Core Viewpoint - Globex Mining Enterprises Inc. has optioned its Virgin Mountain Rare Earth Property in Arizona to Arizona Mountain Pass Heavy Rare Earths Pty Ltd, receiving $800,000 in cash and $600,000 in shares over 42 months for 100% interest in the property [1][2]. Deal Summary - The agreement includes cash payments of $800,000 and shares worth $600,000 over a 42-month period for the Virgin Mountain property, which consists of 23 unpatented lode claims totaling 192.28 hectares (475.1 acres) [2]. - The property is located in the Virgin Mountain Range, approximately 120 km northeast of Las Vegas, Nevada, and is accessible via highway 15 and a 16 km gravel road [2]. Historical Context - Past exploration for uranium and rare earth elements (REE) occurred from the 1940s until 1991, with various companies conducting exploration work, including ASARCO and Blandsell Mining Company [3]. - The Virgin Mountains were explored for beryllium in the 1950s and 1960s but never went into production [3]. Geological Insights - The Virgin Mountain area features a complex geology with Precambrian metamorphic and intrusive rocks, alongside Paleozoic to Cenozoic sedimentary rocks [5]. - REE mineralization is associated with elevated radioactivity, primarily found in the Hummingbird Zone, which has been defined over a distance of 250 m [6][9]. Mineralization Details - The Hummingbird Zone shows high-grade widths between 0.9 m and 1.45 m, with potential widths of radioactive anomalies related to REE mineralization reaching over 10 m [6]. - Channel samples from the Hummingbird structure returned total rare earth oxide (TREO) contents ranging from 0.328% to 1.24% [8]. Economic Potential - The mineralization includes valuable heavy rare earth elements (HREE) such as gadolinium, terbium, dysprosium, and neodymium, with terbium assays reaching up to 96 g/t [9]. - The agreement stipulates a 3% Gross Metal/Mineral Royalty and an annual advance royalty of $100,000 starting from the seventh anniversary of the effective date [7]. Beryllium Insights - The Globex claim block contains pegmatites enriched in beryllium, with historical BeO grades ranging from 0.02% to 2.98% [11]. - Chrysoberyl, the dominant beryllium mineral in the Virgin Mountain pegmatites, offers a potential low-cost alternative for high-purity beryllium production [13][14].