Montreal-listed Globex Mining has opted to acquire two gold properties in the western U.S.
As consideration, Globex granted a net smelter return on each property payable if the gold price rises above US$450 per oz. Globex can buy the royalties for $150,000 each, 90 days after production begins. The Vulcan project encompasses eight patented and 45 unpatented claims in northwestern Washington state. Previous drilling outlined a 40-ft.-wide gold zone with a strike length of 2,000 ft. to a depth of 200 ft. One hole assayed 0.34 oz. gold per ton over 60 ft. Other assays ranged between 0.11 and 0.61 oz. over widths of 10-80 ft.
Gold is associated with a pyrite-bearing, silicificed syentic dyke, and the mineralization is open along strike and at depth.
The second property, known as the Bell Mountain project, consists of 56 unpatented claims 40 miles southeast of Fallon, Nev.
Drilling has outlined occurrences of gold and silver mineralization in a stockwork of quartz-calcite veins, along sections of the mile-long Stockton structure. Values from previous drilling range between 0.02 and 0.14 oz. gold and 0.08-3.5 oz. silver per ton over widths varying from 10 to 155 ft. Additional drilling is planned.
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