Bell Mountain Mine

Churchill County, Nevada

Property

The Bell Mountain property is located in Churchill County, Nevada, approximately 39 miles (63 km) southeast of Fallon.  There are 13 lode claims on Bureau of Land Management land. The property includes a water well and the right to use said water for mining purposes.

Ownership

The claims are owned 100% by Globex Nevada, Inc., a wholly-owned subsidiary of Globex. The property was acquired from N.A. Degerstrom, Inc. (ANAD@) which retains a 2% net smelter return royalty. Globex Nevada has the option to buy-out the NSR by paying US$167,000.

In 2010 Globex entered into an agreement with Laurion Mineral Exploration Inc. (LME-TSXV) whereby Laurion may earn 100% interest in Bell Mountain.  Under the agreement, at signing, Laurion will pay an initial $10,000 and deliver 1,700,000 Laurion shares. Laurion has the option, over the first 24 months of the agreement, to pay $30,000 and issue 2,000,000 shares and, over 5 years, perform $3,000,000 in exploration and/or development. In addition, Globex maintains a sliding-scale Gross Metal Royalty (“GMR”) on all mineral production (gold, silver, etc.) benchmarked against the price of gold (1% GMR at a gold price under US$500/troy oz, 2% GMR at a gold price between US$500 and US$1200/troy oz and 3% GMR at a gold price over US$1200/troy oz).

Geology

The property’s host rocks are siliceous pyroclastic rhyolites. Two major epithermal quartz-adularia vein systems have been identified on the property.  The veins contain gold and silver as electrum and silver as chlorargyrite and argentite.   The vein systems on the property cover an area of 0.9 square miles (2.3 km²), of which only 4% has been tested by drilling to an average depth of 25 metres, leaving a large area open to exploration.

A historical mineral resource (non NI 43-101) stands at 2.1 million tons grading 0.04 ounces per ton gold and 1.2 ounces per ton silver.

Previous Work

The property was originally staked in 1914.  In 1918, Tonopah Mining Co. conducted underground development and sampling with some additional sampling conducted in 1948. A 270-metre long adit was driven in the 1970's. 

In 1978, Bell Mountain Mining Co., a subsidiary of American Pyramid Resources Inc., did a substantial underground sampling program including driving the 180-metre Varga adit along the Stockton Vein (Spurr). A comprehensive feasibility study was completed in 1981, which returned positive metallurgical test results. In 1984, Santa Fe Mining Co. drilled 51 reverse circulation holes principally in the Varga area and ten holes in the Sphinx area.  In 1985, Alhambra Mines reopened and re-sampled the underground workings. Metallurgical tests were undertaken and 18 drill holes completed in the Spurr adit area.  Between 1988 and 1993, N.A. Degerstrom drilled 104 holes, completed a technical feasibility study and permitted the property for open-pit mining and heap leaching.

In 1996, ECU Inc. completed a first phase drill program on the Bell Mountain property.  ECU drilled five holes in three zones for 2,388 feet. Best results were returned by hole 96-5 which hit a 189 foot-long mineralized interval of 0.03 oz/T gold equivalent (Au+Ag), which included a section grading 0.058 oz/T gold equivalent over a length of 82 feet. Additional drilling was planned to follow-up these results, but, never completed.

In mid 2004, Globex optioned the property to Platte River Mines who undertook a program of surface and underground sampling followed in late 2004 by diamond drilling.  This drilling while intersecting the gold localizing structure, failed to expand the resource and the option was dropped.

In 2010 Globex optioned the property to Laurion Mineral Exploration Inc. (see details under ownership above).