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Globex Properties

Vulcan Mountain Deposit - Pt, Pd, Au
Ferry County, Washington State, USA

Property
The Vulcan property, also known as Gold Dike, is located in Ferry County, Washington, two miles (3 km) from the Canada-United States border and four miles (6 km) southwest of Grand Forks, British Columbia. The property consists of 8 patented claims, 34 unpatented claims, and 11 optioned unpatented claims.

Ownership
Globex Nevada, a wholly-owned subsidiary of Globex, acquired a 100% interest in the property from N.A. Degerstrom Inc.(ANAD@) and Gold Express Communications Inc. A 3% NSR royalty is held by Sundance Mining-Development Inc. on certain claims, of which 1% can be purchased for $500,000 after completion of a positive feasibility study. NAD holds a 2% NSR, subject to a $144,000 buy-out. Globex has posted a US$105,000 bond with the State of Washington with respect to certain environmental matters.

Vulcan propertyGeology
Permian to Triassic sedimentary and volcaniclastic rocks occur near Danville in the northern portion of the Republic Graben.  Near the Gold Dike mine, interbedded units of greenstone, argillite, limestone, and quartzite have been recrystallized to the hornblende hornfels metamorphic facies by later intrusion of Creataceous alkalic rocks of the Shasket Creek complex.  The Shasket Creek alkalic complex was originally mapped as two phases: monzonite to shonkinite (with possible nepheline syenite), and syenite porphyry (a more leucocratic phase with orthoclase phenocrysts). All lithologies are also intruded by quartz monzonites of the Tertiary-aged Scatter Creek intrusive.

Drilling and surface sampling has defined a sulfide gold zone found in association with an intensely carbonitized, pyritized and bleached rock unit, historically referred to as AGold Dike@. This zone is at least 2,000 feet long, averages 40 feet wide and has been defined to a depth of 2,500 feet. Drill holes grading up to 60 feet of 0.34 ounces per ton gold and 80 feet of 0.27 ounces per ton gold have been reported in addition to other numerous economic intersections.                                                            

Previous Work
Early exploration and mining took place near the turn of the century on the Vulcan property.  Small amounts of high grade copper ore were hand-cobbed from the Comstock Vein and shipped directly to the smelters.  Exploration for gold on the property and surrounding areas took place on an intermittent basis.  This consisted of various forms of sampling and drilling, and at least two small audits into the Gold Dike Vein.  The property came under the control of Vulcan Mountain Mining Company, which commenced to mine the Gold Dike by open-pit methods.  Approximately 150,000 tons of ore were extracted and processed using cyanide heap leaching to extract the gold from the ore with an average recovered grade of approximately 0.10 opt gold and 0.15 opt silver. Diamond drilling on the property has occurred intermittently since 1963.  During 1996, Globex completed geological mapping and induced polarization surveys on the claims, as well as 14 diamond drill holes completed for a total length of 7,272 feet. These efforts were followed by surface sampling in 2002 which located significant platinum, palladium, gold and copper valves in a porphyry body parallel to the Vulcan Zone.

In 2004, sampling of copper mineralization approximately 2,000 feet south of the known gold zone has returned surprisingly high platinum and palladium values.  Palladium values as high 2.24 gm/tonne were encountered in float and 1.26 gm/tonne in rock as well as platinum values up to 20.6 gm/tonne in fault gauge.  Values up to 2.35 g/t Au and 5.763% Cu were also encountered.

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