Globex completed a financing which netted $4,269,150 and immediately started a 50 hole drill program on our talc-magnesite deposit south of Timmins, Ontario. The objectives of the drill program are to: a) raise the resource in the proposed open pit area to reserve status b) better define the variability distribution of the principal economic minerals and c) undertake rock mechanic studies in order to facilitate design of the open pit. To date, 40 holes have been completed and are being logged, split and sent for analysis.
At the same time, we are proceeding with or have completed various production-related studies required to achieve production such as water studies, various environmental studies, etc. and have applied for a lease, a critical step on the way to production.
On December 18, 2012, Globex and Queenston Mining Inc. announced the results of the latest drill program on the Globex managed Wood-Pandora Joint Venture. Numerous gold intersections were reported including a 41 metre wide intersection grading 3.81 g/t Au in hole W12-99B. (See Globex press release dated December 18, 2012) Additional drilling has been planned and submitted to our partner for consideration.
On December 28, 2012, Queenston was taken over by Osisko Mining Corp. Globex expects the mutually beneficial relationship to continue on this project with our new partner, Osisko.
As previously announced, Globex intersected 5.28 g/t Au over 2.9 m within a wider zone of 3.78 g/t Au over 4.4.m in the initial drill hole BEAC11-01 on our Beacon #1 Property in Louvicourt Township, Quebec. We subsequently drilled three holes one above and one each at 50 m step-outs to the east and west. The best intersections are the following:
----------------------------------------------------------------------------Hole # From (m) To (m) Length (m) Au (g/t) Comments----------------------------------------------------------------------------BEAC 12-01 6.0 7.0 1.0 8.26 Above Hole 192.3 193.35 1.05 35.76 BEAC 11-01----------------------------------------------------------------------------BEAC 12-02 120 122 2.0 13.4 Hole to W----------------------------------------------------------------------------BEAC 12-03 253.5 255 1.5 1.99 Hole to E----------------------------------------------------------------------------
In addition, we have completed airborne magnetic and electromagnetic surveys over the Tiblemont township claims of our 18 km long Tiblemont-Tavernier property and have acquired additional claims covering an important gold localizing structure as well as additional gold showings. Summer mapping, prospecting and drilling are planned for 2013.
After intersecting stringer and massive sulphide (Cu, Zn, Ag, Au) mineralization (see press releases dated August 8 and 10, 2011) in drilling on our Tonnancour Property, south of Quevillon, Quebec, we re-analysed the existing geological and geophysical data and acquired by staking a large package of claims with many prospective undrilled geophysical anomalies. We have since flown a combination magnetometer and electromagnetic survey over the new claims and intend to do ground verifications in the spring.
On our Turner Falls Rare Earth Property, in the Kipawa area of Quebec, we undertook 5 drill holes in an effort to gain geological and structural knowledge on a number of mineralized horizons. The drilling returned anomalous results and new geological and structural information. It is our intention to return to the property in the summer to carry out more detailed mapping and sampling to guide the next round of drilling in the areas of known high grade, rare earth mineralization. Our previous drill program was cut short due to the limited availability of air support to move the drill from set up to set up.
