Globex rises on REE results

Globex Mining (GMX-T) got a boost to its market cap after announcing results from its Turner Falls rare earth project in Quebec.

The company’s shares shot up 15% or 19¢ to $1.44 on 22,000 shares traded after announcing the highest rare earth oxide assays obtained yet from grab samples from both outcrops and boulders.

The highest individual samples graded 9.29% total rare earth oxides and 1.32% heavy rare earth oxides.

It should be noted that grab samples are selective by nature and don’t represent average grades.

The results came from 331 rock samples and 139 boulder samples taken during the summer and fall seasons.

While it is early, Globex says a preliminary review of the data indicates six mineralized trends with anomalous to high assays of light and heavy rare earths elements as well as, in many cases, zirconium, yttrium, hafnium and niobium.

Turner Falls sits roughly 45-km east of Kipawa in Temiscamingue region in western Quebec.

The company says it is contemplating a diamond drill program for the property. As of Sept. 30 2011 it had roughly $1.8 million in cash and cash equivelants on its balance sheet but also had $3.4 million in deferred tax liabilities.