Globex looks to confirm data from Lyndhurst No. 1 zone

Globex Mining Enterprises (GMX-T, GLBXF-O) has agreed to give a private company, Agregat R-N, a 50% working interest in its No. 1 copper-silica zone at the Lyndhurst mine property, near Rouyn-Noranda, Que.

Agregat will provide manpower, earth-moving equipment and drills, and pay all expenses related to the stripping, delineation and analysis of the zone.

Globex will provide the technical expertise.

The value of Agregat’s work is unknown, as there is no concrete plan for the exploration project yet.

The No. 1 zone, the first discovery on the property, is east of the past-producing Lyndhurst mine, which once cranked out 200,000 short tons grading 2% copper. Lyndhurst has been explored sporadically since 1928.

In 2004, a Globex drill hole intersected the zone, yielding 1.36% copper, 26.5 grams silver per tonne and 74.6% silica over a core length of 7.38 metres. This section was part of a longer interval that assayed 0.83% copper and 76.8% silica over 17.17 metres.

“There’s not enough historical work to say that we can mine the zone,” says Globex chief geologist Ray Zalnieriunaf.

But he says the agreement isn’t much of a gamble for Agregat.

“It’s called the number one zone for a reason,” Zalnieriunaf says. “It’s a question of confirming the historical data.”

During the initial program, Agregat will remove overburden from the mineralized area and then follow up with percussion drill holes to a depth of 10.5 metres. Rock chips will be analyzed to see if the grade and tonnage are significant enough for an open-pit mine. A bulk-sampling program would follow with profits from the bulk sample divided equally between the two companies. Robex would reimburse Agregat’s costs for mining and transport related to the bulk-sample phase.

If the project appears profitable, the mineralization will be further delineated and Globex will apply for mining permits.

Globex has a 100% interest in the rest of the nearly 20-sq.-km Lyndhurst property.

Globex was founded in 1949 as Lyndhurst Mining to bring the Lyndhurst copper mine into production. The company changed its name in 1974, though it remained inactive until about 1983.

Currently, Globex has more than 70 land packages in Quebec, Ontario, Nova Scotia, British Columbia, Nevada and Washington.