Globex Mining (GMX-T) and Queenston Mining (QMI-T) have reported that 23 of 26 drill holes showed significant gold values at their joint venture Wood-Pandora property in Cadillac Township, Que.
The most recent results were from 10 holes that targeted the Ironwood zone, one hole on the Amm claim and two holes on the Pandora North claim for a total of about 2,100 metres.
The Ironwood zone had grades of 11.16 grams gold per tonne over 7.95 metres and 13.24 grams over 2.75 metres.
Nine of 10 Ironwood holes targeted the up-dip projection of the mineralization from the surface to 75 metres at depth. All but one intersected significant values in a series of parallel gold zones.
The Amm drill hole graded 1.11 grams gold per tonne over eight metres and 1.73 grams gold per tonne over 10.85 metres. It’s located 3 km west of the Ironwood zone and intersected two shallow intervals of disseminated sulphide mineralization hosted in sedimentary blocks south of the Cadillac break.
Globex has also completed $50,000 in exploration work on nine nearby mineral claims owned by Queenston, including line cutting, geophysics and two diamond drill holes. Nothing significant was found but the joint venture has been expanded to 28 claims, which was a part of the agreement.
The next phase of diamond drilling will begin in February. Ironwood will be tested at depth though other iron formations on the Wood and Central Cadillac claims will be targeted as well.
The Wood-Pandora property has a 255,000 oz. historic resource and covers 3.5 km of the Cadillac break in the Bousquet-Cadillac gold camp.
It’s located about 55 km east of Rouyn-Noranda and 470 km northwest of Montreal.
Globex shares were up 26 to $7.06 on a volume of 36,473 and Queenston shares were up 4 to $1.40 on a volume of 34,000.
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