What’s interesting about this is the very different business models of the 2 companies involved. Osisko is a gold miner who is looking to increase their resources along a prolific gold belt. Globex is solely focused on developing value in its portfolio of exploration properties.
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ROUYN-NORANDA, QUEBEC–(Marketwired – Oct. 1, 2013) – GLOBEX MINING ENTERPRISES INC. (TSX:GMX)(FRANKFURT:G1M)(OTCQX:GLBXF) is pleased to provide results from the current drill campaign on the Wood-Pandora property located in Cadillac Township, Quebec in joint venture with Osisko Mining Corporation.
[box type=”note” align=”aligncenter” ]This property is a 50/50 joint with Globex and Osisko. It is adjacent to Osisko’s Pandora Project and along trend with Osisko’s Kirkland Lake Project and Canadian Malartic Mine. Osisko inherited this JV as part of it’s purchase of Queenston Mining. Globex and Queenston worked on the Pandora-Wood project for nine years. Globex has been working the project since 1997.
What’s interesting about this is the very different business models of the 2 companies involved. Osisko is a gold miner who is looking to increase their land position and resources along this prolific gold belt. Globex on the other hand, is a company focused on developing value in its portfolio of exploration properties. With more than 100 properties, Globex focuses on optioning, royalties, joint-ventures and the outright sale of properties. Its exploration budget is relatively small and appears to be focused on those properties where it can build the most value.
Option agreements can be a good income earner for property owners. Generally the transactions involve cash and shares with the optioning company absorbing the cost of the exploration program. The owner generally retains a net smelter royalty and if certain commitments are not met, the property reverts back to the owner. Properties may be optioned over and over again with the owners benefiting from the incremental value added by exploration work performed by others on their property.
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At September 25, 2013, within an expanded drill program, eighteen (18) drill holes have been completed. The drill holes are widely spaced and designed to explore the stratigraphy at depth over the entire 3.5km strike length of the Cadillac Break across the Property in zones previously untested. One of the holes was drilled in the Amm Shaft area.
[box type=”note” align=”aligncenter” ]The “Cadillac Break”, is part of a large scale structural fault system that extends from Val d’Or, Quebec east to Timmins, Ontario and hosts several world class gold mining camps. The gold was deposited by structurally controlled hydrothermal activity in the Archean aged (2.5+ billion years old) greenstone belt. Similar large scale fault systems host many of the gold deposits in the Canadian Shield.
We’ve included a map of the project below.
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Complete assay results are now available from an additional drill hole.
Hole W-13-17 returned two gold intersections, at close proximity, with a combined core length of 11.8 metres (38.7 ft) grading 15.1 g/t Au (0.44 oz/T Au).
| From -To (m) | Width (m | ) | Au g/t | |
| 408.7 – 409.7 | 0.99 | 116.05 | ||
| 409.7 – 411.0 | 1.31 | 20.99 | ||
| 411.0 – 412.0 | 1.00 | 15.36 | ||
| Average: 408.7 – 412.0 | 3.30 | 47.8 | ||
| 416.5 – 417.5 | 1.0 | 12.45 | ||
| 417.5 – 419.0 | 1.5 | 2.22 | ||
| 419.0 – 420.5 | 1.5 | 2.91 | ||
| Average: 416.5 – 420.5 | 4.0 | 5.04 | ||
| Total: 408.7 – 420.5 | 11.8 (38.7 ft | ) | 15.1 g/t (0.44 oz/T | ) |
True widths are approximately 50 to 60 % of intersected core lengths.
[box type=”note” align=”aligncenter” ]You can read more about proper QA/QC and widths reported in drill results.[/box]
Results from the remaining holes will be reported when the full assay data set are available.
Globex core sampling and quality assurance/quality control procedures and assay methods are available on Globex’s website at www.globexmining.com under Media, Technical Information.
This news release was written by Jack Stoch, P. Geo., President and CEO of Globex in his capacity as a Qualified Person and operator of the Wood Pandora joint venture.
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27,896,018 shares issued and outstanding
| We Seek Safe Harbour. | Foreign Private Issuer 12g3 – 2(b) |
| CUSIP Number 379900 50 9 | |
Forward Looking Statements: Except for historical information, this news release may contain certain “forward looking statements”. These statements may involve a number of known and unknown risks and uncertainties and other factors that may cause the actual results, level of activity and performance to be materially different from the expectations and projections of Globex Mining Enterprises Inc. (“Globex”). No assurance can be given that any events anticipated by the forward-looking information will transpire or occur, or if any of them do so, what benefits Globex will derive therefrom. A more detailed discussion of the risks is available in the “Annual Information Form” filed by Globex on SEDAR at www.sedar.com
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