Drill Results
Globex Discovers Wide Gold Zones at the Salt Spring Project in Arizona
Globex advances the Mont Sorcier feasibility study and expands its Arizona gold footprint amid broader market consolidation trends.
Executive Summary
- Globex Mining Enterprises reported follow-up exploration results from its 100%-owned Salt Spring Gold Project in Arizona. Trenching identified Zone 3-A with a 17.0 m intercept averaging 1.54 g/t Au (including a 7.0 m high-grade interval of 3.24 g/t Au and a 1.0 m sample returning 12.70 g/t Au). Zone 4-A returned 2.6 m @ 6.21 g/t Au (including 0.6 m @ 13.1 g/t Au). Grab and soil samples further expanded the geochemical footprint.
- An operational update on the Mont Sorcier iron royalty asset confirmed the Bankable Feasibility Study (BFS) is on track for completion by the end of Q2 2026. The timeline projects an Environmental and Social Impact Assessment submission in early Q1 2027, permitting by year-end 2028, and construction commencement around the end of Q1 2029. The project targets an 8 Mtpa high-grade iron concentrate operation.
Material Impact
- The Mont Sorcier update is fully in line with previous guidance issued in April 2026, which already targeted a Q2 2026 BFS completion. The extended timeline to 2028/2029 for permitting and construction is standard for large-scale mining projects in Canada and does not represent a new development.
- The Salt Spring gold results are positive but represent an incremental step in the exploration cycle following the initial staking and geochemical sampling announced in July 2025. While the high-grade intercepts are encouraging, they are early-stage trenching results that require extensive drilling to define a resource.
- The news lacks unexpected catalysts or major financial milestones. It confirms management's execution on known timelines and continues the steady exploration of new ground. Consequently, the market impact is expected to be limited and incremental.
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Company Overview
- Globex Mining Enterprises Inc. operates as a royalty and streaming company, focusing on acquiring non-operating interests in exploration and development-stage mineral properties across North America and Australia.
- The flagship asset is the Mont Sorcier iron project in Quebec, where Globex holds a 1% Gross Metal Royalty. The project is advancing toward a BFS with a target of producing high-purity DRI-grade iron concentrate.
- Other key assets include the 100%-owned Salt Spring gold project in Arizona, the Kewagama gold royalty (2% NSR), the Bald Hill antimony project (under option), and the Duquesne West gold project (50% interest). The company's model emphasizes generating passive royalty income and equity upside while minimizing capital expenditure and operational risk.
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Jul 03, 2026 · 10:58