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Monday, 5 November 2012
Globex Mining acquires historic Joutel copper mine property in Quebec
Globex Mining Enterprises (TSE:GMX) (OTCQX:GLBXF) says it has acquired a 100 per cent stake in the former Joutel copper mine in Joutel township, northwestern Quebec.
The mine produced 1.32 million tonnes grading 2.16% copper and 378,000 tons grading 8.88% zinc, to a depth of 365 metres, where it was believed that the ore body terminated against the shallowly dipping "upper contact of a batholith", Globex said.
"This being the prevailing geological theory, no effort was made to explore to additional depth as the perceived intersection of a batholith eliminated any potential to depth," it added.
The company has reviewed the existing geological and structural data, including 3D models done by the Quebec Ministry of Natural Resources.
Globex said it has concluded that rather than abutting against a batholith, "the Joutel ore body has been cut by a late, cross cutting, shallowly dipping dyke of undetermined thickness.
"If this is the case, there is a possibility, that the dyke bisected the ore body leaving mineralization and good exploration targets below the dyke."
The company is planning to test the potential of this target area, it said.
The addition of the Joutel copper mine property to Globex's land holdings in the area, which include the 100% owned Eagle Gold and Poirier Mines and a large package of prospective claims, gives the company "a dominant position with excellent exploration potential" in the Joutel mining camp.
Globex is in the midst of its proposed spin out of its subisidary Chibougamau Independent Mines (CIM) to its shareholders. The company's shareholders approved the arrangement at a special meeting on October 19, with an affirmative vote of 99.95 per cent.
Following this, Globex's motion for a final order in connection with the transaction was continued to a future date by the Quebec Superior Court.
The company said it will issue a release announcing the hearing date for the final order when it is decided - with the date expected to be in mid-November. A delay to the spin out is not anticipated.
Globex will transfer its interest in 10 mineral resource properties - known as the Chibougamau Mining Camp - which are subject to a three-per-cent gross metal royalty - together with cash and certain securities to CIM.
Globex's shareholders will receive one common share of CIM for each share of Globex held on the effective date of the arrangement.