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A Canadian mining company had a good week, and it did not even have to drill a single hole to get there. Globex Mining Enterprises Inc. (TSX: GMX) does not operate like a typical exploration company. Instead of running its own drill programs across every property it owns, Globex hands many of them off to smaller partners through options and royalty agreements, then collects the benefits when those partners find something. This week, three of those partners announced results on the same day, and all three were encouraging.
The first came from Antimony Resources Corp. (CSE: ATMY), which holds an option on Globex’s Bald Hill property in New Brunswick. Antimony is not a household name in the mining world the way gold or copper are, but it plays a role in flame retardants, batteries and certain military applications, which has made it a metal of growing interest. Drilling at Bald Hill returned a high-grade section of 11.41% antimony over 1.55 metres, part of a broader mineralized interval that averaged 2.78% antimony and 0.41 g/t gold over 11.3 metres. The company also found antimony bearing mineralization in a separate zone at depths of roughly 100 to 150 metres below surface, suggesting the deposit extends beyond what earlier surface work had mapped.
The second update came from Emperor Metals Inc. (CSE: AUOZ), which holds an option on Globex’s Duquesne West gold property in Quebec, a project the two companies co own. Emperor reported several strong intercepts, including 21.3 metres grading 3.0 g/t gold and 27.9 metres grading 0.5 g/t gold. These numbers are part of a much larger effort. The company has now reported results from 31 of the 66 holes drilled this year, representing about 35% of the total assays expected from a program that combined 20,000 metres of new drilling with 8,000 metres of resampled historical core. With more than 135,000 metres drilled at Duquesne West to date, Emperor appears to be building toward a formal economic study of the project.
The third piece of news involved Renforth Resources Inc. (CSE: RFR), where Globex holds a 3% gross metal royalty rather than an ownership stake. Renforth’s surface channel sampling at the Parbec gold property returned some notably rich numbers, including 8.02 g/t gold over 2.55 metres, with a smaller high-grade section running 28.77 g/t gold. Another channel returned 2.97 g/t gold over 10.2 metres, with silver credits mixed in as well. What makes Parbec worth watching is its location. The property sits next to Agnico Eagle’s East Amphi gold mine and lies on strike with the large Malartic open pit mine, placing it in one of the more heavily mined corners of Quebec. Renforth has already started a follow up drill program aimed at testing beneath these channels.
None of these three results are enormous discoveries on their own. What is notable is that they arrived together, from three unrelated companies, on properties Globex does not have to fund or operate directly. David Christie, the company’s President and Chief Operating Officer, compiled the disclosure in his role as a qualified person under Canadian mining disclosure rules, drawing on each partner’s own press release. For a company built around the idea that other people’s exploration success can still translate into its own upside, this week offered a reminder of why that model can work.
