02:13 PM EST, 12/04/2024 (MT Newswires) -- Chibougamau Independent Mines ( CMAUF ) and Globex Mining Enterprises ( GLBXF ) Wednesday provided an update as regards on 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.

Cerrado Gold ( CRDOF ) has reported 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.

Chibougamau and Globex are "pleased" that the Mont Sorcier is advancing and are looking forward to the updated Feasibility Study, a major step toward production.

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