Deep Discovery: Québec's Berrigan Mine Unlocks a Polymetallic Giant

TORONTO, ON – June 30, 2026 – A stunning drill result from the depths of Québec’s historic Chibougamau Mining Camp is reshaping the potential of a legacy asset and validating a new era of technology-driven exploration. Globex Mining Enterprises Inc. (TSX: GMX) today announced that operator TomaGold Corporation has intersected a massive 204.25-meter mineralized envelope at the Berrigan Mine Project, a property on which Globex holds a valuable 2% Gross Metal Royalty.

The intersection, pulled from an extension of drill hole TOM-25-011EXT, confirms the presence of a deeply rooted polymetallic system rich in zinc, gold, silver, and copper. The sheer scale of the discovery, located between 554 and 758 meters below the surface, is significant, but it is the high-grade lenses within this broader structure that are capturing the market’s attention. One such interval returned an eye-watering 31.31% zinc equivalent (ZnEq) over 2.40 meters, a grade that points toward the system's potent core. For Globex, these results are a powerful demonstration of its royalty business model, reaping the rewards of discovery without bearing the operational costs. For TomaGold, it is a monumental validation of its geological model and a major step in its strategy to consolidate and revitalize the Chibougamau camp.

Unlocking a Deeply Rooted System

The latest results from the Berrigan Deep Zone are more than just impressive numbers; they represent a fundamental breakthrough in understanding the area's geology. For decades, exploration in the region focused on shallower targets. TomaGold’s strategy, guided by advanced geophysical modeling, was to test for extensions of the known mineralization at much greater depths. The 204-meter intersection in hole TOM-25-011EXT confirms their hypothesis: a vast, vertically continuous hydrothermal system lies beneath the historic mine works.

Geologically, the discovery is fascinating. The mineralization—a mix of zinc, gold, silver, and copper—is hosted within a sequence of ultramafic to mafic rocks. It occurs as replacement-style mineralization, forming complex networks of veins and even semi-massive to massive sulphide masses. This complex ore body is dominated by sphalerite (zinc) and pyrrhotite. Critically, the geological data indicates that this mineral wealth is concentrated along major regional shear zones and contact points between different rock types, which acted as natural traps for the mineralizing fluids.

Further analysis reveals a subtle but crucial geochemical relationship: the highest gold grades appear spatially correlated with peaks in copper concentration. For instance, the interval assaying 5.89 g/t gold is directly associated with a copper peak of 1.28%. This suggests that a distinct, higher-temperature mineralizing event may have been responsible for enriching specific zones with precious metals, opening up new, targeted exploration opportunities within the broader system. To zero in on these high-potential zones, TomaGold is deploying a suite of advanced geophysical tools. Ongoing downhole (BHEM) and surface (UTEM) surveys are designed to create a precise 3D map of the conductive sulphide bodies, providing a high-tech roadmap to guide the next phase of drilling toward the system's core.

The Power of the Royalty Model

This discovery perfectly illustrates the strategic power of the royalty business model, which has become a cornerstone for companies like Globex. By holding a 2% Gross Metal Royalty (GMR) on the Berrigan property, Globex is entitled to 2% of the revenue from all metals produced, before most operating costs are deducted. The company gains direct exposure to the exploration upside without spending a dollar on drilling, geophysics, or permitting. As TomaGold invests capital to de-risk and expand the project, the value of Globex’s royalty interest grows in lockstep.

On the other side of the equation is TomaGold, the operator driving the discovery. The junior explorer has been strategically acquiring assets to consolidate its position in the Chibougamau camp. Well-funded after a successful private placement at the end of 2025, TomaGold is aggressively pursuing its exploration goals, with a planned 5,000 to 7,000 meters of drilling for 2026. For TomaGold, which holds an option to acquire 100% of the Berrigan property, these results de-risk the project significantly, enhance its market valuation, and make it easier to secure future funding for development. The success validates the company's significant investment in exploration and its belief in the camp's untapped potential.

The excitement is amplified by the fact that assay results are still pending for four other extension holes. TomaGold reported that mineralization was consistently observed in the drill core from these holes, fueling anticipation that the Berrigan Deep Zone could prove to be even larger and more continuous than currently defined.

A Resurgence in the Chibougamau Camp

The Berrigan discovery is not happening in a vacuum. It is a key development in the broader resurgence of the Chibougamau Mining Camp, one of Québec's most prolific and historically significant mining districts. After years of under-exploration, the camp is seeing a renaissance driven by modern geological concepts, advanced exploration technologies, and a favorable commodity price environment. Companies like Northern Superior (recently acquired by IAMGOLD), Doré Copper Mining, and Kintavar are also actively exploring in the region, contributing to a renewed buzz and attracting significant investment.

The Berrigan Mine itself has a 50-year history, with a non-compliant historical resource estimate from 2001 pointing to 1.39 million tonnes grading 3.17% zinc and 1.77 g/t gold. TomaGold's deep drilling campaign demonstrates how modern science can unlock vast, previously unknown potential in these so-called "brownfield" sites. By looking deeper and applying sophisticated modeling, explorers are proving that many of these historic camps have much more to give.

This renewed exploration push is bolstered by strong market fundamentals for the very metals found at Berrigan. With zinc, copper, gold, and silver prices all performing well, the economic case for developing complex polymetallic deposits becomes increasingly compelling, providing a powerful tailwind for TomaGold's ambitious exploration program.

From Drill Core to Economic Reality

While an exceptional discovery, the journey from drill core to a producing mine is a long one. The immediate next step is to receive and interpret the assays from the four remaining drill holes. These results, combined with the data from the ongoing geophysical surveys, will be integrated into a comprehensive 3D model of the Berrigan Deep Zone. This model will be the foundation for the next critical milestone: defining a mineral resource estimate compliant with National Instrument 43-101 standards.

Beyond resource definition, the project's polymetallic nature presents both challenges and opportunities. The metallurgical work will be key. Preliminary recovery assumptions used in the zinc and gold equivalent calculations are promising—95% for zinc, 85% for gold and silver, and 90% for copper, based on a 2002 report and data from nearby deposits. However, further detailed metallurgical studies will be required to confirm these figures and design an efficient processing flowsheet.

With a clear path forward and a landmark discovery in hand, TomaGold is poised to significantly advance the Berrigan project. The results from this single drill hole have confirmed the presence of a massive, high-grade system at depth. The coming months, with a steady flow of new data expected, will be pivotal in determining just how large this Québec discovery will become.