TORONTO, June 9, 2022
/CNW/ - Vox Royalty Corp. (TSXV: VOX) (OTCQX:
VOXCF) ("Vox" or the "Company"), a returns
focused precious metals royalty company, is pleased to provide
recent development and exploration updates from royalty operating
partners Zijin Mining Group Co., Ltd. (HKSE: 2899) ("Zijin
Mining"), Develop Global Limited (ASX: DVP) ("Develop"),
Black Cat Syndicate Limited (ASX: BC8) ("Black Cat"), and
Tartisan Nickel Corp. (CSE: TN) ("Tartisan").
Spencer Cole, Chief Investment
Officer stated: "The past month has seen strong progress by
operating partners on a number of Vox's gold and base metal royalty
properties, including a 33% ore tonnage upgrade at the Binduli
North gold project. Demonstrating the depth of Vox's royalty
portfolio, a number of exploration-stage royalties are being
actively progressed towards development ahead of Vox management
expectations, such as the Merlin/Electric Dingo gold deposits near
the Paulsens mill and the Kenbridge nickel-copper project
commencing construction on an all-season access road."
Key Updates
- Significant increase in forecasted royalty ore tonnages at the
Binduli North gold expansion project covered by the Janet Ivy
royalty and construction plans for an 8MW solar farm to power the
Binduli heap leach project, released by Zijin Mining's subsidiary
Norton Gold Fields Pty Ltd;
- Exceptional drilling results at the Sulphur Springs copper-zinc
project by Develop, which are expected to result in a significant
resource upgrade based on Develop management guidance;
- JORC 2012 resource estimate filed for the Paulsens Gold mine by
Black Cat, which include Vox's Merlin and Electric Dingo gold
royalty assets; and
- Construction commencement of an all-season access road at the
Kenbridge nickel-copper project by Tartisan, demonstrating a
significant next step in preparation for a mining operation.
Janet Ivy (Producing – Western
Australia) – Increased Royalty Ore Tonnages1 and
Solar Power Plans
- Vox holds a A$0.50/tonne
production royalty over the Janet Ivy gold mine in Western Australia;
- In March 2022, Zijin Mining filed
a mining proposal for the Binduli North heap leach gold project,
which included:
-
- 33% increase in forecast ore tonnages from the previously
filed December 2020 Mining Proposal
report (and Janet Ivy Technical Report1
dated October 5, 2021), with
total Binduli North life of mine ore tonnages
increased from 41Mt @ 0.6g/t Au for
787Koz1 to 55Mt @ 0.6g/t Au
for 1,103Koz2;
- Significant increase in gold royalty tonnages
covered by the Vox royalty expected over the
project over the +10 year mine life of the expansion project;
and
- Plans to install up to 8MW of single axis tracking solar
PV, reducing reliance on diesel generated power.
- Vox Management Summary: This 33% increase in forecast ore
tonnages at the Binduli North gold expansion project has directly
unlocked value for Vox shareholders by providing potential for
production upside and mine life extension beyond 10 years. We look
forward to commencement of production from the Binduli North
expansion in the second half of 2022.
Sulphur Springs (Pre-Construction – Western Australia) – Exceptional Drilling
Results & Upcoming Resource Upgrade
- Vox holds a A$2.00/tonne
production royalty (capped at A$3.7M)
on the Sulphur Springs copper-zinc deposit and an uncapped
A$0.80/tonne production royalty on
the Kangaroo Caves deposit, which is part of the combined Sulphur
Springs project in Western
Australia;
- On May 16, 2022, Develop
announced:
-
- Exceptional final results from the A$10M drilling program;
- Thick high-grade copper-zinc mineralisation
intersected in resource drilling:
-
-
-
- 65.1m @ 3.5% copper-equivalent
grade3 ("CuEq") Western lens open pit
infill;
- 50.0m @ 2.9% CuEq3
Eastern lens underground infill;
- 33.0m @ 4.6% CuEq3
Eastern lens underground infill;
- 27.8m @ 6.7% CuEq3
Western lens open pit infill;
- 23.0m @ 5.2% CuEq3
Western lens underground infill;
- High-grade hangingwall zinc mineralisation
expanded further with results including:
-
- 11.7m @ 26.7% Zn & 148 g/t,
including 3.7m @ 51.9% Zn &
385g/t Ag;
- 25.0m @ 8.9% Zn & 39.6 g/t
Ag;
- Exploration drilling continues to intersect thick zones of
high-grade mineralisation:
-
- A resource update for Sulphur Springs is scheduled for
release in the September 2022
quarter.
- Vox Management Summary: These copper and zinc drilling
results are some of the highest-grade intersections in the history
of the feasibility-stage Sulphur Springs project. Vox management is
confident that the upcoming resource update in the September 2022 quarter is likely to further
support a near-term construction decision.
Merlin and Electric Dingo (Exploration – Western Australia) – JORC Resource Release
& Open Pit Potential
- Vox holds a 0.75% gross revenue royalty (>250koz cumulative
production) over the Merlin gold deposit, and a 1.75% gross revenue
royalty (>250koz cumulative production hurdle that is combined
with the Ashburton gold royalty) over the Electric Dingo gold
deposit. Both royalties form part of the Paulsens gold operation in
Western Australia;
- On May 25, 2022, Black Cat
announced:
-
- Total high-grade JORC 2012-compliant
resources at Paulsens have been confirmed as
expected;
- Due diligence expectations were met at Paulsens
where Mt Clements, Merlin and Electric Dingo
deposits were converted to JORC 2012-compliant
resources;
- These three deposits all have the potential to provide
open pit material into the Paulsens processing
facility; and
- There is high potential to grow all
resources.
- Vox Management Summary: Since acquiring the Paulsens mine in
April 2022, new operator Black Cat
has reprioritised the royalty-linked Merlin and Electric Dingo gold
deposits as potential sources of open pit material for the existing
Paulsens processing facility. We look forward to future updates
from Black Cat on these deposits with potential for them to be
fast-tracked into production via the existing processing
facility.
Kenbridge (PEA – Canada) –
Construction Commencement for All-Season Access Road
- Vox holds a 1% net smelter return royalty on part of the
Kenbridge nickel-copper project in Canada, which is subject to a full buyback
right for C$1.5M in favour of
Tartisan;
- On May 25, 2022, Tartisan
announced that:
-
- It has commenced construction on an all-season road into
the project;
- It has received the necessary work permit from the
Ministry of Northern Development, Mines, Natural Resources and
Forestry to conduct the road maintenance and all necessary
upgrades, including brushing, ditching, graveling and
installing culverts; and
- CEO Mark Appleby commented:
"All-season access for the Kenbridge Nickel Project
is a significant next step in preparation for a mining operation
and we are pleased to have a full team engaged in road
construction. The ability to have fuel, utility and construction
vehicles able to drive into the Kenbridge mining camp via the
Kenbridge Nickel Project access road is game changing. Construction
completion is anticipated by September
2022."
- Vox Management Summary: The commencement of construction of
an all-season road is a key long-lead item towards preparing for a
mining operation at the Kenbridge nickel-copper project. Recent
strength in nickel prices have increased the potential for this
Canadian project to be advanced forward into development.
Transaction Update
El Molino
(Peru)
Originally announced on April 26, 2022
Vox is pleased to announce that it has completed the acquisition
of Terrace Gold Pty Ltd's ("Terrace Gold") rights and
interests in an agreement with Lumina Copper S.A.C, which includes
the right to receive the El Molino 0.5% NSR royalty in Peru. On April 26,
2022, Vox entered into a sale and purchase agreement with
Terrace Gold, a subsidiary of hearing aid technology company
Nuheara Limited. The April 26, 2022
agreement was subsequently amended and restated on June 7, 2022. The upfront consideration issued to
Terrace Gold was 17,959 common shares of the Company. A further
payment of US$450,000 is payable in
cash following the registration of the El Molino royalty rights on
the applicable mining title in Peru and the satisfaction of other customary
conditions.
Qualified Person
Timothy J. Strong, MIMMM, of
Kangari Consulting LLC and a "Qualified Person" under NI 43-101,
has reviewed and approved the scientific and technical disclosure
contained in this press release.
About Vox
Vox is a returns focused precious metals royalty company with a
portfolio of over 50 royalties and streams spanning eight
jurisdictions. The Company was established in 2014 and has since
built unique intellectual property, a technically focused
transactional team and a global sourcing network which has allowed
Vox to target the highest risk-adjusted returns in the mining
royalty sector. Since the beginning of 2020, Vox has announced over
20 separate transactions to acquire over 45 royalties.
Further information on Vox can be found at www.voxroyalty.com.
Cautionary Note Regarding Forward Looking Information
This news release contains certain forward-looking
statements. Any statements that express or involve discussions with
respect to predictions, expectations, beliefs, plans, projections,
objectives, assumptions or future events or performance (often, but
not always, using words or phrases such as "expects" or "does not
expect", "is expected", "anticipates" or "does not anticipate"
"plans", "estimates" or "intends" or stating that certain actions,
events or results " may", "could", "would", "might" or "will" be
taken, occur or be achieved) are not statements of historical fact
and may be "forward-looking statements".
The forward-looking statements and information in this press
release include, but are not limited to, summaries of
operator updates provided by management and the potential impact on
the Company of such operator updates, statements regarding
expectations for the timing of commencement of development,
construction at and/or resource production from various mining
projects, expectations regarding the size, quality and
exploitability of the resources at various mining projects, future
operations and work programs of Vox's mining operator partners, the
receipt of future royalty payments derived from various royalty
assets of Vox, anticipated future cash flows and future financial
reporting by Vox, and requirements for and operator ability to
receive regulatory approvals.
Forward-looking statements and information are based on
forecasts of future results, estimates of amounts not yet
determinable and assumptions that, while believed by management to
be reasonable, are inherently subject to significant business,
economic and competitive uncertainties and contingencies.
Forward-looking statements and information are subject to various
known and unknown risks and uncertainties, many of which are beyond
the ability of Vox to control or predict, that may cause Vox's
actual results, performance or achievements to be materially
different from those expressed or implied thereby, and are
developed based on assumptions about such risks, uncertainties and
other factors set out herein, including but not limited to: the
requirement for regulatory approvals and third party consents, the
impact of general business and economic conditions, the absence of
control over the mining operations from which Vox will receive
royalties, including risks related to international operations,
government relations and environmental regulation, the inherent
risks involved in the exploration and development of mineral
properties; the uncertainties involved in interpreting exploration
data; the potential for delays in exploration or development
activities; the geology, grade and continuity of mineral deposits;
the impact of the COVID-19 pandemic; the possibility that future
exploration, development or mining results will not be consistent
with Vox's expectations; accidents, equipment breakdowns, title
matters, labor disputes or other unanticipated difficulties or
interruptions in operations; fluctuating metal prices;
unanticipated costs and expenses; uncertainties relating to the
availability and costs of financing needed in the future; the
inherent uncertainty of production and cost estimates and the
potential for unexpected costs and expenses, commodity price
fluctuations; currency fluctuations; regulatory restrictions,
including environmental regulatory restrictions; liability,
competition, loss of key employees and other related risks and
uncertainties.
Vox has assumed that the material factors referred to in the
previous paragraph will not cause such forward looking statements
and information to differ materially from actual results or events.
However, the list of these factors is not exhaustive and is subject
to change and there can be no assurance that such assumptions will
reflect the actual outcome of such items or factors. The
forward-looking information contained in this press release
represents the expectations of Vox as of the date of this press
release and, accordingly, is subject to change after such date.
Readers should not place undue importance on forward looking
information and should not rely upon this information as of any
other date. While Vox may elect to, it does not undertake to update
this information at any particular time except as required in
accordance with applicable laws.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
Technical and Third-Party Information
Except where otherwise stated, the disclosure in this press
release is based on information publicly disclosed by project
operators based on the information/data available in the public
domain as at the date hereof and none of this information has been
independently verified by Vox. Specifically, as a royalty investor,
Vox has limited, if any, access to the royalty operations. Although
Vox does not have any knowledge that such information may not be
accurate, there can be no assurance that such information from the
project operators is complete or accurate. Some information
publicly reported by the project operators may relate to a larger
property than the area covered by Vox's royalty interests. Vox's
royalty interests often cover less than 100% and sometimes only a
portion of the publicly reported mineral reserves, mineral
resources and production from a property.
References & Notes:
(1)
|
Janet Ivy Ore Tonnages
sourced from NI43-101 Technical Report, Janet Ivy Gold Mine
(M26/446), Western Australia dated October 5, 2021 and dated
September 30, 2021 prepared by Timothy J. Strong, MIMMM, Principal
Geologist of Kangari Consulting Limited and a "Qualified Person"
under National Instrument 43-101 – Standards of Disclosure for
Mineral Projects and Matthew Randall CEng MIMMM as Principal
Mining Engineer. The aforementioned Janet Ivy Technical Report was
released on the Vox SEDAR profile (https://www.sedar.com/) and was
referenced in the Vox press release entitled "VOX PROVIDES AN
UPDATE FOR THE JANET IVY GOLD MINE AND FILES A TECHNICAL REPORT ON
SEDAR" dated October 5, 2021
(https://voxroyalty.com/_resources/news/nr-20211005.pdf).
|
(2)
|
The full text of the
March 2022 Mining Proposal with mine ore tonnages included can be
retrieved at
https://geodocs.dmirs.wa.gov.au/Web/documentlist/9/EARS_regi_id/101262.
|
(3)
|
Copper Equivalent (%) =
Cu grade% * Cu recovery + ((Pb grade % * Pb recovery % * (Pb price
$/t/Cu price$/t)) + (Zn grade % * Zn recovery % * (Zn price $/t/Cu
price $/t)) + (Ag grade g/t /31.103 * Ag recovery % * (Ag price
$/oz/Cu price $/t)).
|
SOURCE Vox Royalty Corp.