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ROUYN-NORANDA, Quebec - Globex Mining Enterprises Inc. (TSX:GMX, FSE:G1MN, OTCQX:GLBXF), a Canadian mining firm, has provided an update regarding the ongoing drilling program conducted by Antimony Resources Corp. on the Bald Hill antimony property in New Brunswick. The property, currently under an option agreement with Antimony Resources, has shown promising results from its recent drilling efforts. According to InvestingPro data, Antimony Resources’ stock has surged 46.67% in the past week, reflecting market interest in the project despite the company’s modest market capitalization of $2.03 million.
As per the option agreement, Antimony Resources Corp., previously known as Big Red Mining Corp., is required to pay Globex a total of $2 million in cash and issue 1.1 million shares. Additionally, Antimony Resources must invest a minimum of $5 million in exploration activities over a four-year span to acquire a 100% interest in the Bald Hill property. This agreement includes a 3.5% Gross Metal Royalty, with an option for Antimony Resources to buy 1% of this royalty for an inflation-adjusted sum of $1 million. InvestingPro analysis indicates the stock typically trades with high volatility, as evidenced by its price ranging from $0.01 to $0.20 over the past 52 weeks.
The drilling program, which commenced on April 15, 2025, aims to complete 2,500 meters across 20 drill holes. To date, six holes totaling 1,030 meters have been drilled, with five revealing antimony mineralization that reaches up to 20 meters in core length, or approximately 12 meters in true width. Results from the assays are anticipated within the next four weeks.
This exploration update is based on a press release statement issued by Jack Stoch, P. Geo., President and CEO of Globex and a Qualified Person under NI 43-101. Globex has emphasized the forward-looking nature of this information, noting that actual results and activities may differ materially from current projections due to various risks and uncertainties. Additional details regarding these risks can be found in Globex’s Annual Information Form available on SEDARplus.ca.
The progress on the Bald Hill antimony property signifies a step forward in the exploration activities of Antimony Resources Corp. and the potential enhancement of Globex Mining Enterprises’ asset portfolio. Investors and stakeholders are advised to monitor upcoming assay results for further insights into the property’s mineral potential. InvestingPro subscribers can access additional insights, including 7 more ProTips and comprehensive financial metrics to better evaluate the company’s potential. The platform’s analysis reveals weak gross profit margins and financial health indicators that deserve careful consideration before making investment decisions.
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