Deep Mineral Discovery
Globex Announces Significant Polymetallic Intersections at Depth on Berrigan Mine Royalty Property
TomaGold Corporation's drill bit has hit something significant beneath the old Berrigan Mine in Québec. The company's extension hole TOM-25-011EXT cut through a 204.25-meter mineralized envelope — a wide, metal-bearing zone — sitting between 553.90 meters and 758.15 meters below surface, Montreal Gazette reported. The headline grab: a 2.40-meter high-grade lens grading 31.31% zinc equivalent, one of the richest intersections seen in the Chibougamau Mining Camp in years.
Globex Mining Enterprises (TSX: GMX), which holds a 2% Gross Metal Royalty on the property, issued the update to its shareholders on June 30, 2026. For Globex, the news costs nothing — the royalty means every gram of metal TomaGold eventually mines puts money in Globex's pocket without Globex spending a dollar on drilling.
What the Drill Hole Actually Found at Depth
Hole TOM-25-011EXT reached a total depth of 834.70 meters — deep by any measure. Inside that 204.25-meter mineralized envelope, three high-grade lenses stood out, according to Cochrane Times Post. The richest was 31.31% ZnEq (zinc equivalent) over 2.40 meters. A second lens returned 5.90% ZnEq over 7.45 meters. A third came in at 4.62% ZnEq over 14.40 meters. The full envelope averaged 2.05% ZnEq across its entire width.
Zinc equivalent is a shorthand number. It rolls zinc, gold, silver, and copper into a single percentage so you can compare grades easily. The 31.31% ZnEq figure also translates to 7.38 grams of gold equivalent per tonne — a grade most miners would call eye-catching. TomaGold CEO David Grondin said the result "underscores the scale of this hydrothermal system" and shows "the persistence of mineralization" at depth.
Six Months of Drilling Built Up to This Moment
This result did not come out of nowhere. TomaGold began systematically targeting depth back in December 2025, when holes TOM-25-009 and TOM-25-010 first showed high-grade polymetallic veins. By January 29, 2026, hole TOM-25-015 had cut 5.75% ZnEq over 98.5 meters, hinting the system ran deeper than anyone expected, according to Goderich Signal Star.
TomaGold formally launched Phase 2 on March 3, 2026, targeting the newly named Berrigan Deep Zone. The company used borehole electromagnetics and an Audio-Frequency Magnetotelluric survey — tools that can "see" underground structures down to 2 kilometers — to pick drill targets. TOM-25-011EXT is the first of five extension holes to report assays. Results for the other four holes are expected in the coming weeks, according to Shore Line Beacon.
Globex's Royalty Model Means Pure Upside, Zero Drill Cost
Globex CEO Jack Stoch runs the company as a so-called "mineral bank" — holding over 100 royalties and 200 properties across Canada. The idea is simple: let someone else do the expensive drilling, then collect a cut of every tonne mined. The 2% Gross Metal Royalty on Berrigan fits that model exactly. As TomaGold expands the resource, the value of Globex's royalty grows, according to Clinton News Record.
The Berrigan property covers 16 claims totaling 483 hectares. Historical work from 2005 estimated a non-NI 43-101 resource of 1.39 million tonnes grading 3.17% zinc and 1.77 g/t gold — but only down to 250 meters depth. The new Deep Zone sits well below that old floor, meaning the historical estimate could look very small once a modern NI 43-101 resource is completed, according to Owen Sound Sun Times.
Market Cheers, But Grade Questions Linger
TomaGold shares (TSXV: LOT) jumped 12.50% to $0.045 CAD on the news. Investors focused on the sheer width of the 204-meter intersection. Width matters — it suggests a big hydrothermal system, not just a thin crack in the rock. The Chibougamau region already has solid infrastructure: electrical grids, rail lines, and a regional airport that would support any future mining operation, according to Fairview Post.
Not everyone is ready to celebrate. The average grade across the full 204.25-meter envelope is 2.05% ZnEq — relatively modest for deep underground mining. Economic viability will depend on whether the rich lenses, like the 31.31% ZnEq intersection, are common enough to lift the overall mineable grade. Four more holes still need to report. Those results will tell whether hole TOM-25-011EXT is a one-off sweet spot or part of something much bigger, according to The Crag and Canyon.
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