Globex Mining Enterprises Inc. (TSX:GMX, OTCQX:GLBXF) reported that infill drilling by Voyager Metals Inc on the Mont Sorcier iron vanadium deposit 20 kilometers (km) east of Chibougamau, Quebec has been completed.
Chibougamau Independent Mines Inc (TSX-V:CBG) holds a 2% gross metal royalty on all iron and vanadium production from the property, while Globex holds a 1% gross metal royalty on the iron production and 11,960,000 shares of Electric Royalties Ltd (TSX-V:ELEC, OTC:ELECF) which, in turn, holds a 1% gross metal royalty on all vanadium production.
"The assay results released to date continue to confirm our expectations in terms of grade and thickness of the mineralized zone and we are confident in upgrading a significant portion of the inferred North Zone resources to support the pending feasibility study on the Mont Sorcier deposit,” said Cliff Sale-Sanders, Voyager’s CEO, in a statement, according to Globex.
“Voyager expects to be in a position to release a new resource update by Q2 2022 with sufficient resources upgraded to the measured and indicated categories to support the feasibility study targeted for completion in Q1/2023," added the Voyager CEO.
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The goal of the 2021 drill program is to upgrade a sufficient portion of the current North Zone inferred mineral resources to the measured and indicated categories to support a minimum 20-year mine life as part of the feasibility study that is currently planned, the company said.
The South Zone contains 113.5 metric tonnes of Indicated Mineral resources at 30.9% Magnetite and 144 Mt Inferred resources at 24.9% Magnetite and the North Zone has 809.1 Mt Inferred Mineral resources at 34.2% Magnetite. .
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