Globex Mining Enterprises Inc (TSE:GMX) (OTCMKTS:GLBXF) and Chibougamau Independent Mines Inc (CVE:CBG) updated Wednesday on drilling at the Bateman Bay, C-3 copper/gold property in Quebec, where it has found more copper and gold grades.
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 (GMR) on the Bateman Bay and Grandroy Mine properties.
One hole hit 3.06% copper, 2.96 grams per ton (g/t) gold, 13.04 g/t silver and 0.023% cobalt over a core length of 15.68 metres, including a 4.38 metre intercept at 4.01% copper, 4.90 g/t gold, 16.17 g/t silver and 0.029% cobalt.
Another hit 3.02% copper, 0.48 g/t gold, 20.20 g/t silver and 0.025% cobalt over a core length of 45.40 metres.
"Drilling to date indicates that the zone is open to the northwest and southeast at depth as well as to the southeast towards the surface," said Chibougamau Independent Mines in a statement.
So far, seven new holes have been completed totaling 3,441 metres.
A number of holes had to be abandoned and restarted due to excessive deviation, the firm also noted.
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