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Globex Mining Enterprises options land package in the Joutel camp in Quebec to Orford Mining Corp

Published: 11:29 30 Nov 2021 EST

Globex Mining Enterprises -- options 50 sq km land package in the Joutel camp, Quebec to Orford Mining Corp
Globex said it will retain a 3.5% Gross Metal Royalty, 1.5% of which Orford may purchase for a cash payment of C$2 million

Globex Mining Enterprises Inc revealed that it has optioned its Eagle Northwest, Gagné and Valrennes claims in the Joutel camp of northwestern Quebec to Orford Mining Corp.

The land package spans around 50 square kilometres and houses 191 claims and Globex said it was pleased to be optioning it to Orford, which has 'good exploration experience' in the area.

Under the deal, Orford may earn 100% interest in the claims by paying C$1.65 million (half in cash and half in Orford shares) over five years, with C$425,000 in the first 12 months as a firm obligation, and by spending C$2.775 million on work, of which C$525,000 is a firm obligation within the first 24 months.

Globex said it will retain a 3.5% Gross Metal Royalty (GMR), 1.5% of which Orford may purchase for a cash payment of C$2 million.

READ: Globex Mining acquires large uranium land package in Quebec

The Eagle Northwest property, which will hereafter be called the Joutel Eagle Property to coincide with Orford nomenclature, covers 11 kilometres (km) of the Casa Berardi structural zone. Previous drilling roughly defined the “South Gold Zone” over a strike of around 700 metres (m) and to a depth of 500m.

On the Gagné claims, surface sampling has produced assays grading up to 26.2 grams per ton (g/t) gold over 3m in trenching, noted Globex.

Lastly, the Valrennes claims, toward the western portion of the mining camp, have several clusters of very strong airborne electromagnetic anomalies which have received limited follow up and have potential to indicate the presence of gold and/or base metal bearing stringer or massive sulphides.

Globex has a diversified North American portfolio of mid-stage exploration, development and royalty properties containing precious and base metals.

The company explores on its own account and options many of its projects to other companies which pay Globex cash, shares and a royalty and undertake extensive exploration in order to earn an interest in Globex's projects.

Contact the author at giles@proactiveinvestors.com

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