Orford Mining Corp. has extended the option (second anniversary) of Globex’s Joutel Eagle Property in Joutel Township, Quebec. This news was shared with shareholders by Globex Mining Enterprises Inc. Orford has given 2,500,000 Orford shares to Globex and paid $125,000 per the agreement’s terms.
The Joutel Eagle Property (Option Agreement with Globex Mining). Image Credit: Orford Mining Corp
The adjacent Eagle and Telbel Gold Mines are located 11 km along the horizon within the 50 square kilometer property. Both the Telbel Mine, which is presently actively being explored, and the Eagle Mine, which is also under option from Globex by Maple Gold Mines Ltd., are reported to have produced over 1.1 million ounces of gold.
Orford has drilled 3,253 m so far on the optioned property, with the majority of that drilling concentrated in the South Gold Zone, where it intersected broad areas with notable gold values.
Orford stated, “Our efforts will be focused on identifying further gold and copper mineralization across the Joutel Eagle Property in the coming year.”
The 11-kilometer-long strike length of the Eagle/Telbel Mines horizon offers a great hunting ground to find additional mineralization, so Globex is happy that Orford is continuing its exploration on the property after its initial success in locating and concentrating on the South Gold Zone.
Globex is in a very good position right now, holding about $25,000,000 in cash, receivables, and vendable shares of other businesses in addition to 240 mineral property assets, including 92 royalties and real estate (land and buildings).