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Globex Properties

Mooseland Mine - Gold Royalty
Halifax County, Nova Scotia (NTS 11D/15)

Property Description and Location
The Mooseland property, including  Cheticamp is comprised of 103 claims totaling 1,668 hectares located 110 kilometres by paved highway, northeast of Halifax, in Halifax County, Nova Scotia, Canada.  Surface rights are held in part by private landholders and in part by the provincial government as crown land.  These claims, originally wholly owned by Globex were transferred to NSGold Corporation on September 1, 2011 when the latter exercised its option to acquire a 100% interest in the property subject to aggregate cash payments of $750,000. The property is subject to a 4% Gross Metal Royalty (GMR) in favor of Globex as well as a 5% interest in the issue of outstanding share capital of NSGold upon the property reaching commercial production.

The Mooseland Property is a former small-scale gold-producing property, characterized by Meguma type gold occurrences, while the latter (Cheticamp) is a base metal exploration property.   

 

Accessibility,Infrastructure and Physiography
The topography of the area displays moderate relief in undulating terrain.  Drainage is controlled by northwest striking fault zones, which control the trend of the Tangier River across the claim group and split the Property into the East and West Zones. The West Zone is adjacent to the Mooseland Highway, a paved secondary highway that connects with provincial Highway 7 at Tangier.  The East Zone can be accessed via a bridge about 2 km NW of the West Zone entrance along the Mooseland Highway, and a series of secondary roads and trails developed for logging and diamond drilling operations.

Geological Setting
The reader is referred to the 2011 Annual Information Form for details regarding the regional, local and property geology of the Property.

Exploration
In 2009, NSGold Corporation optioned the properties from Globex.

On December 10th, 2010, NSGold announced the completion of a drill program at Mooseland.  Thirteen holes were drilled on the West Zone and thirteen more on the East Zone for a total of 26 holes, comprising approximately 6,500 metres of drilling.  The latest results are summarized below (see NSGold press release dated December 22, 2010 and April 18, 2011). The reader is referred to the 2011 Annual Information Form document for details on the gold drill intercepts from the aforementioned drill program.

On June 15, 2011, NSGold released an updated NI 43-101 compliant mineral resource for the Mooseland property.  The study was prepared by MineTech International Inc of Halifax, Nova Scotia and consisted of an appraisal of the historic data on the property.

Mooseland Summary of Non-diluted Inferred Mineral Resources

 

Cut-off Grade (g/t)

Tonnes above cut-off

Average Diluted Grade (g/t)

Ounces

West Zone

3.0

1,400,000

4.6

210,000

East Zone

3.0

1,100,000

5.1

180,000

Total

3.0

2,500,000

4.9

390,000

A sixteen (16) diamond drill hole program totalling 5,020 metres was also completed in 2011: with 8 holes, being positioned each on the East and West Zones respectively returned the following significant intercepts :

8.99 gpt/ 4.8 m in hole NSG-25-11 (East Zone)

13.73 gpt Au/ 1.5 m in hole NSG-27-11 (East Zone)

107.0 gpt Au/ 0.5 m in hole NSG-28-11 (East Zone)

24.7 gpt Au/ 0.8 m in hole NSG-30-11 (East Zone)

32.9 gpt Au/0.5 m in hole NSG-32-11 (East Zone)

27.81 gpt Au/ 0.8 m in hole NSG-33-11 (East Zone

Intercepts are reported in core lengths where true horizontal widths are typically estimated to be 60-65% of core lengths.  Summary of assay results from NSGold’s 2011 drill program are sourced from the Company’s website press releases dated respectively October 18, 2011 & November 22, 2011.

Disclosure: The NI 43-101 resource reported above was published on Sedar.com by NSGold on June 15, 2011.  Although Globex is a partner in the project, because Globex’s name is not on the cover page of the report and because the report was commissioned by NSGold not Globex, we are not permitted to report the results as NI 43-101 conformable while NSGold may do so. Therefore, we are required to make the following disclaimer: The resource results as reported by NSGold and subsequently reported above by Globex are to be treated as historical resources and should not be relied upon. They have not been verified by Globex and are presented for information purposes only.

In 2012, NSGold carried out additional drilling allowing the company to provide an update to its earlier resource by way of a NI 43-101 compliant resource estimate dated July 20, 2012, prepared by Mine Tech International Limited and filed on SEDAR  (www.sedar.com) as summarized in the table below.

Mooseland Summary of Non-diluted Inferred Mineral Resources

 

Cut-off Grade (g/t)

Tonnes above cut-off

Average Diluted Grade (g/t)

Ounces

West Zone

2.6

1,460,000

5.52

259,000

East Zone

2.6

1,060,000

5.72

195,000

Total

2.6

2,520,000

5.6

454,000

Disclosure: The NI 43-101 resource reported above was published on Sedar.com by NSGold on July 20, 2012.  Because the report was commissioned by NSGold not Globex, we are not permitted to report the results as NI 43-101 conformable while NSGold may do so. Therefore, we are required to make the following disclaimer: The resource results as reported by NSGold and subsequently reported above by Globex are to be treated as historical resources and should not be relied upon. They have not been verified by Globex and are presented for information purposes only.

Additionally, a 15 hole drill program of shallow drilling totaling 948 metres to evaluate the potential for open pit mining of the West Zone was also completed in 2012.

Exploration and Development
As mentioned, NSGold exercised its option to earn a 100% interest in the Mooseland Property from Globex.  In a press released by NSGold dated February 20, 2013, the company reports on assay results from its 15 hole drill program completed in 2012 where better shallow intercepts (< 75m depth) include 36.8 gpt Au/0.6 m and 15.2 gpt Au/1.0 m (hole NSG-8-12), 9.9 gpt Au/1.0 m (hole NSG-1-12), 7.1 gpt Au/1.0 m (hole NSG-3-12), 6.3 gpt Au/ 1.0 m (holeNSG-8-12), 11.5 gpt Au/1.0 m (hole NSG-10-12), 8.4 gpt Au/1.0 m (hole NSG-13-12) and 18.8 gpt Au/ 1.0 m (hole NSG-15-12), where drilling continues to confirm the presence of high grade narrow quartz lode gold mineralization.  As mentioned, Globex retains a 4% Gross Metal Royalty on the property and a 5% interest in the issue and outstanding share capital of NSGold upon commercial production.

 

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Press releases related to this property

March 13, 2012
Globex NSGold to Update Resource Estimate at Mooseland Gold Property
(English) | (Deutsch) | (Français) |

October 19, 2011
Globex Closes an Additional $530,000 Private Placement and Other News
(English) | (Français) | (Deutsch) |

April 18, 2011
Globex’s Mooseland Royalty Property Returns High Grade Gold
(English) | (Français) | (Deutsch) |

June 30, 2010
Globex's Nova Scotia Properties to be Explored
English | (Deutsch) | (Français) |

April 20, 2009
LOI on Globex's Nova Scotia Assets
(English) | (Deutsch) | (Français) |

October 12, 2005
Globex Terminates Brookmount's Mooseland Option
(English) | (Français) |

June 10, 2005
Globex Vending Mooseland Gold Deposit to Brookmount
(English) | (Français) |

May 4, 2004
Bulk Sample Being Processed - Payment Received from Azure
(English) | (Français) |

March 4, 2004
High Grade Gold Assays Encountered in Underground Sampling on Globex's Mooseland Property
(English)

August 1, 2003
Updates on Globex's Activities
(English) | (Français) |

July 9, 2003
Mooseland Gold Deposit, Nova Scotia Update
(English) | (Français) |


Partner News related to this property

August 22, 2013
NSGold Reports on Metallurgical Testwork for Mooseland Gold Project
(English)

February 20, 2013
NSGold reports Mooseland Gold results including 15.21 grams per tonne over 1.7 meters

 
 
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