GEORGE TOWN, Cayman Islands,
April 15, 2021 /CNW/
- Vox Royalty Corp. (TSXV:
VOX) ("Vox" or the "Company"), a high
growth precious metals focused royalty company, is pleased to
provide recent development updates from royalty operating partners
Silver Mines Limited (ASX: SVL) ("Silver Mines"), Axis
Minerals Pty Ltd ("Axis"), ValOre Metals Corp. (TSXV: VO)
("ValOre"), Genesis Minerals Limited (ASX: GMD)
("Genesis") and Metalicity Limited (ASX: MCT)
("Metalicity").
Riaan Esterhuizen, Executive Vice
President – Australia stated,
"We are excited to share another month of positive operator
newsflow for our development and exploration stage royalties. The
Bowdens mining lease application, which covers the largest
undeveloped primary silver project in Australia, continues to demonstrate a clear
pathway to production, which would generate >$1M annual royalty revenues for Vox investors
over its 16 year feasibility mine plan. The potential restart of
the Mt Moss Mine over the coming months has the potential to unlock
royalty revenue ahead of Vox management expectations. From an
exploration perspective, significant 2021 drilling at Pedra Branca,
the largest PGM project in South
America, and the Puzzle North discovery at Kookynie further
support our confidence in medium-term cashflow generation."
Summary of Development Updates
- Bowdens silver project submission of mining lease application
for development by Silver Mines;
- Mt Moss iron ore-copper-zinc mine ownership change and restart
plans by Axis;
- Pedra Branca platinum-group-elements (PGE) project –
8,000m drill program commenced for
2021; and
- Kookynie gold projects – Puzzle North discovery from Genesis
and a drilling update from Metalicity.
Bowdens (Feasibility) – Mining Lease Application
- Vox holds a 0.85% gross revenue royalty on the Bowdens
silver-lead-zinc project and a 1.0% gross revenue over surrounding
regional exploration tenure;
- On March 24, 2021, Silver Mines
announced that:
-
- It has submitted its Mining Lease Application for the
development of the Bowdens silver project; and
- It is currently completing its Environmental Impact Statement
Response to Submissions to The New South Wales Department of
Planning, Industry and Environment, as part of the final stages of
the approvals process.
Mt Moss (Care & Maintenance) – Ownership Change and 2021
Restart Plans
- Vox holds a 1.5% NSR royalty over base metal, magnetite and
silver production from mining lease ML10171 which covers the Mt
Moss Fe-Cu-Zn Skarn Project ("Mt Moss Mine") located 150km
NW of Townsville in northern Queensland, which was on care and maintenance
when Vox acquired the royalty in 2020;
- Axis has recently acquired 100% of Mt Moss Mining Pty Ltd which
in turn owns 100% of the Mt Moss Mine located on ML10171;
- The Mt Moss Mine is one of the largest skarn
magnetite-marble-base metal deposit on the Australian east
coast1. The Mt Moss Mine historically had production
capacity of approximately 500,000tpa magnetite prior to operations
being placed on care & maintenance;
- According to Axis, Mt Moss Mining Pty Ltd is the holder of a
range of approved Mining Leases and freehold land parcels
containing a JORC resource of 15.1Mt @ 43.1% Fe and a non-JORC
resource estimate of greater than 20Mt of potential base metal
ore;
- Mt Moss has a complete beneficiation plant, including crushing,
screening, dry magnetic separation, milling, wet gravity and wet
magnetic separation circuits. The Mt Moss Mine has all
infrastructure and supporting ancillary assets in situ, including
workshops, laboratory, offices, 100 person mining camp, diesel
storage, weighbridge, power generation, and all bitumen access
road;
- Axis is expecting to reopen the Mt Moss Mine in the first half
of 2021; and
- For further information on the Mt Moss Mine please refer to the
Axis website: https://www.axismines.co/mt-moss
Pedra Branca (Preliminary Economic Assessment) – 2021
Exploration Program and 8,000m
Drilling
- Vox holds a 1% net smelter return royalty on the Pedra Branca
PGE project held by ValOre;
- On April 12, 2021, ValOre
announced the commencement of their 2021 Exploration
Program:
-
- Fully funded and permitted 8,000m
drill program, including 2,000m of RC
drilling that has commenced and 6,000m of core drilling that is due to commence
this month;
- First phase of RC drilling will test six property-wide target
areas, focusing on three target styles: undrilled new discovery,
pre-resource target advancement, and resource expansion;
- Core drilling will return to high priority resource expansion
and pre-resource targets successfully drilled in 2020, as well as
positive 2021 RC drill results;
- Pre-drilling Trado® auger work will continue property-wide,
advancing additional targets to drill-ready stage; and
- ValOre continues to receive full support from the local
community of Capitão Mor, as well as Ceará State and federal
governmental agency, ANM (Agência Nacional de Mineração) for
on-going exploration of the Pedra Branca Project.
- The Pedra Branca PGE Project comprises 39 exploration licenses
covering a total area of 39,987 hectares (98,810 acres) in
northeastern Brazil. At Pedra
Branca, 5 distinct PGE+Au deposit areas host, in aggregate, a
current Inferred Resource1 of 1,067,000 ounces 2PGE+Au
contained in 27.2 million tonnes grading 1.22 g/t 2PGE+Au (click
here for ValOre's July 23, 2019
news release). According to ValOre all the currently known Pedra
Branca inferred PGE resources are potentially open pittable.
Kookynie (Advanced Exploration) – Puzzle North Discovery and
Drilling Update
- Vox holds a A$1/t ore production
royalty (with gold grade escalator2) on part of the
Kookynie gold project held by Genesis and Metalicity;
- On April 9, 2021, Genesis
announced that:
-
- It had defined an exciting new prospect at Puzzle North,
located 700m north of the Puzzle
deposit, with new shallow drilling results including:
-
- 21USRC852 – 16m @ 1.61g/t Au from
101m to end of hole
- 21USRC853 – 106m @ 0.71g/t Au
from 10m
- 21USRC855 – 41m @ 1.20g/t Au from
38m
- 21USRC855 – 14m @ 2.44g/t Au from
106m to end of hole
- Strong assays returned from limited recent Resource upgrade
drilling at the Puzzle deposit itself, including:
-
- 21USRC857 – 13m @ 1.19g/t Au from
24m
- 21USRC858 – 32m @ 1.20g/t Au from
12m
- 21USRC860 – 5m @ 2.92g/t Au from
50m
- 21USRC860 – 19m @ 1.52g/t Au from
68m
- On March 18, 2021, Metalicity
announced the following drilling highlights:
-
- Drilling is continuing at the high priority royalty-linked
Cosmopolitan Prospect:
-
- 12 holes for 3,043 metres drilled at the Cosmopolitan Gold
Mine;
- Assay results are starting to be delivered and Metalicity are
expecting a steady stream of drilling results over the coming
weeks; and
- the historic Cosmopolitan Gold Mine that produced 360,000
ounces between 1896 to 1922 at an average head grade of 15 g/t
Au.
Qualified Person
Timothy J. Strong, MIMMM, of
Kangari Consulting Limited and a "Qualified Person" under National
Instrument 43-101 – Standards of Disclosure for Mineral
Projects, has reviewed and approved the scientific and
technical disclosure contained in this press release.
About Vox
Vox is a high growth precious metals royalty and streaming
company with a portfolio of 50 royalties and streams spanning nine
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 become the fastest growing company in the royalty sector.
Since the beginning of 2019, 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, statements regarding
expectations for the timing of commencement of 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 and future royalty payments derived from various
royalty assets of Vox.
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 of a property.
Technical References & Notes:
- Sources for Mt Moss Mine references are as follows:
- https://www.qrc.org.au/our-members/axis-minerals-pty-ltd/
- https://www.axismines.co/mt-moss
- The Pedra Branca mineral resource is based on the following:
- Independent consultants, Susan
Lomas, P.Geo. and Ali
Shahkar, P.Eng., of Lions Gate Geological Consulting Inc.
("LGGC") were commissioned to complete the mineral resource
estimate and the Technical Report dated 28
May 2019 on behalf of ValOre and
Bert Huls P.Eng. of Huls Consulting Inc., was commissioned
to review the metallurgical information and contribute to the
Technical Report. Ms. Lomas supervised the overall preparation of
the Technical Report. The technical information in ValOre's mineral
resource press release dated 23 July
2019 was prepared in accordance with Canadian regulatory
requirements set out in NI 43-101 and reviewed and approved by
Colin Smith, P.Geo., who oversees
New Project Review for ValOre.
- Resource Estimate is reported using a PGM+Au cut-off of 0.65
gpt. Only blocks within a pitshell are reported as Mineral
Resources. Prices used were Pd=US$1000/ounce, Pt=US$860/ounce, Au=US$1250/ ounce, operating costs (ore and waste)
=US$1.50/tonne, G+A and
milling=US$13.50/tonne. Recoveries
used were 68% for Pd, 67% for Pt and 40% for Au PGE+Au grade = Pt
g/t + Pd g.t + Au g/t. Mineral resources are not mineral reserves
because the economic viability has not been demonstrated.
- Royalty = A$1 / Tonne (for each
Ore Reserve with a gold grade <= 5g/t Au), for grades > 5g/t
Au royalty = ((Ore grade per Tonne – 5) x 0.5)+1)
SOURCE Vox Royalty Corp.