Prospecting on its Lac Savard property in northwestern Quebec, Globex Mining Enterprises (TSE) has discovered two new gold zones.
In the first zone, values up to 0.62 oz. gold and 6.36 oz. silver per ton, 0.45% copper and 0.44% lead have been returned from quartz veins in highly altered metavolcanic rocks.
Sampling to the south of the first zone, in another geological environment, revealed widespread mineralization over a strike length of 230 ft. Grab samples from this area contained up to 0.54 oz. gold.
Follow-up work is planned for the property, situated in Dufresnoy Twp., 10 miles northeast of Rouyn-Noranda. Meanwhile, Globex has acquired two other properties in northwestern Quebec:
* The Tarmac project, in Lac de Montigny and Dubuisson twps., consists of four claims between the Kiena and Siscoe mines. The property contains a gold-bearing structure which has been traced over a strike length of 1,500 ft. and to a depth of 730 ft. Previous drilling has intersected gold values up to 0.88 oz. gold over 7.3 ft.
* The other property acquired, known as Lac Simon, is in Scott Twp., about 12 miles southwest of Chibougamau. Surface sampling of an old showing yielded values up to 18% zinc and 0.23 oz. gold. In a separate area of the property, quartz float returned values of 8% copper and 1.6 oz. gold.
In other news, Noranda Exploration, a unit of Noranda (TSE), has renewed its option on Globex’s Lyndhurst polymetallic property, about 20 miles north of Rouyn-Noranda.
Also, Globex has issued 974,100 flow-through and 171,900 common shares to raise $650,000. The money will be used to fund exploration on the company’s various holdings.
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