Albright Releases Mineral Resource Estimate update at the Vail Road (Devils Pike) Gold Property
Globex’s JORC resource conversion reduced ounces compared to historical figures, with a scoping study planned as the next project step.
Albright Metals Limited has released a new JORC 2012 Mineral Resource Estimate for the Vail Road (Devils Pike) Gold Property, which is held under option by Globex Mining Enterprises Inc. The updated resource incorporates 39 additional drill holes, comprising 4,349.5 m from Rockport in 2011/2012 and 1,022.5 m from Albright in 2025.
The total Mineral Resource stands at 188,000 tonnes at 9.0 g/t Au for 54,200 contained ounces. This is broken down into an Indicated Mineral Resource of 33,500 tonnes at 20.9 g/t Au for 22,500 contained ounces, and an Inferred Mineral Resource of 154,600 tonnes at 6.4 g/t Au for 31,700 contained ounces. The cut-off grade was reduced to 2.0 g/t Au from the previous 5.0 g/t Au in the 2011 NI 43-101 estimate.
The JORC 2012 resource will serve as the basis for a Scoping Study. High-grade extensions have been identified for future drilling.
Globex Mining Enterprises Inc. (GMX) released a technical milestone that converts a foreign resource to JORC standards, advancing the project toward a Scoping Study. The contained ounces are materially lower than historical expectations. For a royalty and exploration company, this does not trigger immediate production or revenue changes. The market reaction is likely muted as the update is routine for the exploration cycle, but the resource contraction introduces downside risk to the eventual Scoping Study economics.
Globex Mining Enterprises Inc. (GMX) is a royalty and exploration company with a diversified portfolio of gold, antimony, iron, lithium, and rare earth assets across Canada and the US. Its key assets include the Vail Road gold project in New Brunswick, the Duquesne West gold project in Quebec (held 50% via Emperor), the Bald Hill antimony project in New Brunswick (option), the Mont Sorcier iron project in Quebec (1% GMR), the Berrigan zinc-silver-gold project in Quebec (2% GMR), the Carp fluorspar project in Nevada (option), and the Virgin Mountain rare earth elements project in Arizona (option). The company monetizes its assets through option agreements, cash payments, share issuances, and gross metal royalties, maintaining a business model characterized by low operating risk and high exploration optionality.