Globex Mining and Queenston Mining said this week that they are starting an eight-hole, 5,200 metre diamond drill program on the Wood Pandora joint venture property near Cadillac, Quebec.
The 50/50 split Wood Pandora property straddles the gold localizing Cadillac Break and is near the LaRonde Mine property operated by Agnico-Eagle Mines.
The project hosts historic inferred mineral resources of 1.43 million tonnes grading 5.3 grams per tonne gold in two deposits, Wood and Central Cadillac.
In 2008, the joint venture announced an NI 43-101 inferred mineral resource on a new gold discovery, called the Ironwood Zone, amounting to 243,200 tonnes grading 17.3 g/t gold.
Globex and Queenston also announced the results of a four-hole drill program in the fall of last year, near the no.3 shaft on the Pandora portion of the property.
All holes encountered significant gold mineralization, the companies said, with the deepest hole, W-11-92, intersecting 4.9 metres grading 28.86 g/t gold within the Cadillac Break at around 350 metres below surface.
A follow up drill program was recommended to target the Cadillac Break in the vicinity of the W-11-92 hole, where the mineralization remains open both east and west along strike and to depth.
"It is important to note that the Lapa Gold deposit currently being mined by Agnico-Eagle occurs on the Cadillac Break 3 km to the east and the Lapa deposit begins at a vertical depth similar to the depth of the mineralization encountered in JV hole W-11-92," Globex and Queenston said in a statement.
Last week, Globex announced the second closing of its previously announced private placement, raising $453,000 in gross proceeds.
Globex said it will put the proceeds toward exploration on some of its properties in Quebec and Ontario. As last Wednesday, the company had raised an approximate total of $1.75 million in the private placement financing.