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Globex Mining Enterprises Inc. informed shareholders that Xmet Inc. announced a revised National Instrument 43‐101 compliant Mineral Resource estimate on the Duquesne West‐Ottoman Property optioned from Duparquet Assets Ltd., a company owned 50% by Globex.
The new resource calculation effective September 8, 2011 by Kurt Breede, P.Eng. of Watts, Griffis, McOuat Limited, consulting geologists and engineers of Toronto, Ontario is based upon historical drill data and a 13,000 meter drill program completed in April 2011. The highlight of the report is the following Inferred Resource Estimate: - 4,171,000 tonnes at an average grade of 5.42 g/t Au (6.36 g/t uncut) hosting 727,000 cut ounces Au (853,000 uncut ounces Au).
WGM identified eight gold bearing zones, enumerated below, all of which are open to depth and many of which are open along strike and up dip. Xmet is earning a 75% interest in the property by spending a total of $10 million in exploration and making cash and dividend payments totaling $8.81 million ($8.43 million remaining) and delivering 2 million Xmet shares (received). Globex also maintains a sliding scale Gross Metal Royalty (GMR) which at today’s gold price is 3% GMR. In other news on the property, Xmet announced the results from stripping and surface sampling on the Shaft Zone. Assays of up to 13.38 g/t Au over 3 meters are reported. More information, click here. |
