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Globex gains former gold mine

Globex Mining Enterprises (TSX: GMX) has added a past-producing gold mine to its Francoeur/Arntfield project in Quebec.
Globex gains former gold mine Globex gains former gold mine Globex gains former gold mine Globex gains former gold mine Globex gains former gold mine

Infrastructure at Globex Mining Enterprises’ Francoeur project in Quebec

Staff reporter

Globex said it had acquired 100% of the Lac Fortune gold mine property for 250,000 shares and a 2% NSR, which it could buy 1% of "at any time" for C$200,000.

It said Lac Fortune had a pre-NI 43-101 probable resource of 224,425 tonnes grading 5.38g/t dated 1986, when gold was worth about US$390 an ounce.

Gold was trading at more than $1,600/oz on the spot market earlier today.

Globex said it would shortly begin a detailed 2,000km aeromag survey over its Francoeur/Arntfield/Lac Fortune land package, including a circa 6km largely untested section of the gold localising Cadillac Break. 

However it also announced yesterday it was closing its offices at Rouyn-Noranda for at least three weeks as a preventative measure "due to the ongoing coronavirus crisis". 

The company started the year with about C$4.5 million (US$3.1 million) in working capital.

Its share price had hovered towards 40c for much of the past year but fell to a 52-week low of 26c on Monday.

It gained 12.7% yesterday to close at 31c, capitalising Globex at $16.9 million (US$11.8 million).