Globex Mining Enterprises (TSE:GMX)(OTCQX:GLBXF) and Queenston Mining (TSE:QMI) (OTCQX:QNMNF) said Tuesday that they are starting an eight-hole, 5,200 metre diamond drill program on the Wood Pandora joint venture property near Cadillac, Quebec.
The 50/50 split Wood Pandora property
straddles the gold localizing Cadillac Break and is near the LaRonde
Mine property operated by Agnico-Eagle Mines Inc (TSE:AEM) (NYSE:AEM).
project hosts historic inferred mineral resources of 1.43 million
tonnes grading 5.3 grams per tonne (g/t) gold in two deposits, Wood and
In 2008, the joint venture announced an NI
43-101 inferred mineral resource on a new gold discovery, called the
Ironwood Zone, amounting to 243,200 tonnes grading 17.3 g/t gold.
and Queenston also announced the results of a four-hole drill program
in the fall of last year, near the no.3 shaft on the Pandora portion of
All holes encountered significant gold
mineralization, the companies said, with the deepest hole, W-11-92,
intersecting 4.9 metres grading 28.86 g/t gold within the Cadillac Break
at around 350 metres below surface.
A follow up
drill program was recommended to target the Cadillac Break in the
vicinity of the W-11-92 hole, where the mineralization remains open both
east and west along strike and to depth.
"It is important to
note that the Lapa Gold deposit currently being mined by Agnico-Eagle
occurs on the Cadillac Break 3 km to the east and the Lapa deposit
begins at a vertical depth similar to the depth of the mineralization
encountered in JV hole W-11-92," Globex and Queenston said in a
Last week, Globex announced the second closing of its
previously announced private placement, raising $453,000 in gross
Globex said it will put the proceeds
toward exploration on some of its properties in Quebec and Ontario. As
last Wednesday, the company had raised an approximate total of $1.75
million in the private placement financing.