Ironwood Gold Deposit Resource Upgraded to Indicated from Inferred

Strategic Insights -

Globex Mining Enterprises Inc. has completed the NI 43-101 Technical Report on the 100% owned Ironwood Gold Deposit, which is located in Cadillac, Quebec, Canada. The report, written by SLR Consulting (Canada) Ltd., effective April 15, 2025, was prepared by Qualified Person Reno Pressacco, M.Sc. (A), P.Geo., FGC. The upgrade from Inferred to Indicated Resource classification was possible due to a higher confidence level in the deposit's shape, boundaries, and mineral grade. The new resource has 86% of the tonnes upgraded to Indicated Resource from Inferred.

Key Takeaways:

  • The Ironwood Gold Deposit has been drilled with 105 holes and 31,360 metres, with 19 new holes in 2024 suggesting the deposit may be open to depth.
  • The 2024 drilling was successful in reaching the Globex goals of largely delineating the shape and boundaries of the mineral grade and tonnage.
  • The new NI 43-101 Resource outlined an Indicated Resource of 234,800 t at an average grade of 14.38 g/t Au for 108,528 ounces, with five mineralized domains intersected in the drilling.
  • In February 2008, a resource on the Ironwood deposit estimated an Inferred Resource of 243,200 tonnes grading 17.3 g/t gold for 136,000 ounces.
  • The biggest impact on the new resource came from a drop in the cut-off grade to 1.5 g/t vs 3.0 g/t in 2008, which reduced the overall grade of the deposit, increased the total tonnes, and marginally reduced the total contained ounces.
  • The mineralized resource was defined using a cut-off grade of 1.5 g/t Au, estimating metallurgical recovery of 90%, standard treatment and refining charges, and a minimum mining width of 2 metres.
  • Globex is pleased with the results outlined in the NI 43-101 report and is studying the economics of various methods of extraction in order to decide the best way to create value for shareholders from the deposit.
  • The company is also looking at the historical Wood and Cadillac Gold Mines located on the same property to identify and detail potential areas where additional drilling may extend the potential of these historical gold deposits.
  • Globex will review and update the Cadillac Gold Mine and Wood Gold Mine data to determine the best course of action for the deposit.

Statistics:

  • 234,800 t of Indicated Resource at an average grade of 14.38 g/t Au for 108,528 ounces.
  • 37,100 t of Inferred Resource at an average grade of 7.22 g/t Au for 8,614 ounces.
  • 19 new holes in 2024, increasing the total drilled on Ironwood to 105 holes and 31,360 metres.
  • The drop in cut-off grade from 3.0 g/t to 1.5 g/t resulted in a decrease in overall grade, an increase in total tonnes, and a marginal reduction in total contained ounces.

Sources:

  • GLOBEX MINING ENTERPRISES INC. (GLOBE NEWSWIRE) - June 10, 2025
  • NI 43-101 Technical Report, Ironwood Gold Deposit, Cadillac, Quebec, Canada, by SLR Consulting (Canada) Ltd., effective April 15, 2025.