Proactiveinvestors Australia Globex Mining https://www.proactiveinvestors.com.au Proactiveinvestors Australia Globex Mining RSS feed en Wed, 17 Jul 2019 20:38:51 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[Media files - Globex Mining Enterprises starts work on a very unique project called Braunsdorf ]]> https://www.proactiveinvestors.com.au/companies/stocktube/12859/globex-mining-enterprises-starts-work-on-a-very-unique-project-called-braunsdorf-12859.html Wed, 03 Apr 2019 16:10:00 +1100 https://www.proactiveinvestors.com.au/companies/stocktube/12859/globex-mining-enterprises-starts-work-on-a-very-unique-project-called-braunsdorf-12859.html <![CDATA[Media files - Globex Mining sees more acquisitions on the horizon ]]> https://www.proactiveinvestors.com.au/companies/stocktube/9244/globex-mining-sees-more-acquisitions-on-the-horizon-9244.html Wed, 09 May 2018 10:24:00 +1000 https://www.proactiveinvestors.com.au/companies/stocktube/9244/globex-mining-sees-more-acquisitions-on-the-horizon-9244.html <![CDATA[News - Globex Mining unveils PEA for Timmins talc-magnesite project, 20% after-tax IRR ]]> https://www.proactiveinvestors.com.au/companies/news/84187/globex-mining-unveils-pea-for-timmins-talc-magnesite-project-20-after-tax-irr-25715.html Globex Mining Enterprises (TSE:GMX) (OTCQX:GLBXF) unveiled Friday the "positive" results of a preliminary economic assessment (PEA) on its large Timmins talc-magnesite project, located 13 kilometres south of Timmins, Ontario.

The company said the results of the PEA support completing a feasibility study, including a program of infill drilling to upgrade the known resource to reserve status.

Technical studies to permit production at the mine site have been underway for over a year, Globex added.
The economic study, completed by Jacobs Minerals Canada and Micon International, estimated a net present value of $258.0 million, after tax and at a discount rate of eight percent, with a 20 percent internal rate of return and a payback period of 5.8 years.

The model assumes the first 20 years of mining, and a process feed rate of 500, 000 tonnes per year, with strip ratios averaging 2.4 to produce high-brightness talc and magnesium oxide.

The study was constructed around a conceptual open pit mining model assuming contract mining, crushing and haulage to a nearby processing plant.

The average grade for the first 10 years was calculated at 34.6 percent talc and 52.4 percent magnesite, Globex said.
Total operating costs were estimated at $986.5 million for the 20-year mining period or an average of $98.65 per tonne processed.

Total pre-production capital expenditures are seen at $268.4 million over a two year period, excluding working capital. Total sustaining capital was estimated at $64.9 million.

In addition, working capital of $16.0 million, the equivalent of four months of operating costs, has been set to be maintained throughout the production period.

The company said total gross sales over the first 20 years, of a total mine of 60 plus years, were projected at $2.58 billion from talc production of 2.47 million tonnes and magnesia output of 2.38 million tonnes.

These calculations assume a $500 per tonne talc sales price, and a $570 per tonne magnesia sales price.

The cash operating margin averages 61 percent over the initial 20-year period, Globex said.

The PEA report was based on an initial mineral resource report on the project from March 2010, which included 12.73 million indicated tonnes at a grade of 52.1 percent magnesite and 35.4 percent talc in the A Zone Core, with 18.78 million inferred tonnes at a grade of 53.1 percent magnesite and 31.7 percent talc.

In addition, the A Zone Fridge holds another 5.0 million tonnes of inferred resources, grading 34.2 percent magnesite and 33.4 percent talc.

The optimized open pit shell contains a mineral resource sufficient to support a 60-year mine life, with the PEA only considering the first 20 years of this period, Globex said.

Globex also noted that the mangesia leach and decomposition process has not yet been demonstrated at the scale of the proposed commercial production plant.

The company plans to continue to work together with provincial and municipal authorities, and the First Nations and the Métis Nation of Ontario for the project. 

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Fri, 02 Mar 2012 11:00:00 +1100 https://www.proactiveinvestors.com.au/companies/news/84187/globex-mining-unveils-pea-for-timmins-talc-magnesite-project-20-after-tax-irr-25715.html
<![CDATA[News - Riverside Resources, Globex Mining and Xmet confirmed for Toronto Forum, Feb 22nd ]]> https://www.proactiveinvestors.com.au/companies/news/76342/riverside-resources-globex-mining-and-xmet-confirmed-for-toronto-forum-feb-22nd--12394.html Commodity bulls continue to have plenty of wind in their sails, while raising money on the TSX for mining companies has arguably never been easier. With the 2011 firmly underway, analysts are clamouring over themselves to pick this year’s takeover targets, while exploration companies are taking advantage of the strong appetite from institutional and retail investors to strengthen their balance sheet. 


This bodes well for investors who like to see frequent news releases from junior companies, as drill bits are turning like never before in the mineral exploration sector.  This bullish backdrop can only be encouraging news for our three presenting companies – Xmet, Riverside Resources and Globex Mining - on February 22nd at the  Ivey ING Direct Leadership Centre.


All three companies have plenty to update our audience on.  Riverside Resources and Globex Mining are both focused on the project generator business model, building up portfolios of assets that are either advanced in-house or farmed out to other companies looking for drill ready projects. This model has proved hugely successful over the years, and both Riverside and Globex have significant value built into their acreage waiting to be fully unlocked.  


Riverside’s expertise lies in Mexico and the United States, while Globex Mining has a long history of acquiring projects and now sits on a mind-boggling amount of interests across a wide range of commodities. The company recently announced that it would spin-out its rare earth interests into a new company, more of this could be on the horizon.


For investor’s more attracted to pure exploration upside,  Xmet is focused is the Duquesne-Ottoman Property, where the company has already outlined a 43-101 resource inferred resource of 525,000 ounces, drilling this year will be focused on adding to this maiden number. Drill results in December, pushed shares in the company up more than 20% in one day, clearly a story worth hearing.


The format is simple. Each company has 20 minutes to pitch their company, followed by 10 minutes of Q&A. After the presentation there will be a 90 minute breakout session with complimentary canapés and drinks.  This will be a rare opportunity to see highly followed, emerging mineral companies present in the same room.


We are anticipating a strong turnout for the event, so register your interest in attending now to avoid disappointment  - numbers will be limited to just 75.


    * DATE: Tuesday 22nd February 2011
    * TIME: 4:45pm (for a 5:00pm start) - 8:00pm
    * VENUE: Ivey ING Direct Leadership Centre - Ground floor, Lecture Theatre - 130 King Street West
 
Our investor forums are completely free to attend, CLICK HERE TO REGISTER


Xmet (TSX-V:XME)


Xmet is a gold junior exploration company focused on advanced projects in existing mining camps in Canada where exploration and mining costs are minimized and where previous and historic producing mines make for much easier permitting and minimizes community and First Nations social community risks. The company is lead by highly qualified and driven professionals with experience in corporate financing and all phases of mineral exploration and a track record of discovery and development.     


Globex Mining Enterprises (TSX:GMX)


Globex Mining Enterprises is a development-stage Canadian mining exploration company with a North American portfolio of properties with gold, copper, zinc, silver, platinum, palladium, uranium, rare earth, nickel, magnesium and talc potential.


Riverside Resources (TSX-V:RRI)


Riverside is a well-funded proven exploration team of focused proactive gold discoverers possessing a unique ability to dig much deeper. The Company's hybrid Prospect Generator/Drill Discoverer model allows Riverside to mitigate risk and conserve capital while exposing shareholders to discoveries through focused drill programs. Riverside's expertise lay in the Americas focusing on Mexico and Arizona.

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Thu, 17 Feb 2011 10:46:00 +1100 https://www.proactiveinvestors.com.au/companies/news/76342/riverside-resources-globex-mining-and-xmet-confirmed-for-toronto-forum-feb-22nd--12394.html
<![CDATA[News - Globex Mining’s diversified asset base is starting to attract interest ]]> https://www.proactiveinvestors.com.au/companies/news/76103/globex-minings-diversified-asset-base-is-starting-to-attract-interest-12051.html Globex Mining Enterprises (TSX-V:GMX, OTCQX: GLBXF) is a Canadian based junior exploration company that has amassed a portfolio of more than 100 early to mid-stage exploration and development properties, some of which it options to other mining explorers for cash, and shares, while retaining royalties on potential future production.

The company generated $771,500 from options, $133,000 from royalties, and $491,000 in share profits in the last twelve months. Jack Stoch is President, CEO, and senior geologist, who gained control of Globex in 1983 and continues to apply a very prudent management style to the company.    
 
Globex has slowly and steadily expanded its property portfolio to include properties in Quebec, Ontario, Nova Scotia, New Brunswick, Nevada and Washington. The company is also funding the development of the Timmins Talc and Magnesite Project, and has established a joint venture called Eco Refractory Solutions to process refractory ores using patented technology. A number of other properties have been partially developed for option or sale to third parties.

The Timmins Talc and Magnesite Project, located in Ontario, is advancing towards the completion of a pre-feasibility study, and potential spin off as a publicly listed company. The new company will then finance and develop a mine capable of processing at least 1 million tonnes of ore per year, to produce talc and magnesia products for at least 35 years. Globex currently holds 90% of the project and pays all funding costs, until the project is spun off and separately funded. The remaining 10% interest is held by Drinkard Metalox, who have developed and commercialized hydrometallurgical and electrochemical processes over three decades, for a wide array of international clients.

The Timmins Project is located in the well established mining province of Ontario, and currently carries a NI 43-101 compliant Indicated Resource in the A Zone “Core” of 12,728,000 tons of soluble MgO at 20%, soluble Ca at 0.21%, MgO at 52.1%, and Talc at 53.4%.  The Inferred Resource stands at 18,778,000 tonnes of soluble MgO at 20.9%, soluble Ca at 0.26%, MgO at 53.1%, and Talc at 31.7%.  The A Zone “Fringe” carries an additional Inferred Resource of 5,003,000 tonnes of soluble MgO at 17.6%, soluble Ca at 2.82%, MgO at 34.3%, and Talc at 33.4%. This resource was defined within an area measuring 200 meters x 700 meters to a depth of 100 meters, and is open at depth and along strike, for additional potential of at least 20-25 million tonnes. The B Zone has potential for an additional 40 – 45 million tonnes and was not included in the resource calculation.

Prior attempts to develop the deposit were hindered by high levels of iron contamination of 6.00% -6.50%, which were not amenable to standard processing methods and produced an inferior product. Drinkard Metalox completed laboratory trials utilizing a two stage process that it developed and removed the iron contamination, producing a white, high grade magnesium oxide, with a purity exceeding 98%. The first floatation stage produces Talc at 62.64%, MgO at 31.61% and Fe at 0.31%. The second stage metallurgical process pulls all of the iron into solution and precipitates it, leaving a high grade and pure magnesium oxide that contains a small quantity of very manageable calcium.  

Micon International completed a proposed budget to bring the project up to a completed bankable feasibility stage for $7.72 million. This included all drilling, technical studies, environmental studies, permitting, and construction of a small scale pilot plant for talc and magnesia production. A mini-plant was completed and recently finished a full set of trials, with positive results. Discussions with potential clients are already underway and prefeasibility studies are due to commence for the construction of a large scale demonstration/commercial plant. Permitting is also underway.

The company has established Eco Refractory Solutions Inc., with Globex holding 75%  and Drinkard Metalox “DMI” holding 25%, which will serve as the technical and marketing vehicle for the processing of refractory gold ores and tailings, both in North America and beyond. The technology was developed by DMI, and early results indicate recoveries in the range of 95% or more are possible.

The partners believe that their process can deliver high gold recoveries from refractory ores, with lower capital and operating costs and less environmental impact than other methods. The process is in large part a closed system regenerating and recycling the principal reagents. In addition, problems related to the release of arsenic into the environment, and acid mine drainage are solved by the transformation of the arsenic and the oxidation of sulfides into environmentally stable forms. Confidentiality agreements have been signed and trials are underway on a number of projects.

The company recently acquired a significant land position within the   Chibougamau Mining Camp, which is one of Quebec’s major mining areas with total production of over 46 million tons of copper, gold and silver ore having been mined, and mineralization identified below depths of 5,000 feet.

One claim package covers an area measuring 10.8 kilometers in length, and 3.6 kilometers in width, and have been covered by airborne and ground geophysical surveys. This includes the Kokko Creek Mine for copper, the Chibougamau GoldFields Mine, the Bateman Bay Mine, the Grandroy Mine, the S-3 Mine and much of the Copper Cliff Mine, plus the Berrigan Deposit which is prospective for gold, silver, zinc and copper. The mine properties are in close proximity to each other and can be worked year round.

The new acquisitions are highly prospective properties with mining histories (except Berrigan which has not been mined) and small non NI 43-101 compliant resources of copper, gold, and silver delineated to shallow depths and hosting excellent exploration potential.

Significant option payments were received from NS Gold (TSX-V: NSX), making two option payments for a total of $500,000 on the Mooseland Gold Deposit, in Nova Scotia. NQ Explorations (TSX-V:NQE) agreed to pay $650,000 cash and 4 million shares over 5 years, plus a royalty over the Shortt Lake Gold Mine and Rare Earth Project, and Nystar NV (XBRU:NYR) paid a $133,600 royalty on production of zinc from the Gordonsville Zinc Mine.

Several other option payments for small amounts were also made. New projects included the acquisition of the North Star and Hurricane Point Gold Mines in Nova Scotia, a series of manganese zones in Woodstock, New Brunswick, and sampling of the high grade Turner Falls Rare Earths Project.

In the near and medium term, developments on the Timmins Talc and Magnesia Project will have the most influence on the market capitalization of Globex. The company has already confirmed that high quality talc, and high purity magnesium, can be produced. The release of positive pilot plant studies will help draw the project towards a public listing, completion of a bankable feasibility study and provision of mine finance.  

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Fri, 04 Feb 2011 14:03:00 +1100 https://www.proactiveinvestors.com.au/companies/news/76103/globex-minings-diversified-asset-base-is-starting-to-attract-interest-12051.html
<![CDATA[News - New Refractory Gold Processing Method Sees Globex Make Industry Changing Announcement ]]> https://www.proactiveinvestors.com.au/companies/news/74197/new-refractory-gold-processing-method-sees-globex-make-industry-changing-announcement-9025.html In broad terms, there are two types of gold deposit in terms of processing; the first, commonly called free milling, sees normal extraction methods, such as gravity or cyanidation, recover a very large amount of gold, often in the high 90% region.


The second classification is that of refractory gold deposits, where the gold is often held in carbonaceous and silicates, or is finely disseminated within the structure of other metals. These types of deposit are resistant to the normal methods of extraction, and require more complicated and expensive processing methods such as roasting and very fine grinding, and even with this recovery rates are typically a lot lower. Worse still, refractory gold is often associated with arsenopyrite, which can degrade naturally and generate an acidic effluent that contains arsenic; creating an environmental liability that can last for years after the project is finished.


Last week however, Globex Mining Enterprises (TSX:GMX) through its subsidiary Eco Refractory Solutions, made an announcement that could render these high-cost, low  recovery methods, a thing of the past. This new process is expected to have significantly lower costs than current methods, next to no environmental impact and has gold recovery rates that rival processing of normal gold deposits. If full scale processing proves to be as successful as the early test work, it is no exaggeration to say the process could become the industry standard.


Although for obvious reasons the specifics of the method are highly secret, speaking with Globex President and CEO Jack Stoch, the extent of the benefits, and what it offers above those current processes in use today, are not. Both capital and operating costs are much lower than other refractor gold processing methods, coming from a number of areas.


Firstly, without the need to build expensive processing equipment, such as an autoclave for the elevated temperature, high pressure leaching process, the capital costs are significantly reduced. Without the need for the technically difficult and expensive methods such as pressure leaching or fine grinding (both require a lot of energy and also incur a large amount of machinery wear and tear), operating costs also see a significant reduction compared with other methods. Furthermore, the reagents used in this new process are recyclable, meaning the same material can be used and then reconstituted back into the process, needing only the occasional small ‘top up’.


The benefits go far beyond reducing costs however. As previously mentioned, current refractory gold processing methods often generate arsenic-bearing effluents. This release of arsenic means a heavy environmental liability for a company, often lasting years after the processing has shut down, and meaning permitting becomes a much longer, more complicated and more expensive, process. This new method includes processes whereby the arsenic is precipitated in a stable compound, effectively neutralizing the environmental impact of it. In addition the process takes other sulphides normally found in the processing and turns them into insoluble forms, meaning no acid drainage. Naturally these two benefits, as well as being far better for the environment, mean permitting should be much cheaper and easier for a company using this new method.


So where do Globex stand with this process right now?


As a technical and marketing vehicle for the process, Globex and the private company Drinkard Metalox Inc., incorporated the new company Eco Refractory Solutions (75% Globex, 25% Drinkard). Having been solicited by a large number of both private and public companies, regarding test work for refractory gold ores, test work was initiated upon a sizable sample of a mining company’s large tonnage, low-grade gold deposit. The results from this test, which were released last week, went beyond even the expectations of the company itself. Results indicated gold recoveries of 95% were possible – around 10% higher than the clients ‘next best’ method.


This success led to a technical confidentiality agreement being signed, and further tests were conducted on a 5 kilogram (kg) sample of gold bearing concentrate from the refractory deposit. The result from this indicated gold recoveries of 98.5% were possible; not only far higher than other refractory gold processes, but about as effective as normal extraction methods for non-refractory gold. This client is now proceeding with a third phase test involving a larger sample of refractory gold concentrate, and Eco Solutions currently await the delivery of the material.


Several other companies have already signed technical confidentiality agreements ready to make their own moves with Eco Solutions, and the company has already received the material from one such client.


Globex are hoping to announce the results from the next stage of the text work before the end of the year, and looking forward to when it moves into full production, and as Stoch puts it, “made a name for itself”, Globex see the potential to spin it off as a separate entity, and return the revenues to shareholders by way of a dividend.


 Before this however, Stoch speculates that revenue streams would come in the form of licensing, where by the company would license-out the method and supervise it on site for the clients, and in return they could receive a percentage of all the costs saved i.e. capital costs, operating costs, environmental costs and additional gold that would not have been recovered. With this, they could expect revenue coming from a number of different sources within the same project.


With this encouraging start, and the potential benefits to the mining industry, this could be the ‘Holy Grail’ of mineral processing.

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Thu, 07 Oct 2010 15:31:00 +1100 https://www.proactiveinvestors.com.au/companies/news/74197/new-refractory-gold-processing-method-sees-globex-make-industry-changing-announcement-9025.html