TORONTO, Oct. 5, 2021 /CNW/ - Vox Royalty
Corp. (TSXV: VOX) (OTCQX: VOXCF) ("Vox" or
the "Company"), a high growth precious metals focused
royalty company, is pleased to announce an update on the producing
Janet Ivy Gold Mine ("Janet Ivy") in Western Australia, controlled by Norton Gold
Fields Pty Ltd. ("Norton"); a subsidiary of Hong Kong and Shanghai-listed, Zijin Mining Group Co.,
Limited ("Zijin"). Vox holds an uncapped A$0.50/tonne production gold royalty over Janet
Ivy, which forms the core of Zijin's Binduli North heap leaching
expansion project ("Binduli North").
In addition to the Janet Ivy acquisition announcement by Vox on
March 29, 2021, Vox has now filed on
SEDAR a technical report, "NI 43-101 Technical Report, Janet Ivy
Gold Mine (M26/446), Western
Australia, Australia" dated
October 5, 2021 by Kangari Consulting
LLC.
According the Zijin's latest public disclosures, the Binduli
North expansion is targeted for completion as early as March 20221, which was the key
near-term catalyst that Vox management anticipated when the royalty
was acquired in March 2021. Vox
congratulates Zijin on rapidly advancing the project to the
commencement of construction in June
2021 and now looks forward to reaching the expansion
completion milestone.
Riaan Esterhuizen, Executive
Vice-President – Australia stated,
"The Binduli expansion was the key near-term catalyst that Vox
management anticipated when we acquired the Janet Ivy royalty in
March 2021. The Binduli North heap
leach expansion is expected to re-rate Janet Ivy royalty revenues
from 2022 onwards. This royalty has the potential to generate
A$1.5M – A$2.5M of annual revenues from Binduli North
production on average across the life of mine and assuming a target
production rate from Norton Gold of
5Mtpa from Binduli North."
Asset Overview – Janet Ivy Gold Mine
Janet Ivy is located on mining lease, M26/446 and is located
10km to the west of Kalgoorlie. The deposit has been mined since
2017 as an open-cut mine to supplement baseload ore feed from the
Enterprise open pit mine for the Norton-owned 3.7Mtpa Paddington Mill.2
On April 28, 2020, Zijin announced
that the Zijin Board of Directors had approved the construction of
the Binduli 15Mtpa heap leaching project, with the first phase at
Binduli North expected to be completed and first production to
commence in March 20221.
The Vox royalty-linked tenure covers the core of Binduli North,
including the full Janet Ivy resource as well as portions of the
Fort William, Karen Louise and Fort
Scott deposits (Figure 1).
In December 2020, Norton submitted
a Mining Proposal (prepared by Talis Consultants Pty Ltd) to the
Western Australian Environmental Protection Authority for the
permitting of the Binduli North heap leach expansion, which
proposed a 5Mtpa mining operation over 9 years from the Janet Ivy,
Fort William, Karen Louise and Fort
Scott pits.3 This Mining Proposal and an associated
Application for Works Approval were approved by the Department of
Water and Environmental Regulation on July
22, 2021 (Works Approval Number
W6504/2021/1).4
On August 1, 2021, Zijin announced
that the project design, application for permits and licenses and
other preparatory work for Binduli North have been completed and
that the construction had commenced in June
2021, that applications for permits and licenses for Binduli
South heap leaching project is being studied and taking place, that
after completion of all the Binduli construction work and upon
reaching designated production capacity, approximately 7 tonnes of
gold (approximately 225,000 ounces) can be produced in peak years,
that the total capital cost of the combined Binduli expansion
(5Mtpa Binduli North + 10Mtpa Binduli South) is A$462 million, and that investment in the project
during the first half of 2021 was RMB
0.43B (A$90
million).5
![Figure 1: Janet Ivy royalty tenure M26/446 in relation to Binduli North and Binduli South. (CNW Group/Vox Royalty Corp.) Figure 1: Janet Ivy royalty tenure M26/446 in relation to Binduli North and Binduli South. (CNW Group/Vox Royalty Corp.)](https://mma.prnewswire.com/media/1652255/Vox_Royalty_Corp__Vox_Provides_an_Update_for_the_Janet_Ivy_Gold_1.jpg)
Based on a Mining Proposal submitted to the Western Australian
EPA in December 2020, the Binduli
North expansion is a 5Mtpa heap leach project that is expected to
mine 41Mt @ 0.6g/t Au over a 9 year mine life. The project covers
the following royalty-linked deposits, that are approximately 85%
royalty linked:
For more information on Janet Ivy, please visit the Norton
website at https://nortongoldfields.com.au/janet-ivy/.
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 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 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, a summary 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 resource production
from the project, expectations regarding the size, quality and
exploitability of the resources associated with the project, future
operations and work programs of Vox's mining operator partner, the
receipt of future royalty payments derived from the royalty asset,
anticipated future cash flows and future financial reporting by Vox
and requirements for 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. 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 and Third-Party Information
Except where otherwise stated, certain disclosure in this press
release is based on information publicly disclosed by third parties
(including but not limited to mining project operators and
government departments) 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:
1
|
Zijin Mining Group
Co., Limited Hong Kong Stock Exchange News Release titled
"Announcement in relation to Plan to Expand Gold Production of
Longnan Zijin and Norton Gold Fields" dated 28 April 2020
https://www1.hkexnews.hk/listedco/listconews/sehk/2020/0428/2020042802915.pdf
|
2
|
Norton Gold Fields
Pty Ltd website:
https://nortongoldfields.com.au/janet-ivy/
|
3
|
Western Australia
Department of Mines, Industry Regulation and Safety:
https://geodocs.dmirs.wa.gov.au/Web/documentlist/9/EARS_regi_id/92737
|
4
|
Western Australia
Department of Water and Environmental regulation:
https://www.der.wa.gov.au/component/k2/itemlist/filter?fitem_all=binduli+north&array26%5B%5D=Works+approval&searchword34=5+-+Processing+or+beneficiation+of+metallic+or+non%E2%80%91metallic+ore&moduleId=94&Itemid=175
|
5
|
Zijin Mining Group
Co., Limited Hong Kong Stock Exchange News Release titled
"Unaudited Interim Results for the Six Months Ended 30 June
2021" dated 1 August 2021
https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0801/2021080100043.pdf
|
![Vox Royalty Logo (CNW Group/Vox Royalty Corp.) (CNW Group/Vox Royalty Corp.) Vox Royalty Logo (CNW Group/Vox Royalty Corp.) (CNW Group/Vox Royalty Corp.)](https://mma.prnewswire.com/media/1652257/Vox_Royalty_Corp__Vox_Provides_an_Update_for_the_Janet_Ivy_Gold_3.jpg)
SOURCE Vox Royalty Corp.