Globex Mining shares rise on new drill results from Quebec property

Globex Mining Enterprises Inc (TSE:GMX) (OTCMKTS:GLBXF) jumped nearly 7% on Monday after the junior miner and its partner Chibougamau Independent Mines Inc (CVE:CBG) (OTCMKTS:CMAUF) released positive drill results from its Bateman Bay property.

Shares of Globex rose 6.9% to sit at C$0.39 on the Toronto Stock Exchange, while shares on the OTCQX were trading at US $0.26.

Drilling at the C-3 zone on the Bateman Bay property, 100% owned by Chibougamau Independent Mines, intersected wide high grade zones of copper and gold mineralization, Globex said in a statement.

READ: Globex Mining shares nudge higher as it updates on exploration with Chibougamau Independent Mines

The companies are “extremely pleased” with the results of drilling to date on the C-3 Zone, they said in a statement. The C-3 zone has shown to extend from around surface level to a depth of 450 metres and is open in all directions, according to Globex.

The Quebec-based company also said that it was particularly pleased with the gold content, which in certain areas reached nearly 37 grams per ton gold over 0.62 metres.

The junior miner also analyzed the results for cobalt and found cobalt grades of around 0.03% in one area. More work needs to be done to determine whether cobalt could be a potential byproduct, Globex said.

Bateman Bay is located in McKenzie township in the province of Quebec.  Globex Mining Enterprises Inc. holds a 3% gross metal royalty on the property and most of the other Chibougamau assets as a result of the spin out of Chibougamau to Globex shareholders. 

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Story by ProactiveInvestors