Globex Mining (TSX: GMX) Boosted by Major Resource Discovery at Duquesne West Property
- Globex Mining co-owns the Duquesne West Property, which now has an Inferred Mineral Resource of 1.46 million ounces of gold.
- CEO Jack Stoch expresses optimism about further resource expansion and potential high-grade zone discoveries at the Duquesne West project.
- The collaboration with Emperor Metals highlights Globex's strategic commitment to capitalize on the growth potential in the mining sector.
Significant Resource Discovery at Duquesne West Property Enhances Growth Prospects for Globex Mining
Globex Mining Enterprises Inc. (TSX: GMX) recently announces a pivotal update on its Duquesne West Property in Duparquet Township, Quebec, which it co-owns with Emperor Metals Inc. This update centers around a new Mineral Resource Estimate released by Emperor, revealing an "Inferred Mineral Resource" of 26.9 million tonnes containing approximately 1.46 million ounces of gold, with an average grade of 1.69 grams per metric tonne. The estimate represents a remarkable increase, more than doubling previous historical figures and indicating a strong potential for the project moving forward. Notably, 44% of the gold is identified as suitable for open-pit extraction, while the remaining 56% is likely to be mined using underground methods.
The impressive findings are attributed to the success of Emperor's recent drilling programs, which have effectively identified significant gold mineralization within the property. Jack Stoch, President and CEO of Globex, expresses enthusiasm over the enhanced resource figures and the prospect of further expansion. The company is particularly optimistic about the potential discovery of additional high-grade zones, which could significantly contribute to the overall resource base. This optimism is bolstered by ambitious plans from Emperor, which aims to surpass the two-million-ounce mark in Inferred resources by 2025 through systematic exploration efforts extending from 1,000 feet depth to the surface.
Globex Mining's ongoing commitment to the Duquesne West project underscores the strategic importance of this development in the context of the broader mining industry. The resource estimate, prepared in accordance with NI 43-101 standards by APEX Geoscience Ltd., will be filed under Emperor's SEDAR+ profile, ensuring transparency and adherence to regulatory standards. While the announcement is met with excitement, it is essential to note the inherent uncertainties and risks associated with forward-looking statements, reminding stakeholders of the dynamic nature of mineral exploration and development.
In addition to the resource update, this development highlights the collaborative efforts between Globex and Emperor Metals, showcasing the potential for future growth through partnerships in the mining sector. The Duquesne West Property now stands as a focal point for exploration and resource enhancement, as both companies strive to capitalize on the promising geological features of the area. Overall, the significant increase in the estimated resources positions Globex Mining for potential advancements in production and exploration, reinforcing its standing in the competitive mining landscape.