Globex Mining encouraged by NSGold's drill results at Mooseland property
Globex Mining (TSE:GMX) (OTC:GLBXF), a company that owns royalties in a number of mineral properties, stands to benefit from yet another recent news development - this time related to NSGold (CVE:NSX).
NSGold today released a statement reporting a number of intersections of high grade gold assays at the Mooseland Gold Mine property in Halifax County, Nova Scotia, in which Globex retains a 4% gross metal royalty.
Globex also has the right to receive a 5% stake in NSGold upon commercial production at Mooseland, as well as an additional payment of $250,000 in September.
Highlights of NSGold's results include 122.15 g/t gold over 2.2 metres, including 243.73 g/t gold over 1.1 metre; and 36.93 g/t gold over 2.0 metres, including 61.18 g/t gold over 1.2 metres.
Globex's shares rallied 2.5% on Monday to trade at $2.46 as of 12:55pm EST, while NSGold's stock price rose 1.4% to $0.73.
