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Globex Mining Enterprises gains as Vanadium One posts drill results from Quebec project

The company holds a 1% guaranteed minimum royalty on the property

Vanadium
Vanadium is in demand for large volume energy storage batteries

Globex Mining Enterprises Inc (TSE:GMX) (OTCMKTS:GLBXF) gained Thursday as Vanadium One reported positive drill assays from its Mont Sorcier iron-ore project near Chibougamau, Quebec.

Drilling of three holes in the South Zone hit continuous mineralization throughout each hole. Globex holds a 1% guaranteed minimum royalty on the property.

Shares in Globex added 1.7% to C$0.30 in Toronto trading. They were up 5.7% to US$0.23 on the OTC Markets.

READ:Globex Mining Enterprises set to buy back up to 1 million shares

One hole returned an intersection of 243 meters of concentrate grading 65.2% iron and 0.50% vanadium pentoxide within the iron formation, based on the Davis Tube Test (DTT).

Globex noted that the work by Vanadium One continued to reveal wide widths of iron-vanadium mineralization.

Of particular interest is the low titanium dioxide content, which suggests that it will not interfere with the recovery of the vanadium.

Vanadium is in high demand for large-volume energy storage batteries, said Globex.

The firm was "particularly encouraged by the persistent wide bands of higher-grade vanadium pentoxide found inside the magnetite iron formation," Martin Walter, CEO at Vanadium One, said. 

"Again, this strengthens our opinion that the vanadium content is an important economic credit, in addition to the value of the Iron, when considering future economic studies conducted on the project," he added.

 

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