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Highlights
- Globex grants option for Virgin Mountain project to Arizona Mountain Pass with cash and shares.
- Hummingbird Zone samples show TREO between 0.328% and 1.24% with heavy rare earth enrichment.
- Pegmatite sampling confirms chrysoberyl as the main Be mineral, ranging 0.325–7.577 kg/t Be.
Globex Mining Enterprises Inc. (TSX:GMX) entered a 42-month option agreement for its Virgin Mountain Rare Earth Property in Mohave County, Arizona, with Australia-based Arizona Mountain Pass Heavy Rare Earths Pty Ltd. Under the arrangement, Globex will receive USD 800,000 in cash and USD 600,000 in shares for 100% interest in the property. The agreement includes a 3% gross metal/mineral royalty, subject to a 1% buydown for USD 1,000,000, adjusted annually for CPI, and a USD 100,000 annual advance royalty beginning in the seventh year, recoupable from initial production. USD 2.5M in exploration expenditure is also required.
Property Background
The Virgin Mountain site comprises 23 unpatented lode claims spanning 192.28 hectares (475.1 acres), about 120 km northeast of Las Vegas, NV.
Geology and Exploration
Recent work by Globex included geological mapping, prospecting, and collection of 25 rock samples. The range consists of Precambrian metamorphic and intrusive rocks with surrounding Paleozoic to Cenozoic sedimentary formations. REE ± U & Th mineralization occurs in migmatite-gneiss and schist layers, while Be ± Nb & Ta mineralization is found in pegmatite dikes. Key REE minerals include xenotime and monazite.
Hummingbird Zone
The Hummingbird Zone, a primary REE target, extends 250 m with steeply dipping, en-echelon zones within a 30–40 m corridor trending 65° NE. Channel samples returned TREO between 0.328% and 1.24%, enriched in HREEs including gadolinium, terbium, dysprosium, holmium, erbium, lutetium, thulium, and LREE neodymium. Terbium assays reached 96 g/t (0.01% Tb2O3). The zone is open both east and west, with potential further extensions.
Beryllium Pegmatites
Pegmatites up to 6 m thick cover 2.5 km of the claim block, containing feldspar, muscovite, garnet, minor tourmaline, beryl, and chrysoberyl. Assays show Be content of 0.325–7.577 kg/t, with chrysoberyl (BeAl2O4) as the dominant mineral at 7.1% Be versus 5.03% in beryl, allowing potential gravity-based concentration. This offers an alternative source for high-purity beryllium compared to bertrandite from Spor Mountain.
