Globex Mining Enterprises (TSE:GMX) announced Tuesday Tres-Or Resources (CVE:TRS) will purchase more than 20 claims that make up Globex's Fontana Gold property in Duverny Township, Quebec.
The deal, for which the total transaction price was undisclosed, will see Tres-Or acquire Globex's 75% interest in 16 claims and 100% interest in six claims throughout the property, which lies 16 kilometres northeast of Amos in Quebec, Canada.
The Fontana project is nearby Tres-Or's advanced Duvay Gold project and is contiguous with its East Mac property.
Tres-Or offered a non-refundable, $25,000 deposit to Globex to secure the property while a definitive agreement is being drawn up. The Vancouver, British Columbia-based company said it hopes to enter a formal agreement with Globex by September 15.
Gold mineralization was discovered on the Fontana property in the 1930s, with considerable drilling and testing being carried out through to the 1990s. Gold is often free gold and is erratic in distribution, the companies said.
Globex shares jumped 5.41% on the news to trade at $1.95 each on the Toronto Stock Exchange on Tuesday afternoon.
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