Globex Mining Enterprises Inc (TSX:GMX) OTCMKTS:GLBXF), the mineral property bank, has sold three properties in northern Quebec to Starr Peak Exploration Ltd (CVE:STE) (OTCMKTS:STRPF) for cash and shares.
The firm will receive a total of C$150,000 in cash - C$50,000 on signing, C$50,000 at six months and C$50,000 after one year. It will receive 1.2 million Starr Peak shares and a 2.5% Gross Metal Royalty (GMR), 1% of which may be bought back by Starr Peak prior to commercial production for C$1.5 million.
READ: Globex Mining Enterprises sells claims to Troilus Gold Corp and bolsters royalty portfolio as it updates on activity
The first property being sold is the Normetal/Normetmar project which comprises of 10 claims and includes the historic Normetal mine which produced 10.1 million tons, grading 2.15% copper, 5.12% zinc, 0.549 grams per ton (g/t) gold and 45.25 g/t silver.
A historic resource of 306,000 tonnes at 11% zinc was previously reported by Kerr Addison of which 48,200 tonnes have been mined in 1990.
The property lies at the center of Starr Peak’s recently acquired NewMetal gold property so completes that package. The claims are also directly on strike to the east of Amex Exploration Inc’s gold discovery in Perron Township, Quebec.
Meanwhile, the second property being sold is the Rousseau gold property which consists of 12 claims covering the Rollmac gold zone, which has a non 43-101 compliant 31,298 tonnes grading 11.99 g/t gold. Limited shallow work has been undertaken on the asset.
Two main gold-bearing vein systems, the Main vein and Mercier vein, have been explored by trenches, shallow pits and limited diamond drilling.
In 1992-1993, Canaco Limited carried out shallow underground mapping and sampling on the Mercier vein using the historical ramp and underground workings. Results included 29.83 g/t gold in a width of 0.99 metres with a strike length of 3.05 metres at the Ramp 130-100 level.
Lastly, the Turgeon gold property rouds out the trio of properties being sold, said Globex, and is made up of two claims on the east side of Lake Turgeon.
Grab samples at the water line are reported to have assayed up to 168.3 g/t gold, 30.2 g/t gold and 23.7 g/t gold, while a drill hole assayed 18.7 g/t of the precious metal over 3.09 metres, including 68.9 g/t gold and 10.48 g/t silver over 0.4 metres, said Globex.
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