Globex Mining Enterprises Inc. has announced a significant update regarding its royalty interest in the Parbec Gold Deposit located in Quebec, Canada. Renforth Resources Inc., the operator of the project, recently released an updated NI 43-101 technical report showing a 29% increase in the mineral resource estimate, with 73% now classified in the higher-confidence Measured and Indicated categories. The deposit, situated near Agnico Eagle’s Malartic Gold Mine, continues to demonstrate strong potential for future development.
The updated resource estimate incorporates extensive drilling data, including 173 NQ drill holes totaling over 46,000 meters, along with nearly 28,500 assayed samples. Prepared by SGS Canada Inc. and overseen by qualified engineer Yann Camus, the report outlines open-pit and underground mining scenarios with varying cut-off grades. The calculations assume a gold price of $2,100 per ounce and include detailed cost projections for mining, processing, and administration.
Globex holds a 3% gross metal royalty on all production from the Parbec Property, positioning the company to benefit from future mining activities. The latest findings reinforce the deposit’s economic viability, though the report clarifies that mineral resources do not yet constitute proven reserves. Investors can access the full technical report through SEDAR or Globex’s official website for further details.
Jack Stoch, President and CEO of Globex, expressed optimism about the resource upgrade, highlighting the improved confidence in the deposit’s potential. The company remains focused on monitoring developments while maintaining its forward-looking stance. As with all mining ventures, uncertainties remain, and investors are advised to review Globex’s risk disclosures in its latest filings.