Globex Mining (GMX.TO) announced it has sold its entire stake in the Orvilliers Township and Montgolfier properties in Quebec to Galway Metals (GWM.V). Galway will be paying C$200,000 in cash, and has issued a 1% Gross Metal Royalty to Globex Mining, which is keeping some sort of upside potential on the properties along the Casa Berardi break.
The company continues to work on its portfolio, as Globex has also optioned the Johan Beets feldspar property to Walmer Capital, a capital pool company. Walmer will make a cash payment of C$50,000 and spend C$1M in exploration expenditures in the next two years to earn a 100% stake. Globex will continue to own a 2% Gross Metal Royalty. It will be interesting to see what Walmer will do with this property considering there’s an open pittable historic resource estimate at Johan Beets.
Globex also did some work on its own Devil’s Pike gold property where it completed a relatively extensive grab sampling program to define drill targets which could allow the company to increase its current resource estimate of 215,000 tonnes at 9.6 g/t gold (for 66,000 ounces of gold).
Go to Globex’ website Go to Globex’ website
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