Globex Mining and Queenston intersect wide gold zone at Wood-Pandora joint venture

Joint venture partners Globex Mining Enterprises(TSE:GMX) (OTCQX:GLBXF) and Queenston Mining(TSE:QMI)(OTCQX:QNMNF) said today they have intersected a wide gold zone at their Wood-Pandora property near Cadillac, Quebec.

Drilling between July and November this year was planned to follow up on encouraging results from last year, including a high grade hole that returned 28.86 grams per tonne (g/t) gold over 4.9 metres within the Cadillac Break. 

Results from the latest program, which included nine holes for 5,601 metres, yielded notable intercepts such as 3.81 g/t gold over 41 metres in hole W12-99B, which includes 32.25 g/t gold over 4.2 metres, at around 450 metres below surface. 

Other key intersections include 16.41 g/t gold over 3.4 metres in hole W12-100, 11.73 g/t gold over 1.3 metres in hole W12-95, and 22.08 g/t gold over 1.0 metre in hole W12-97. 

So far, only a small number of widely-spaced holes have been drilled below a depth of 300 metres, the partners said, adding that properties to the east and west have intersected economic mineralization to depths of 1500 metres.          

The Wood-Pandora property straddles the gold localizing Cadillac Break and is near the LaRonde and Lapa Mines operated byAgnico-Eagle Mines. 

The joint venture asset holds historic inferred mineral resources of 1.43 million tonnes grading 5.3 g/t gold in two deposits - Wood and Central Cadillac. 

In 2008, Globex and Queenston announced an NI 43-101 compliant inferred mineral resource on a new gold discovery - the Ironwood Zone - which amounted to 243,200 tonnes grading 17.3 g/t gold. 

The parties said that gold mineralization at the site occurs across the full width of the Cadillac Break, with the greatest concentrations both within the break and in the adjacent sediments to the north. 

Globex and Queenston said in a joint statement Tuesday that they view the drill results as positive, with further drilling warranted in an effort to outline a significant mineral resource below the No.3 Shaft Zone along the Cadillac Break, which historically produced around 13,000 ounces of gold in the 1930s.                 

Globex has a portfolio of mid-stage exploration and development properties in Ontario and Quebec. It is in the midst of spinning out a tax free dividend to its shareholders in the form of shares in a new company, Chibougamau Independent Mines, which owns a large package of former mines and non NI 43-101 deposits and targets in the Chibougamau mining camp of Quebec.

The company received the final court order for the approval of the spin out yesterday. 

Queenston, meanwhile, is focused on its holdings in the historic Kirkland Lake Gold camp comprising 230 square kilometres.