Globex Mining Enterprises Inc (TSX:GMV) (OTCMKTS:GLBXF) investee company Chibougamau Independent Mines Inc (CVE:CBG) (OTCMKTS:CMAUF) plans to begin drilling this week at its C-3 copper/gold zone in Quebec.
The drilling is meant to test the down plunge of the zone. Because of poor ice conditions, the drilling will be land-based and require longer drill holes. This could make it harder to intersect the target areas, the company said, but it expects to be able to control the holes’ projected paths.
Previous press releases in April and August 2019 laid out significant intersections of copper, gold, silver and cobalt. The deepest intersection was in Hole BJ-19-18 at a depth of 450 vertical meters, which returned 7.7% Copper and 3.58 grams per ton (g/t) of gold over a core length of 9.2 meters.
READ: Globex Mining Enterprises sees positive results from exploration program at Francoeur/Arntfield Gold Mines property in Quebec
The C-3 zone was exposed by stripping near the north shore of Lac aux Dorés and was followed by drilling down plunge to the southeast, the company added. The zone itself is located in Roy Township, east of the town of Chibougamau, and the company is headquartered in Rouyn-Noranda, Quebec.
The C-3 copper and gold property is part of Chibougamau's wholly owned Bateman Bay property, and the results along with drilling to date show the zone is open in various directions.
Globex, an exploration, royalty and property bank, holds a 3% gross metal royalty on the Bateman Bay and Grandroy Mine properties.
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