Globex Mining (TSX: GMX) upgraded its gold resources to indicated from inferred. The company relied on a new technical report to achieve this upgrade, which confirmed that 86% of the tonnes now hold an indicated resource classification due to higher confidence levels.
Globex received the NI 43-101 technical report for its Ironwood gold deposit on May 30th. SLR Consulting prepared the report titled “NI 43-101 Technical Report, Ironwood Gold Deposit, Cadillac, Quebec, effective April 15, 2025.”
Jack Stoch, president, CEO and director of Globex commented, “We are pleased to have a better understanding of the high-grade Ironwood gold deposit and with the improved confidence in the deposit seen with the majority of the ounces now classified as an Indicated Resource. We are studying the economics of various methods of extraction in order to decide the best way for Globex to create value for shareholders from this deposit. As well we are looking at the historical Wood and Cadillac Gold Mines located on the same property in order to identify and detail potential areas where additional drilling may extend the potential of these historical gold deposits. We are eager to see the results of the 3D modelling which is currently in progress.”
The report announced that 19 new holes in 2024 increased the total drilled on Ironwood to 105 drill holes and 31,360 metres. The 2024 drill program also suggested that the Ironwood deposit may be open to depth. Drilling near surface showed the mineralization extends vertically to sub-outcrop but the upper ±60 metres from surface grades +/- 3 g/t – 5 g/t gold, somewhat lower grade than the deeper mineralization. The 2024 drilling was successful in reaching the Globex goals of largely delineating the shape and boundaries of and improving confidence in, the mineral grade and tonnage.
Globex intersected five mineralized domains during the drilling, which contributed to the resource calculation. The company expressed satisfaction with the results in the NI 43-101 report. Globex stated in its release: “The overall grade has lowered by about three g/t due to a reduced cut-off grade, higher gold prices, and the inclusion of the deposit’s shallower portion closer to the surface, which contains lower grades but adds greater tonnage.”
The company’s release stated: “The number of gold ounces in the Ironwood gold deposit has stayed relatively the same despite the upgraded classification from inferred to indicated resource which is a major step forward in increasing confidence as regards the economic potential of this gold deposit.”
More information is posted on www.GlobexMining.com.
