Maude Lake explores Victoria Gold

Junior Globex Mining Enterprises (GMX-T) will allow Maude Lake Exploration (MAUD-C) to explore its wholly owned Victoria Gold project in Quebec’s Clericy Twp.

Maude can earn a 60% interest in the property by issuing 310,000 shares to Globex and making staged payments totalling $190,000. The company must also spend $5 million on exploration over five years.

The project overlies the projected trace of the Porcupine-Destor Break and contains surface showings of gold-bearing fuschitic carbonate with large quartz vein systems.

Meanwhile, in Quebec’s Duparquet Twp., Maude is earning a 100% interest in the Ottoman Fault property from a third party in exchange for cash and stock payments and funding of $3 million in exploration work. Once acquired, Globex can earn a half interest from Maude by spending a further $2 million on exploration work.

The Ottoman property is adjacent to the Globex-Sante Fe joint venture, where two drills continue to explore the Fox and Shaft zones.

Geological resources for the two zones stand at 514,000 tons grading 0.38 oz.

gold per ton (Fox zone) and 128,000 tons grading 0.23 oz. gold (Shaft zone).

Drilling is also continuing on Globex’s Vulcan Gold zone in Washington state and Bell Mountain Gold property in Nevada.

Drilling on the latter is being conducted by ECU Gold Mining (ECU-M), which has an option to earn a 50% interest in the property by spending US$3 million on exploration over five years, paying US$500,000 in cash and issuing 500,000 in shares over four years.