In This Article:
ROUYN-NORANDA, Quebec, Dec. 04, 2024 (GLOBE NEWSWIRE) -- Chibougamau Independent Mines Inc. (CBG-TSX-V in Canada, CLL1-Frankfurt, Stuttgart and Lang & Schwarz Stock Exchanges in Germany, CMAUF-OTC in the US) and GLOBEX MINING ENTERPRISES INC. (GMX – Toronto Stock Exchange, G1MN – Frankfurt, Stuttgart, Berlin, Munich, Tradegate, Lang & Schwarz, L&S Exchange, TTMzero, Düsseldorf, Quotrix Düsseldorf Stock Exchanges and GLBXF – OTCQX International in the US) are pleased to provide an update as regards the Mont Sorcier Iron Project near Chibougamau Quebec. Chibougamau maintains a 2% Gross Metal Royalty on all mineral production from the property and Globex maintains a 1% Gross Metal Royalty on iron produced from the property.
As a reminder, the Mont Sorcier Iron Deposit is a 678.5 Mt Indicated Resources and 546.6 Mt Inferred Resources Deposit which will produce a ±67% iron concentrate with less than 2.5% silica and alumina combined. Source: NI 43-101 Technical Report, Preliminary Economic Assessment (PEA) for the Mont Sorcier Project – Quebec, Canada dated September 8, 2022 and June 9, 2022 for the Effective Date of Resource. Prepared by Qualified Persons Simon Boudreau, P.Eng., Tim Fletcher, P.Eng., Daniel Gagnon, P.Eng., Mathieu Girard, P.Eng., Marina Lund, P.Geo., Carl Pelletier, P.Geo. for Voyager Metals Inc., can be accessed here.
Cerrado Gold Inc. (CERT-TSXV, CRDOF-OTCQX) has reported (see Cerrado’s press release dated December 4, 2024) that metallurgical test work is ongoing as part of a NI 43-101 Bankable Feasibility Study (BFS) targeted to be completed by the end of Q1, 2026. The BFS will include an updated Mineral Resource Estimate, mine design and planning, Geotech and hydrogeology among other things. Per Cerrado, “The Bankable Feasibility Study will look to provide greater detail into the potential of the project that was highlighted in the previous 2022 NI 43-101 Preliminary Economic Assessment (“PEA”) that delivered a project NPV 8% of US$1.6 Billion ($2.25 Billion CDN). With a higher quality, 67%+ iron concentrate product now expected, we anticipate any cost inflation to be largely offset by premium pricing. The PEA outlined a project producing 5.0 million tonnes of high-grade iron concentrates per annum (equivalent to producing 300,000 Au ounces per year at long term consensus prices) over a 21-year mine life. This material would then be rail hauled on existing railways to the Port of Saguenay for export to global markets. Given the scale of the existing resource, future expansion remains a likely possibility.”