Armed with 14 drill holes and re-assayed values from several old holes, Reddick Consulting has updated the inferred resource at Globex Mining‘s (GMX-T) 50%-owned Duquesne West gold property in Duparquet Twp., Que.
At a cutoff grade of 5 grams gold per tonne, the South, Shaft, Fox and Liz zones are estimated to host a combined inferred resource of 665,000 tonnes grading 11.4 grams gold. The estimate employs a minimum 2-metre horizontal width and a maximum radius of 60 metres on the long section
When the cutoff is reduced to 4 grams gold, the estimate climbs to nearly 1.1 million tonnes averaging 8.9 grams gold.
Several other known gold zones were not included in the calculation.
The recent drilling was carried out by Kinross Gold (K-T). The major can acquire the other half of the property and reduce Globex’s half-interest to 30% by spending $4 million on exploration and completing a bankable feasibility study. Globex’s existing equal partner would then be reduced to a 0.5% net smelter return royalty.
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