Globex Mining Enterprises Inc. has announced that O3 Mining Inc. has launched an ambitious two-drill, 8000-meter exploration program targeting the Cameron and Florence sections of the Kinebik Project in Quebec. This project spans over 55 kilometers along the Casa Berardi trend, a region known for its significant gold deposits, including the Casa Berardi gold deposit with over 5 million ounces of gold.
Globex Mining Enterprises Inc. Properties Outlined in Red Sold to O3 Mining. Image Credit: Globex Mining Enterprises Inc.
The Cameron and Florence areas were part of 156 claims Globex sold to O3 Mining in December 2023 for $2,000,000, comprising $150,000 in cash and 1,185,897 O3 Mining common shares. Globex retains a 2.5 % Gross Metal Royalty on 104 claims and a 1 % Gross Metal Royalty on 52 claims, with O3 Mining assuming responsibility for an underlying 2 % Net Smelter Royalty on the latter claims.
The eight claim blocks transferred from Globex to O3 Mining contain multiple gold intersections identified in drill holes, along with surface showings. Previous geophysical surveys, geological mapping, prospecting, and follow-up drilling have revealed significant, yet still underexplored, potential in these areas. Globex is confident in O3 Mining’s highly skilled exploration team to advance the projects effectively.
The Cameron area, identified as a priority for this drill program, lies along the eastern extension of the gold-bearing horizon associated with the Flordin Gold Mine. According to a May 2023 NI 43-101 Report by Abcourt Mines, this mine contains 1,530,000 tonnes of measured and indicated resources grading 2.18 g/t Au and 244,000 tonnes of inferred resources grading 2.38 g/t Au. Additionally, the Cartright Gold Zone, located near the western boundary of the Cameron claims, has reported recent channel sampling results of up to 10.4 g/t Au over 12 meters.
The Florence claim block encompasses a parallel sequence of gold-bearing rock units and lies east-northeast of the Discovery Gold Zone. This zone hosts measured and indicated resources of 1,186,000 tonnes grading 4.66 g/t Au and inferred resources of 1,970,000 tonnes grading 4.80 g/t Au, as detailed in a March 2023 NI 43-101 report by Abcourt Mines.