Business
Drills Moved onto Globex’s High-grade Ironwood Gold Deposit
ROUYN-NORANDA, Quebec, Nov. 13, 2024 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Muni
About this update from Globex Mining Enterprises Inc.
[{"type":"text","content":" ROUYN-NORANDA, Quebec, Nov. 13, 2024 (GLOBE NEWSWIRE) -- GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, LS Exchange, TTMzero, Düsseldorf and Quotrix Düsseldorf Stock Exchanges and GLBXF – OTCQX International in the US) is pleased to inform shareholders that we have initiated our planned 17-hole, infill drill program on our 100% owned Ironwood Gold Deposit located in Cadillac Township, Quebec. The Ironwood deposit is located in close proximity of the gold localizing Cadillac Break and Globex’s historical Wood and Central Cadillac gold mines both of which have excellent exploration drill potential. The Ironwood deposit is currently an inferred resource of 243,200 tonnes grading 17.26 g/t Au and 2.61 g/t Ag. (see Technical Report for The Mineral Resource Estimate, Ironwood Project, Cadillac Township, Quebec, (NTS 32D01), by Reno Pressacco, M.Sc. (A)., P.Geo., February 2008 for the Pandora-Wood Joint Venture). The aim of the drill program is to confirm and upgrade the current Ironwood inferred resource and possibly test for an extension of the zone. The 17-hole drill program will be undertaken with two drills and is expected to total approximately 3000 m. Once drilling, logging and assaying are completed, further metallurgical testing will be undertaken to better define various methods of recovery of the gold and silver. The ore zone is within a sulphidized iron formation with arsenopyrite, pyrrhotite and pyrite contents of 12.2%, 8.6% and 6.4% respectively. Precious metals occur as a gold/silver alloy freely within arsenopyrite and to a lesser degree within pyrite. Several metallurgical tests have been undertaken including cyanidation of a bulk sulphide concentrate with a gold recovery of 97% and cyanidation of the bulk concentrate produced a gold recovery factor of 93%. Flotation of a high-grade concentrate with low arsenic content produced a gold recovery of 86%. These tests were preliminary in nature and a more exhaustive test work program is planned using mineralized core from the current drill program to determine, based upon a number of available custom milling and smelting avenues, more comprehensive overall recovery factors. Globex is initiating this drill program to upgrade the resource as a first step toward possible production at ...