TORONTO, July 19, 2021 /CNW/ - Vox Royalty Corp.
(TSXV: VOX) ("Vox" or the "Company"), a high
growth precious metals focussed royalty company, is pleased to
note the announcement by Thor Explorations Ltd. (TSXV: THX)
("Thor") that it has commenced the commissioning of its gold
processing plant following the successful turning of the mills at
its Segilola Gold Project ("Segilola") in Nigeria. Thor expects to pour its first gold
from Segilola before the end of July
2021.
![Segilola Project Construction Overview (June 2021, Thor corporate presentation (CNW Group/Vox Royalty Corp.) Segilola Project Construction Overview (June 2021, Thor corporate presentation (CNW Group/Vox Royalty Corp.)](https://mma.prnewswire.com/media/1577048/Vox_Royalty_Corp__Vox_notes_the_successful_commencement_of_the_c.jpg)
Simon Cooper, Executive Vice
President of Corporate Development stated: "We are thrilled to
share this major commissioning milestone from Segilola with Vox
shareholders. Once first gold pour is achieved later this month,
Segilola will be Vox's fifth producing royalty asset. Based on
production guidance from Thor, we expect that this royalty has the
potential to generate revenue almost five times Vox's initial
investment of C$900,000 within a span
of 3 years. This is another example of Vox's unique ability to
acquire accretive precious metals royalties that are within 3 – 24
months of first production."
Mining is underway at Segilola, with 700,000 tonnes of waste
mined and 30,000 tonnes of ore stockpiled in preparation for
process plant commissioning. The pit is fully prepared for mining
operations, with pre-strip nearing completion. The mining fleet is
now fully commissioned, and production is expected to quickly ramp
up to its design capacity. All the necessary permits are in place
and blasting operations have started as the Company moves into the
harder transitional and fresh ore zones.
On September 10, 2020, Vox
acquired a 1.5% net smelter return royalty in respect of all
products mined from the property for C$900,000 in cash. Royalty payments are capped at
US$3.5M (~C$4.4M at spot CAD:USD of 0.79). Based on
production guidance from Thor issued on March 29, 2021, which forecast production of
46,000 ounces of gold in 2021 and 109,000 ounces of gold in 2022,
Vox management estimates that total pre-tax royalty revenues of
C$4.4M will be receivable within the
first two full years of production.
Segilola Overview
Segilola is in the state of Osun in Nigeria, approximately 120km northeast of
Lagos. The deposit hosts open pit
probable gold reserves1 of 517,800 ounces at 4.02g/t (at
0.30g/t cut-off, resource estimate dated March 29, 2021). A 2019 Definitive Feasibility
Study completed on February 4, 2019,
outlines production estimates averaging 80,000oz of gold per annum
over an initial 5-year mine life. For more information on Segilola,
please visit the Thor website at https://www.thorexpl.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 growth precious metals royalty and streaming company
with a portfolio of over 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". 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, Thor's expected timing and
quantum of production at Segilola, Vox's expected timing and
quantum of royalty revenues and financial reporting related to
production at Segilola, completion of certain anticipated
milestones and developments by Thor, the receipt of payments from
Thor or its affiliates, the requirements for regulatory approvals,
and the commencement of production at Segilola.
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
accuracy of third party information (including production
expectations issued by project operators) which Vox cannot
independently verify as a royalty holder, 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 operator
and/or 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; uncertainties
relating to rates of corporate and withholding tax in various
jurisdictions globally; liability, competition, loss of key
employees and other related risks and uncertainties. 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.
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 References & Notes:
(1)
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The Segilola Gold
Project mineral resource and reserves are based on the
following:
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a.
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Mineral
Resources: Mr I Taylor (MAusIMM, CP) is responsible for
this Mineral Resource Statement and an "independent qualified
person" as such item is defined in NI 43-101 CIM (2014) definition
standards were followed for Mineral Resource Reporting. Open Pit
Mineral Resources are reported at a cut-off grade of 0.30 g/t Au. A
designed pit wireframe was used to constrain the resources. Mineral
Resources are estimated using an average long term gold price of
US$1,800 per ounce. Underground Mineral Resources are estimated at
a cut-off grade of 2.5 g/t Au, beneath the open pit constraint and
inside the high-grade wireframe lode models. Mineral Resources are
not Mineral Reserves and do not have demonstrated economic
viability. Totals may not add exactly due to rounding. This Mineral
Resource estimate is dated "March 2021", based on Thor's press
release dated March 29, 2021.
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b.
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Mineral
Reserves: Mr M Burger (EIZ, SAIMM, SACNASP) is responsible for
this Mineral Reserve Statement and an "independent qualified
person" as such item is defined in NI 43-101 CIM (2014) definitions
were followed for Mineral Reserves. Open Pit Mineral Reserves are
estimated at a cut-off grade of 0.3 g/t Au and are based on
Indicated Resources only. Mineral Reserves are estimated using an
average medium-term gold price of US$1,650 per ounce. Mining
dilution of 12% and mining recovery of 97% were applied. There are
no known legal, political, environmental other risks that could
materially affect the potential development of the mineral resource
or mineral reserve. Numbers may not add due to rounding. This
Mineral Reserve estimate is dated "March 2021", based on Thor's
press release dated March 29, 2021.
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![Vox Royalty Corp. Logo (CNW Group/Vox Royalty Corp.) Vox Royalty Corp. Logo (CNW Group/Vox Royalty Corp.)](https://mma.prnewswire.com/media/1577049/Vox_Royalty_Corp__Vox_notes_the_successful_commencement_of_the_c.jpg)
SOURCE Vox Royalty Corp.