Globex Mining Enterprises Inc (TSE:GMX) (OTCMKTS:GLBXF) has kicked off a new exploration program at its Francoeur/Arntfield gold property in Quebec.
The Rouyn-Noranda, Quebec-based company said on Thursday that work has begun on stripping several areas of the property and a drill program has commenced to test the 450 Gold Zone.
Previous exploration work at the 450 zone returned results of up to 7 grams per ton gold over 9.5 metres.
An additional area south of the Francouer #8 Gold Zone, where grab sampling showed assays of up to 25.4 grams per ton gold, will be stripped and pressure washed, Globex said. It plans to undertake channel sampling of the new exposures once the stripping and washing is complete.
In parallel with the channel sampling program, the drill program will test the down dip potential of the 450 Gold Zone. Work on the zone is intended to test areas where strong anomalies were outlined in previous exploration work on the property.
Globex also announced that it had entered into an option agreement with Duparquet Assets Ltd and Géoconseils Jack Stoch Ltée (GJSL) whereby GJSL has the right to subscribe for additional shares of Duparquet in the event of a change of control of Globex.
Globex and GJSL, which is controlled by Globex’s CEO Jack Stoch, each own 50% of issued shares of Duparquet.
Duparquet owns the Duquesne West and Ottoman Property in Duparquet Township, northwestern Quebec.
Shares of Globex added 2.7% on Thursday in Toronto at C$0.38 and 4.3% on OTC markets to reach US$0.29.
--Updated with share price--
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