Globex Mining Enterprises Inc. has announced that drilling operations have recommenced on its Berrigan zinc, gold, and silver royalty property, located northwest of Chibougamau, Quebec. This development marks a significant step in exploring the newly discovered Berrigan Deep Zone, with TomaGold Corporation leading a 1,500-meter Phase 2 drilling program aimed at extending five recent drill holes to intersect this promising mineralized horizon.
Phase 2 Drilling Program Details
The Phase 2 drilling initiative is designed to build upon the success of previous exploration efforts. Specifically, it targets the extension of drill holes to intersect a zone where previous drilling, notably hole TOM-25-015, intersected impressive results. That hole reported 5.08% zinc equivalent over 98.50 meters, including a high-grade section of 23.20% zinc equivalent over 4.90 meters. This new program aims to further delineate the mineralization and assess its economic potential.
Property and Royalty Information
The Berrigan property is part of a larger land package under option by TomaGold from Chibougamau Independent Mines Inc. Globex retains a 2% Gross Metal Royalty on this property, as detailed in a press release from August 14, 2023. This royalty arrangement positions Globex to benefit from any future production without bearing the operational costs of exploration and development.
Phase 1 Drilling Results Summary
The initial phase of drilling by TomaGold yielded significant mineralized intersections, highlighting the property's potential. Key results from Phase 1 include:
- Hole TOM-25-009: Intersected 48.05 meters at 5.82% zinc equivalent, with higher-grade intervals such as 2.90 meters at 33.97% zinc equivalent.
- Hole TOM-25-010: Returned 48.30 meters at 2.38% zinc equivalent, including 6.25 meters at 11.43% zinc equivalent.
- Hole TOM-25-011: Reported 18.50 meters at 1.81% zinc equivalent, with a notable 2.00-meter section at 16.12% zinc equivalent.
- Hole TOM-25-014: Included multiple high-grade zones, such as 2.10 meters at 24.85% zinc equivalent and 1.40 meters at 36.34% zinc equivalent.
- Hole TOM-25-015: Showed 98.50 meters at 5.08% zinc equivalent, with a rich 4.90-meter interval at 23.20% zinc equivalent.
These results underscore the presence of substantial zinc, gold, and silver mineralization, with zinc equivalent percentages calculated using standard parameters based on current metal prices and recovery factors.
Technical Notes and Calculations
The reported drill widths represent core lengths, with true widths estimated to be approximately 80-85% of these lengths, depending on deviation angles. Zinc equivalent (ZnEq) and gold equivalent (AuEq) calculations were performed using the company's standard parameters. For AuEq, the calculation was based on prices of US$4,150 per ounce for gold, $51.34 per ounce for silver, US$5.023 per pound for copper, and $1.392 per pound for zinc, incorporating metallurgical recovery factors of 95% for zinc, 85% for gold and silver, and 90% for copper. Similarly, ZnEq used prices of US$4,047 per ounce for gold, $50.22 per ounce for silver, US$4.796 per pound for copper, and $1.390 per pound for zinc, with the same recovery factors applied. These calculations are grounded in a metallurgical report from Process Research Associates Ltd. in February 2002 and recoveries from nearby deposits.
Market Implications and Future Outlook
The resumption of drilling on the Berrigan property signals ongoing confidence in its mineral potential. As TomaGold advances the Phase 2 program, stakeholders, including Globex shareholders, will be closely monitoring results for indications of resource expansion and economic viability. The property's location in Quebec, a region known for its mining-friendly policies and rich mineral deposits, adds to its strategic importance. This drilling campaign could pave the way for future development, potentially enhancing the value of Globex's royalty interest and contributing to the local economy through job creation and investment.
In summary, the restart of drilling activities on Globex's Berrigan royalty property represents a critical phase in exploring the Berrigan Deep Zone. With promising Phase 1 results and a focused Phase 2 program underway, the project holds significant promise for uncovering valuable zinc, gold, and silver resources in Quebec's mining landscape.
