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TORONTO, Aug. 11, 2020 /CNW/ - Vox Royalty Corp.
(TSXV: VOX) ("Vox" or the "Company") is pleased to
highlight Karora Resources Inc.'s (TSX:
KRR) ("Karora") quarterly results press release
yesterday that mining has commenced at the Hidden Secret deposit
which is part of the Higginsville Gold Operations ("HGO")
and located on tenements associated with the Dry Creek royalty
("Dry Creek").
The Dry Creek royalty tenements cover 3,366 hectares and are
located 4km southeast of the HGO mill and include the following
deposits with resource estimates under CIM standards: Hidden
Secret, Mousehollow and Paleochannels.
Karora shared the following news relating to production from the
Dry Creek tenements:
As originally announced on
February 27, 2020, Karora drilling
has extended mineralization at the Hidden Secret and Mousehollow
projects. Subsequent to the end of the second quarter, the
corporation began pre-stripping and mining at Hidden Secret which
will provide a third source of mill feed from HGO for the
Higginsville plant along with additional operational flexibility.
Additional metallurgical test work has also been received
confirming recoveries in excess of 90%.
Grade control drilling has also
commenced at the Hidden Secret open pit, to be closely followed at
Mousehollow. Mining of these pits is expected to commence in the
third quarter of 2020 with all necessary approvals now in place.
Both pits are within 10 km of the HGO treatment plant.
Karora referenced the following highly prospective ongoing
exploration update for Dry Creek:
The Eundynie area which
surrounds the Hidden Secret and Mousehollow pits has been
identified as having significant exploration potential with
particular interest around the old historic Eundynie mining centre
located only 500m north of the
planned pits. Last known mining at Eundynie occurred in 1915, with
records showing multiple historic shafts, some extending to depths
of up to 120m and grades as high as
210 g/t over approximately 0.9m. The
exploration potential below these workings is yet to be tested and
could provide an opportunity for additional high-grade
mineralization. Drilling is planned for later in the year.
An updated mineral resource
estimate for the Hidden Secret and Mousehollow projects is expected
to be delivered in fourth quarter of 2020 as part of the planned
update for the Australian operations.
The Dry Creek royalty rate is A$0.12 per gram of gold per dry metric tonne of
royalty ore, which is defined as mineralised material mined from
the applicable tenements which contains an average grade greater
than 1 gram of gold per dry metric tonne and not classified as
waste or low grade, and the royalty is adjusted monthly as
follows:
Royalty rate per gram of gold =
A$0.12 x (price of gold per gram at
Perth Mint / A$14)
At the current gold price of A$2,850/ounce the current effective royalty rate
is A$0.79/gram gold per tonne of ore
treated (as at August 10, 2020). For
example, for royalty ore mined at a grade of 2.0g/t the effective
royalty rate would be A$1.58/tonne of
ore treated. The Dry Creek royalty economics are approximately
equivalent to those of a 0.85% net smelter return royalty
(A$0.79/gram x 31.103 = A$24.42/troy ounce or 0.85% of A$2,850/ounce spot gold).
For additional information on the Dry Creek royalty acquisition,
please refer to Vox's news release dated May
27, 2020, available at www.voxroyalty.com.
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 focused mining royalty and
streaming company that was incorporated on January 22, 2014. Vox holds a portfolio of 41
royalties and streaming assets and 1 royalty option. Vox's
interests span eight jurisdictions, including Australia, Canada, Peru,
Brazil, Mexico, the United
States, Madagascar and
Nigeria. Vox has been the fastest
growing royalty & streaming acquisition company since
January-2019, announcing 16 separate royalty transactions. Further
information on Vox can be found at www.voxroyalty.com.
Technical and Third Party Information
Except where otherwise stated, the disclosure in this press
release relating to the HGO is based on information publicly
disclosed by Karora 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 HGO. Although Vox
does not have any knowledge that such information may not be
accurate, there can be no assurance that such information from
Karora is complete or accurate. Some information publicly reported
by Karora may relate to a larger property than the area covered by
Vox's royalty interest. 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.
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". Forward-looking
statements are subject to a variety of risks and uncertainties
which could cause actual events or results to materially differ
from those reflected in the forward-looking statements.
The forward-looking statements and information in this press
release include, but are not limited to, information relating to
the transaction including details on the Royalty. Such statements
and information reflect the current view of Vox. By their nature,
forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause Vox's actual
results, performance or achievements or other future events, to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements.
Should one or more of these risks, uncertainties or other
factors materialize, or should assumptions underlying the
forward-looking information or statement prove incorrect, actual
results may vary materially from those described herein as
intended, planned, anticipated, believed, estimated or expected.
Vox cautions that the foregoing list of material factors is not
exhaustive. When relying on the Company's forward-looking
statements and information to make decisions, investors and others
should carefully consider the foregoing factors and other
uncertainties and potential events.
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.
Not for distribution to United
States newswire services or for dissemination in
the United States. This press
release does not constitute an offer to sell or a solicitation of
an offer to buy any of the securities in the United States. The securities have not
been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any
state securities laws and may not be offered or sold within
the United States or to U.S.
Persons unless registered under the U.S. Securities Act and
applicable state securities laws or an exemption from such
registration is available.
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.
SOURCE Vox Royalty Corp.