Globex's Duquesne-Ottoman ups inferred gold resources by 56%

Globex Mining Enterprises (TSE:GMX) Thursday that the Duquesne West-Ottoman property, optioned from Duparquet Assets, a company owned 50% by Globex, reported a 56% increase in inferred gold resources.

The property's operator Xmet (CVE:XME) said in a statement that Duquesne-Ottoman property in Quebec now has NI 43-101 compliant inferred resources of 4.17 million tonnes at an average grade of 5.42 grams per tonne (g/t) gold (6.36 g/t Au uncut), hosting 727,000 cut ounces of gold and 853,000 uncut ounces of gold.

The resource estimate was carried out by Watts, Griffis McOuat (WGM). It used a cut-off grade of 3.0 g/t Au over a 2.5m minimum horizontal width.

This latest report compares with the 2.73 million tonnes of inferred resources announced last November, at an average grade of 5.29 g/t gold (6.00 g/t Au uncut), hosting 465,000 ounces gold cut and 525,000 ounces of gold uncut.

The substantial boost is a result of the company's phase one drilling program, which totaled 13,000 metres, and was completed in April. Highlights from this campaign included 3.20 g/t gold over 8.10 metres in hole DO-11-20 at the 20-20 Zone, and 6.65 g/t gold over 7.7 metres, including 10.01 g/t gold over 4.3 metres in hole DO-10-05.

Xmet said the phase two drill program will start imminently, targeting further resource expansion on the property.

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 and delivering 2 million Xmet shares.