Mont Sorcier
Location, Access, Description
The Mont Sorcier property is a Feasibility-Stage Project located in the Nord-du-Québec administrative region of Quebec, Canada, approximately 20 km east of the town of Chibougamau . The property comprises 37 mining claims (1,919.4 Ha) covering the Mont Sorcier iron-vanadium deposit. The claims belong to Voyager Metals Inc. (Cerrado Gold subsidiary) and Globex retains a 1% Gross Metal Royalty (“GMR”).
NI43-101 Technical Reports on Mineral Resource Estimate (MRE) and Preliminary Economic Assessment (PEA), both dated 2022, revealed large indicated Resource with high-purity-grade ore, making the Mont Sorcier deposit a world-class one. Cerrado anticipates a production of 5 million tonnes of high-grade (65+%) iron concentrates per year over a 21-year mine life, starting in 2030. Bankable Feasibility Study (BFS) is targeted to be completed by the end of Q1 2026
Chibougamau is an active mining and forestry centre which straddles Highway QC-167 and has a population of over 7,500 people. Chibougamau is serviced by an airport with daily regular scheduled direct flights to Montreal, Québec, as well as by the Canadian National Railroad (“CNR”) for transporting ore. A helicopter base and seaplane base are also present at Chibougamau-Chapais. The Chibougamau region contains abundant water sources sufficient for mining operations. A 735-kV line linking generator facilities in the James Bay region (north of Chibougamau) to Montreal and Quebec City (to the south) runs through Chibougamau, where a 735-kV substation is located.
Geology and Mineralization
The Mont Sorcier Project is located at the northeast end of the Abitibi greenstone belt, which total endowment, including Production, Reserves and Resources is estimated to be > 9,375 t Au (Dubé and Mercier-Langevin, 2020)
The Project area straddles the contact between the mafic magmatic rocks of the Lac Doré Complex (LDC) to the south and sediments and mafic volcanics of the Roy Group to the north. Within the Property, the volcanic stratigraphy of the Roy Group comprises predominantly basalt, andesitic basalt, mafic to felsic volcaniclastic rock, dacite, rhyolite, BIF, chert, and argillite of the Waconichi Formation. The LDC was emplaced into this volcano-sedimentary package, and both are crosscut by mafic to ultramafic sills and younger plutonic intrusions ranging from tonalite to carbonatite. The BIFs of the Waconichi Formation are particularly notable in the Project area. The Project area is largely underlain by anorthosites of the LDC, which grade into the iron-rich ultramafic units. The presence of magnetite (Fe3O4) is strongly associated with ultramafic units.
All rock units in the area were affected by multiple deformation events and are folded into a succession of east-west trending anticlines and synclines. Lithological units tend to have steep to subvertical dips. Faults and shear zones in the region strike dominantly northeast and east.
Metallogeny
Magnetite mineralization at the Mont Sorcier Project shows several similarities to other vanadiferous titanomagnetite (“VTM”) deposits or ilmenite deposits associated with layered mafic intrusive complexes, such as the Bushveld Complex (South Africa) or the Skaergard Intrusion (Greenland). VTM deposits are typically found in the upper, more fractionated portions of layered complexes.
Two significant mineralized zones are found on the Property, the North Zone and the South Zone. The North Zone is identifiable in the field and through airborne magnetics over a strike length of approximately 4 km. It appears to be between 100 m and 300 m thick, forming a roughly tabular subvertical body that strikes east-west and extends to depths of at least 500 m based on drilling. The South Zone, identifiable over approximately 3 km, strikes east-northeast to west-southwest. It has been mapped in detail and drilled over its entire strike length. It is thought to form a tight synclinal structure, with a shallow plunge to the west-southwest. It is 100-200 m thick and extends to a depth of at least ~300m.
In both zones, magnetite is disseminated within ultramafic rocks (dunite, peridotite pyroxenite), and the ultramafic VTM-bearing lithologies are surrounded by mafic units (gabbro and anorthosite). The North Zone and South Zone had been interpreted by Dorr (1966) as representing the same stratigraphic unit that has been folded into kilometre-scale parasitic folds by the upright folding that affects the region. Magnetite is locally observed within anorthosites; however, it occurs only as minor disseminations or veinlets.
A particularity observed at Mont Sorcier is the formation of a broad layered zone of magnetite mineralization in which vanadium has a relatively homogeneous spatial distribution, in contrast to the rhythmic succession of centimetre- to metre-thick magnetitite and silicate-rich rocks that characterize the VTM deposits elsewhere within the LDC and within other layered complexes, but which are not observed at Mont Sorcier (Mathieu, 2019).
Vanadium is predominantly used with iron to produce high strength steels, with about 85% of the supply of vanadium. Vanadium is also used in batteries and medical uses.
History
The Chibougamau region has been the site of numerous historical works. The reader is referred to Voyager Metals NI 43-101 Preliminary Economic Assessment on the Mont Sorcier Project (Boudreau et al., 2022) for more details about past exploration on the property.
On November 8, 2016, Vanadium One (now Voyager) had an earn-in agreement with Chibougamau Independent Mines Inc. in order to acquire the Mont Sorcier property. Between 2016 and 2020, Voyager carried out extensive exploration programs including detailed geological mapping, airborne and ground geophysics, rock stripping, channel-sampling and diamond drilling.
In 2022, Voyager Metals Inc. carried out Mineral Resource Estimate (MRE) NI43-101 Technical Report (Iund et al., 2022) on the Mont Sorcier Project which estimates (Table 14.10 ) Indicated Resource of 678.5 Mt @ 25.46% Fe (Concentrate of 195.4 Mt @ 65% Fe) and Inferred Resource of 546.6 Mt @ 23.80% Fe (Concentrate of 148.1 Mt @ 65% Fe).

The same year the company released a Preliminary Economic Assessment (PEA) NI43-101 Technical Report (Boudreau et al., 2022) which outlined a project producing 5.0 Mt 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 (Table 1: Economic summary of the Mont Sorcier deposit, as of Boudreau et al. (2022, NI43-101 PEA)).

In May 2023, Cerrado Gold Inc. acquired all of the issued and outstanding common shares of Voyager Metals, resulting in Voyager becoming a wholly-owned subsidiary of Cerrado. Cerrado has since undertaken metallurgic tests which confirmed the the ability to produce high-purity DRI-grade (Direct Reduction Iron) iron concentrates at 67%, with < 2.5% Silica and Alumina Combined.
During 2025, Voyager completed an infill drilling program of 17,890 metres in order to update sufficient resourcesto the Proven and Probable categories, as required to support the ongoing feasibility study.
Resources and Potential
Extensive exploration work since 2016 succeeded in defining two mineralized horizons on the Mont Sorcier Project with NI 43-101 Indicated Resource of 678.5 Mt @ 25.46% Fe (Concentrate of 195.4 Mt @ 65% Fe) and Inferred Resource of 546.6 Mt @ 23.80% Fe (Concentrate of 148.1 Mt @ 65% Fe). The Mont Sorcier Iron-Vanadium deposit contains exceptionally low Titanium content, allowing for simple extraction of the Vanadium metal by a blast furnace, making the deposit and possible product unique in the world markets.
Following Boudreau et al. (2022 NI43-101 PEA of the Mont Sorcier Project), possible extensions of the North Zone could be found to the east, as well as down-dip; although the total depth of mineralization of the South Zone has not been fully tested, it is not expected to continue to depths significantly deeper than currently defined.
New metallurgic test work is still ongoing and a new NI 43-101 Bankable Feasibility Study (BFS) is targeted to be completed by the end of Q2 2026 (Cerrado Press Release, April 2, 2026). Globex would expect Cerrado to make a production decision and to proceed with permitting sometime after the Feasibility Study is delivered.








