Globex Mining options former Eagle gold mine in Quebec to Maple Gold Mines

Globex Mining Enterprises Inc (TSE:GMX) (OTCQX:GLBXF) (FRA:G1MN) said it has optioned the 77-hectare, past-producing Eagle gold mine property in Quebec to Maple Gold Mines Ltd (CVE:MGM).

Under the agreement, Maple Gold Mines has the option to pay C$1.2 million, half in cash and half in shares, over a five-year period to Globex and undertake C$1.2 million in exploration over four years in order to earn a 100% interest in the Eagle property.

As well, Globex will retain a 2.5% Gross Metal Royalty (GMR) of which a 1% GMR may be purchased by Maple Gold Mines for C$1.5 million before commercial production begins.

READ: Globex Mining Enterprises to sell Québec project to major Yamana Gold in deal worth over C$15M

Globex noted the Eagle gold mine adjoins the historic Telbel gold mine, which together have produced 6,168,773 tonnes grading 6.57 grams per tonne (g/t) gold.

The company said historical resources at the Eagle mine property are estimated at 277,710 tonnes grading 5.83 g/t gold.

Globex said it continues to hold a large package of claims in Quebec’s Joutel and adjoining Valrennes townships including the historic copper/zinc Poirier mine, which has reported production of 4,670,000 tonnes grading 2.22% copper and 748,000 tonnes grading 5.58% zinc.

The company also owns the Joutel copper mine, which produced 1,167,000 tonnes grading 2.16% copper between 1967 and 1975 and 372,400 tonnes grading 8.88% zinc from 1972 and 1975.  

Globex Mining Enterprises is an exploration, royalty, and property bank company with a diversified portfolio of mid-stage exploration, development, and royalty properties in Canada, Germany, and the US.

Contact Sean at [email protected]

Story by ProactiveInvestors