Globex encouraged by Duquesne West results

Drilling by Santa Fe Canadian Mining has returned a 35.1-ft. intersection grading 1.56 oz. gold per ton (0.51 oz. cut to 1 oz.) from Globex Mining’s (ME) Duquesne West property in Quebec’s Duparquet Twp.

The encouraging results are putting the spotlight on Globex which, under the direction of President Jack Stoch, has assembled gold and polymetallic properties in Canada, the U.S. and Mexico. Reserve delineation programs are planned for at least four of its properties this year.

Globex’s board includes several well-known mining professionals, including: David Watkins, senior vice-president of Cyprus-Amax; Ian Atkinson, Hemlo Gold’s vice-president of exploration; Chris Bryan, a former mining analyst; and Dianne Stoch, previously with Noranda.

Among the more active projects is Duquesne West, in which Santa Fe can earn a 50% interest by spending $3.8 million on exploration and providing Globex with a feasibility study. In May, Santa Fe started a minimum 15,000-ft. drill program on the property.

The program is aimed at further testing two zones outlined during last fall’s drill program. One is near surface, while the other exists at a vertical depth of 1,000 ft.

The most recent hole, 95-21, encountered the high-grade intersection within the deeper Fox zone, described as a pyritic siliceous breccia in contact with a feldspar porphyry. The gold values were encountered at a depth of 1,160 ft., and represent a 300-ft. westward stepout from hole 94-10, drilled last fall, which encountered 0.45 oz. gold over a core length of 14.7 ft.

Elsewhere in Canada, Globex owns the Corbet mine property near Rouyn-Noranda, Que. This newly acquired property produced 3.1 million tons grading 3% copper, 1.96% zinc, 6 oz. silver and 0.03 oz. gold between 1980 and 1986.

Globex holds an option on another former producer, the Suffield property, which still holds some 540,000 tons grading 7% zinc and 0.9% copper, as well as 2.63 oz. silver per ton and minor gold values. The property is viewed as having potential at depth for a repetition of previously mined mineralization.

Globex holds other properties in Eastern Canada, including the Louvicourt property, east of the Louvicourt mine operated by Aur Resources, and the Buckell Lake gold property, near Chibougamau.

In the U.S., Globex has a gold property in northwestern Washington state, another gold property in Nevada, and a newly staked copper prospect in the southwest.

In Mexico’s Sonora state, Globex intends to acquire up to a 75% interest in the Las Conchas gold property, which has yet to be drill-tested.