Limited drill hole information has allowed Globex Mining Enterprises (ME) and Santa Fe Canadian Mining to calculate preliminary geological resources for the Fox and Shaft zones on the Duquesne West property, 30 km northwest of Rouyn-Noranda, Que.
Six widely spaced holes on the Fox zone give an inferred resource of 514,442 tonnes with a grade of 13.19 grams gold per tonne. The zone has an average width of 3.9 metres. Three holes on the Shaft zone give an inferred resource of 128,000 tonnes with a grade of 7.8 grams, and an average width of 2.5 metres.
Both zones are open down-plunge, and at depth the Shaft zone is also open along strike. Mineralization is in the form of a silicified and pyritized breccia, in contact with an altered porphyry that also carries some gold mineralization.
Santa Fe is exploring the property under an option agreement requiring it to spend $3.8 million and complete a bankable feasibility study. About 4,500 metres of drilling are planned.
Globex has also closed an option agreement with Ecudor Mining (ME), under which the latter can earn a half interest in the Bell Mountain gold project in Churchill Cty., Nev. Reserves are 2 million tonnes grading 1.85 grams.
Ecudor has agreed to spend $400,000 in the first year and a total of $3 million over the 5-year life of the agreement. Total direct payments to Globex will be $500,000 and 500,000 shares of Ecudor.
Globex has completed a private placement of shares and share purchase warrants totalling $2.2 million, some of which will be spent on exploration.
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