Junior Globex Mining (GMX-M) has reached an agreement to earn a 50% interest in the Wood gold deposit near Cadillac, Que., once Amblin Resources acquires full ownership of the deposit.
Under the agreement, if Amblin exercises its option to acquire the deposit, Globex can back in for a 50% interest by spending $1 million on exploration.
But first Amblin must spend $4 million and make cash and stock payments to earn a 100% interest from a private group.
The Wood gold deposit is situated along the Larder-Cadillac fault between the Cadillac mine and the Pandora mine. Previous drilling indicated a gold reserve, in all categories, of 1.1 million tons grading 0.16-0.20 oz. gold per ton.
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