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Cerrado to Advance Mont Sorcier Iron/Vanadium Project
Update from Chibougamau Independent Mines and Globex Mining Enterprises
CHIBOUGAMAU INDEPENDENT MINES INC. (TSX-V:CBG) (FRA:CLL1) (OTC:CMAUF) and GLOBEX MINING ENTERPRISES INC. (TSX:GMX) (FRA:G1MN) (OTCQX:GLBXF) are pleased to update shareholders of the following:
Cerrado Gold Inc. (TSX-V:CERT) reported that funds received from the sale of their Monte Do Carmo project in Brazil will be used in part to “complete a feasibility study of our very robust Mont Sorcier Iron Ore Project” on which both Chibougamau Independent Mines and Globex Mining Enterprises Inc. hold Gross Metal Royalties of 2% (all minerals) and 1% (iron and all minerals excluding vanadium) respectively. Globex also holds 11,000,000 shares of Electric Royalties (ELEC-TSXV) which has a 1% Gross Metal Royalty on vanadium production from the property.
Per today’s Cerrado press release, “Cerrado holds a 100% interest in the Mont Sorcier Iron Ore and Vanadium project, which has the potential to produce a premium iron ore concentrate over a long mine life at low operating costs and low capital intensity. Furthermore, its high grade and high purity product facilitates the migration of steel producers from blast furnaces to electric arc furnaces, contributing to the decarbonization of the industry and the achievement of SDG goals.”
The Mont Sorcier Iron/Vanadium deposit has an Indicated Resource of 678,500,000 tonnes grading 36.4% Fe2O3 and 0.20% V2O5 and an Inferred Resource of 546,600,000 tonnes grading 34.1% Fe2O3 and 0.17% V2O5 (per NI 43-101 Technical Report and Mineral Resource Estimate for the Mont-Sorcier Property, Quebec, Canada, Prepared for Voyager Metals Inc. by Mathieu Girard, P. Eng., Soutex Inc., Quebec City (Quebec) and Simon Boudreau, P.Eng., InnovExplo Inc. Longueuil (Quebec), Marina Lund, P.Geo., InnovExplo Inc., Quebec City (Quebec) and Carl Pelletier, P. Geo., InnovExplo, Val-d’Or (Quebec) available here.
Jack Stoch, P.Geo. President and CEO of Globex Mining Enterprises Inc and Chibougamau Independent Mines Inc. wrote this press release in his capacity as a Qualified Person (Q.P.) under applicable regulations.
Posted October 31, 2024
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