Globex Acquires Potash/Salt Exploration Property in Nova Scotia

Globex Mining Enterprises Inc. (TSX:GMX) announced it has acquired by cabinet Order in Council decree, 251 claims covering approximately 40.6 square kilometers of prospective potash/salt exploration rights in Cape Breton, Nova Scotia.

As quoted in the press release:

The property covers the south‐west end of Boularderie Island between Great Bras D’Or and the St. Andrews Channel and is within driving distance of Sydney, Nova Scotia and the Trans‐Canada Highway. Potash was discovered on Boularderie Island in 1984 when the Nova Scotia Department of Mines and Energy intersected two intervals of potash in a stratigraphic test hole that is located at the south end of the island, near Kempt Head. The drill hole is located near the axis of the Boularderie Syncline which is a broad, open structure that is primarily defined by structural measurements of strata within the Morien Group.

Within the drill hole, a principal stratified salt zone occurs from 495m to 833m with potash intervals from 592.4m to 593.6m (3.8 percent K2O over 1.2m) and 744.2m to 749.2m (6.03 percent K2O over 5 meters).  The drill hole established the presence of potash (and salt) within the formation where it was not previously known.  This acquisition presents Globex with a large, unexplored potash‐salt target.

The press release also quotes a Nova Scotia government report regarding the site:

The occurrence of thick saline evaporates in Major Cycle 1 at the base of the Windsor Group indicates significant new potash potential in the Sydney Basin area. Actual K2O values are probably double the reported analysis due to extensive leaching of carnallite.

Click here to read the full Globex Mining Enterprises Inc. (TSX:GMX) press release.