that underground drilling is nearing completion at its Labyrinth Gold Mine Royalty Property
- The company retains a fiver percent Gross Metal Royalty on the first 25,000 ounces of gold produced from the property and a three-percent royalty thereafter
- The gold mine royalty project is located in Dasserat township, Quebec
- The maiden underground exploration program is approaching completion with over 4,390 metres of diamond drilling completed
- Globex Mining is unchanged, trading at $1.19 at 11:42 am ET
Globex Mining (GMX) announced that underground drilling is nearing completion at its Labyrinth Gold Mine Royalty Property.
The Toronto-based exploration company retains a fiver percent Gross Metal Royalty on the first 25,000 ounces of gold produced from the property and a three-percent royalty after that.
The gold mine royalty project is located in Dasserat township, Quebec.
The project is owned and operated by Labyrinth Resources.
The maiden underground exploration program is approaching completion with over 4,390 metres of diamond drilling completed.
Assays are pending for eight holes, with six expected to be received in the next two weeks and the final hole in the initial program underway.
Surface drilling is expected to commence in late June, targeting significant mineralization extensions to depths of up to 400 metres below the current known resource.
“We are extremely pleased with the progress at Labyrinth as we continue to intercept mineralization across multiple historically modelled lodes through the first genuine exploration conducted in over ten years. The fact that we have a readily accessible underground mine provides a real point of difference to our exploration focus in regards to interpretation and comprehension of the mineralization that has historically been mined across four levels down to 130m below surface,” said Labyrinth Chief Executive Matt Nixon.
Globex Mining is unchanged, trading at $1.19 at 11:42 am ET.