Historic Gold Ground Gets a Fresh Drill Test

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Wednesday, August 26, 2026

Gold exploration gets considerably more interesting when drillers are not starting with a blank map. Across established mining districts, historic workings, previous intercepts and known geological structures can give explorers specific targets to test with modern drilling, particularly when those targets extend beneath areas mined decades ago.

Shares of Globex Mining Enterprises Inc. (TSX: GMX) (OTCQX: GLBXF) are edging higher Wednesday after the company announced the start of a 4,800-metre drill program at its 100%-owned Wood/Central Cadillac Gold Mines property in Quebec. Two drill rigs will complete 11 holes targeting historic gold mineralization near the prolific Larder Lake-Cadillac Shear Zone.

The property sits approximately 45 kilometres east of Rouyn-Noranda along the Trans-Canada Highway and near several prominent gold operations and projects. These include Agnico Eagle's LaRonde mine, IAMGOLD's Westwood mine and Radisson Mining's advanced-stage O'Brien project.

Globex is targeting two former producing areas with substantial historical data behind them. The Central Cadillac Mine has a reported historical, non-NI 43-101 compliant resource of 479,000 tonnes grading 5.3 g/t gold, while the Wood Mine has a reported historical resource of one million tonnes grading 5.0 g/t gold. Mining occurred intermittently between 1937 and 1949.

The new program will test the Wood Mine and Central Cadillac Mine horizons beneath the old mine infrastructure, approximately 300 metres below surface. Historical intersections in the areas being investigated include 30.96 g/t gold over 4.15 metres, 6.87 g/t over 28.0 metres and 4.84 g/t over 8.0 metres.

Globex also controls the Ironwood deposit on the same property. Ironwood carries an NI 43-101 compliant Indicated Resource of 234,800 tonnes grading 14.38 g/t gold and an Inferred Resource of 37,100 tonnes grading 7.22 g/t. However, the current drilling does not target Ironwood.

The company is already planning a second Wood/Central Cadillac drilling phase of similar size for winter 2027. Once the current program is completed, the rigs are expected to move to Globex's 100%-owned Rouyn-Merger property for another 1,335 metres across nine holes.

That program will follow up on 2025 results including 3.44 g/t gold over 38.7 metres and 3.47 g/t over 26.4 metres near the historic East O'Neil gold occurrence. Additional holes will test near-surface IP anomalies identified during a winter 2026 geophysical survey.

Shares of GMX are up 1.0% to C$2.12 in Wednesday afternoon trading, while GLBXF is ahead 0.7% to $1.526.

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