TORONTO, April 5,
2022 /CNW/ - Vox Royalty Corp. (TSXV: VOX)
(OTCQX: VOXCF) ("Vox" or the "Company"), a
high growth precious metals focused royalty company, is pleased to
provide recent development and exploration updates from royalty
operating partners ValOre Metals Corp. (TSXV: VO)
("ValOre"), Genesis Minerals Limited (ASX: GMD)
("Genesis"), Norwest Minerals Limited (ASX: NWM)
("Norwest"), Zijin Mining Group Co., Ltd. (HKSE: 2899)
("Zijin Mining"), and Kalamazoo Resources Limited (ASX: KZR)
("Kalamazoo").
Kyle Floyd, Chief Executive
Officer stated: "The past month has seen material development at
key royalty-linked properties, including three substantial resource
upgrades, confirmation that the Binduli North expansion remains on
track for H2 2022 and positive metallurgical test work at Puzzle
and Bulgera. The development probability of the Pedra Branca,
Ashburton, Kookynie/Puzzle and Bulgera royalty properties has been
increased as a result of this meaningful progress so far in 2022.
Vox management is excited to track the progression of these royalty
projects from exploration, to development and ultimately into
production over the coming quarters."
Key Development Updates
- 106% increase in mineral resource at the Pedra Branca platinum
group elements ("PGE") project by ValOre;
- Maiden Puzzle North gold resource estimate and positive
feasibility metallurgical test work at Kookynie by Genesis;
- 113% increase in gold resource estimate at the Bulgera gold
project by Norwest;
- Construction well progressed and production targeted for second
half of 2022 at the Janet Ivy Mine expansion Binduli North project
by Zijin Mining subsidiary Norton
Gold; and
- Outstanding metallurgical gold recoveries and commencement of a
development scoping study at the Ashburton gold project by
Kalamazoo.
Pedra Branca (Preliminary Economic Assessment – Brazil) – +100% Increase in Mineral Resource
to 2.2Moz PGE(1)
- Vox holds a 1% net smelter return royalty over the Pedra Branca
PGE project in Brazil;
- On March 24, 2022, ValOre
announced an updated National Instrument 43-101 – Standards of
Disclosure for Mineral Projects ("NI 43-101") inferred
mineral resource estimate(1), with highlights
including:
-
- 2.198Moz palladium + platinum + gold ("2PGE+AU") in
63.6Mt grading 1.08g/t 2PGE+AU;
- 106% increase to the 2019 inferred mineral resource;
- C$6.1M spent on exploration and
development since 2019 resource;
- 17,434m have been drilled since
2019;
- Extensive growth potential remains at Massapê, Santo Amaro, Trapia, and Cedro, in addition to
advanced exploration targets property-wide; and
- Regional exploration by Trado drilling continues to advance new
prospects to reverse circulation ("RC") or core drill
targets.
- Vox Management Summary: The ValOre team are to be
congratulated for doubling the size of the Pedra Branca PGE
resource to a globally-significant 2.2Moz. Given how shallow the
current resource estimate is, Vox management expects further
resource growth potential for this exciting, royalty-linked PGE
project.
Kookynie (Pre-Feasibility – Western
Australia) – Maiden Puzzle North Resource & Positive
Metallurgical Test Work(2)(3)
- Vox holds a A$1/t production
royalty(2) on part of the Kookynie gold project in
Western Australia;
- On March 29, 2022, Genesis
announced a substantial resource update(3) for the
Ulysses/Leonora Gold Project ("Leonora"), with highlights
including:
-
- Total Mineral Resource at Leonora has grown to 2.0Moz, up
409,000oz or 25% from 1.6Moz as at 31 March
2021;
- Recent shallow Puzzle North discovery contributed maiden
resource of 6.1Mt @ 1.2g/t for 232,000oz, with further growth
anticipated;
- Total combined Puzzle North and Puzzle resource stands at
5,765Kt @ 1.1g/t for 204,000oz Indicated and 2,950Kt @ 1.1g/t for
107,000oz Inferred at a 0.5g/t cut-off grade;
- Exploration in 2022 will target depth and strike extensions to
Puzzle and Puzzle North, including the untested "Puzzle Gap";
and
- Metallurgical test work has been carried out as part of the
Leonora feasibility study at Puzzle North and Puzzle confirming
that the ore is amenable to conventional cyanide leaching. Ongoing
test work by Genesis has confirmed gold recoveries from primary ore
to be ~90% to 95%.
- Vox Management Summary: The Puzzle North gold deposit has
been fast-tracked from initial discovery in April 2021 to an initial resource estimate and
feasibility-stage metallurgical test work, with upside in the
untested "Puzzle Gap" zone expected in 2022. Vox management
believes there is growing potential to generate over a 50x revenue
multiple on its 2020 Kookynie royalty investment (assuming at least
5Mt can be mined from royalty-linked deposits).
Bulgera (Exploration – Western
Australia) – +100% Increase in Gold Resource
Estimate(4)
- Vox holds a 1% net smelter return royalty over the Bulgera gold
project in Western Australia;
- On March 16, 2022, Norwest
announced:
-
- The Bulgera gold resource estimate increased 113% to 5.1Mt @
1.2g/t gold for 200,130 ounces(4);
- RC and diamond drilling conducted in 2021 intersected wide
zones of gold mineralisation to extend the main lode beyond
500m down dip of the shallow Bulgera
open pit;
- Bulgera gold mineralisation has high recovery (up to 98%) and
low-cost processing characteristics; and
- Norwest is to commence deep RC drilling for additional gold
bearing shear zones in the highly mineralised Bulgera gold project
area.
- Vox Management Summary: The estimated resource at Bulgera
has doubled in size since Vox acquired its royalty in early 2021
and initial metallurgical test work indicates that it will be
amenable to low-cost processing. Oxide ore from Bulgera was last
processed at the nearby Plutonic gold mine in 2004, and given the
haul road remains in place, credible near-term development options
are available for Bulgera.
Janet Ivy (Producing –
Western Australia) – Binduli North
Construction Update & Production Timing
- Vox holds a A$0.50/tonne
production gold royalty over the Janet Ivy project in Western Australia;
- In Zijin Mining's 2021 annual report, it announced that:
-
- The application for permits and licenses of the Binduli North
project has been completed and project construction is fully
underway;
- Approximately A$160M
(RMB 0.757 billion) of the total
Binduli expansion budget of A$462M
(Binduli North and South) has been invested by Zijin Mining as at
December 31, 2021; and
- It is anticipated that the project will complete construction
and commence production from the Binduli North portion of the Janet
Ivy mine in the second half of 2022.
- Vox Management Summary: The Binduli North mine expansion is
expected to be a key source of revenue growth for Vox from
late-2022 onwards. Vox shareholders are getting the benefit of the
~A$160M capital invested to date on
the Binduli expansion by gold major Zijin Mining (C$59~ billion
market capitalisation).
Ashburton (Exploration –
Western Australia) – Outstanding
Gold Recoveries and Development Scoping Study
- Vox holds a 1.75% gross revenue royalty (>250koz cumulative
production) on the Ashburton gold project in Western Australia;
- On March 11, 2022, Kalamazoo
announced:
-
- Outstanding gold recoveries returned from initial test work on
four metallurgical composites from the large Mt Olympus
deposit;
- Excellent gold recovery into an initial rougher concentrate of
up to 94%;
- Gold in concentrate grade averaged 31.8g/t Au across all four
composites with a maximum value of 39.2g/t Au;
- Additional test work is now being implemented including gravity
recoverable gold, final concentrate assay testing and optimisation
studies to derive final gold recoveries; and
- Project development scoping study to commence in Q2 2022.
- Vox Management Summary: The Ashburton gold project is
actively being progressed from advanced exploration to early
development stage with the completion of metallurgical test work
and the commencement of an engineering scoping study. Vox
management continues to be excited by the Ashburton project's
medium-term potential to generate meaningful royalty revenue for
Vox, subject to the outcomes of upcoming engineering
studies.
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 high growth precious metals royalty and streaming
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 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, 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)
|
ValOre Metals Corp.
press release titled "ValOre Metals Expands Pedra Branca
Inferred Mineral Resource by 106% to 2.2 Million Ounces at 1.08 g/t
2PGE+Au" dated 24 March 2022. The updated Pedra Branca mineral
resource estimate dated 8 March 2022 was completed by independent
Brazilian consultancy GE21 Consultoria Mineral, in accordance with
Canadian Institute of Mining, Metallurgy and Petroleum (CIM)
Definition Standards incorporated, by reference, in NI 43-101, and
has been reviewed internally by ValOre.
|
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a.
Independent consultants, Fábio Valério (P.Geo.) and Porfirio
Cabaleiro (P.Eng.), of GE21 were commissioned to complete the
mineral resource estimate and the technical report on behalf of
ValOre, and Chris Kaye of Mine and Quarry Engineering Services Inc.
("MQes"), was commissioned to review the metallurgical information
and contribute to the NI 43-101 technical report.
|
|
b.
The technical information in this news release has been prepared in
accordance with Canadian regulatory requirements set out in NI
43-101 and reviewed and approved by Colin Smith, P.Geo., ValOre's
QP and Vice President of Exploration.
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(2)
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Kookynie Royalty is
split in two separate terms:
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a. Kookynie (Melita) Royalty – which covers the Puzzle
Deposit: A$1/t production royalty >650Kt cumulative ore mined
and treated.
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b. Kookynie (Consolidated Gold) Royalty – which covers
the Puzzle North Discovery: A$1/t (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) .
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(3)
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Genesis Minerals
Limited announcement titled "Resource increases by more than
400,000oz to 2Moz and remains open in every direction" dated 29
March 2022. The Information in this press release relating to
estimated mineral resources dated 29 March 2022 at Kookynie/Leonora
is based on information compiled by Mr. Paul Payne, a Competent
Person who is a Fellow of the Australasian Institute of Mining and
Metallurgy. Mr. Payne is a full-time employee of Payne Geological
Services Pty Ltd and is a shareholder of Genesis Minerals Limited.
Mr. Payne has sufficient experience that is relevant to the style
of mineralisation and type of deposit under consideration and to
the activity being undertaken to qualify as a Competent Person as
defined in the 2012 Edition of the "Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore
Reserves".
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(4)
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Norwest Minerals
Limited announcement titled "Bulgera gold project resources
exceed 200,000 ozs on strength of 2021 drill programs" dated 16
March 2022. The information in this press release relating to
estimated mineral resources at Bulgera as at 16 March 2022 is based
on work completed by Mr. Stephen Hyland, a Competent Person and
Fellow of the AusIMM. Mr. Hyland is Principal Consultant Geologist
with Hyland Geological and Mining Consultants (HGMC) and holds
relevant qualifications and experience as a qualified person for
public reporting according to the JORC Code in Australia. Mr.
Hyland is also a Qualified Person under the rules and requirements
of NI 43-101.
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SOURCE Vox Royalty Corp.