TORONTO , Oct. 4, 2022
/CNW/ - Vox Royalty Corp. (TSXV: VOX) (OTCQX:
VOXCF) ("Vox" or the "Company"), a returns
focused mining royalty company, is pleased to provide recent
development and exploration updates from royalty operating partners
Zijin Mining Group Co., Ltd. (HKSE: 2899) ("Zijin Mining"),
Silver Mines Limited (ASX: SVL) ("Silver Mines"), Develop
Global Limited (ASX: DVP) ("Develop"), and Kalamazoo
Resources Ltd. (ASX:KZR) ("Kalamazoo").
Riaan Esterhuizen, Executive Vice
President – Australia commented:
"The past month has seen exciting developments including first
production from the Binduli gold expansion, resource updates at
Bowdens and Sulphur Springs and guidance on key engineering studies
for Sulphur Springs and Ashburton in the coming months. The growing
Bowdens mineral resource now exceeds 315 million ounces of silver
equivalent, a globally significant silver deposit, which is
currently undergoing final development approvals. These specific
developments and construction activities at other key Australian
gold royalty projects such as Otto
Bore and Mt Ida continues to support Vox management
confidence in upcoming revenue growth potential."
Key Updates
- Construction has been completed and production has commenced at
the Binduli North A$283 million heap
leach expansion project covered by the Janet Ivy royalty, released
by Zijin Mining;
- A maiden underground silver resource estimate has been released
at the Bowdens project and exceptional gold drilling results have
been announced by Silver Mines;
- Sulphur Springs resource estimate upgraded and development
catalysts have been announced by Develop, including an updated
definitive feasibility study scheduled to be completed in early
2023; and
- Cornerstone investment secured by Kalamazoo to accelerate gold
growth strategy and completion of a scoping study scheduled for Q4
2022 on the Ashburton gold project.
Janet Ivy (Producing – Western
Australia) – Binduli North Commissioning & First
Production
- Vox holds a A$0.50/tonne
production royalty over the Janet Ivy gold mine in Western Australia;
- On August 14, 2022, Zijin Mining
Group announced:
-
- The low-grade heap leaching project of the Binduli North Gold
Mine of Norton in Australia
conducted loaded commissioning during the quarter;
- The Binduli North project completed construction and commenced
production on June 28, 2022; and
- Zijin's total capital expenditure forecast for the combined
Binduli Gold Mine (North & South) is
A$462 million, of which approximately
A$283 million has been invested at
Binduli North to date.
- After completion of all the construction work at Binduli North
and South, the designated total production capacity will be
approximately 7 tonnes of gold (~225,000 ounces) in peak
years.
- Vox Management Summary: Since Vox acquired the Janet Ivy
gold royalty for A$6M in March-2021,
the project operator has invested approximately A$283 million to expand the Binduli mine into
Australia's largest gold heap
leach operation. This Binduli expansion is expected to unlock
annual royalty revenues of up to A$2.5M over an estimated 10-year mine
life.
Bowdens (Development – New South
Wales, Australia) – Maiden Underground Silver Resource &
Gold Drilling Results
- Vox holds a 0.85% gross revenue royalty on the Bowdens
silver-lead-zinc project and a 1% gross revenue royalty over
surrounding regional exploration tenure;
- On September 5, 2022, Silver
Mines announced:
-
- Maiden Mineral Resource estimate declared for Bowdens Silver
Underground (at a 150g/t AgEq cut-off)1:
-
- Measured: 1.55Mt @ 139g/t Ag, 0.8% Zn, 0.7% Pb and 0.1g/t Au or
212g/t silver equivalent (AgEq);
- Indicated: 2.01Mt @ 55g/t Ag, 2.0% Zn, 1.1% Pb and 0.3g/t Au or
217g/t AgEq;
- Inferred: 2.81Mt @ 26g/t Ag, 2.3% Zn, 1.0% Pb and 0.4g/t Au or
202g/t AgEq;
- The estimate lies directly underneath the Open Cut Mineral
Resource, itself standing at 275 million ounces silver equivalent
(including 97 million ounces silver equivalent Ore Reserve)
currently undergoing final development approvals2;
and
- Silver Mines Managing Director, Anthony
McClure stated, "Since the discovery of the three zones
directly under the planned open pit, the drill-out has been hugely
successful. The potential for a contiguous underground operation,
in addition to the planned open pit operation, has firmed
significantly as we further prove this large mineral system. We
will now move to the completion of the underground mining scoping
study."
- On September 12, 2022, Silver
Mines announced the following significant gold
intercepts:
-
- Most significant gold intercept returned to date from Bowdens
(BD22029)2:
-
- 131m @ 0.49 g/t Au, 16 g/t Ag and
0.25% Zn (0.92 g/t gold equivalent) from 65m;
- 32.6m @ 1.37 g/t Au, 31 g/t Ag
and 0.38% Zn (2.09 g/t gold equivalent) from 92.4m;
- Gold intercept within new Southern Gold Zone located at the
southern extent of the planned open pit; and
- Silver Mines Managing Director, Anthony
McClure stated, "Although Mineral Resources at Bowdens
now totals over 315 million ounces of silver equivalent, both the
open pit and underground resource areas remain open. In addition,
it is very encouraging to now see a higher tenor of gold in the
system as we move south and east."
- Vox Management Summary: This upgraded resource estimate at
Bowdens now exceeds 315 million ounces of silver equivalent making
the project a globally significant silver deposit. Recent gold
discoveries at Bowdens present considerable economic upside that is
covered by our two royalties. Vox management eagerly awaits the
completion of the underground scoping study and final development
approvals at Bowdens.
Sulphur Springs (Feasibility – Western Australia) – Resource Upgrade &
Feasibility Timing Update
- Vox holds a A$2.00/tonne
production royalty (capped at A$3.7M)
on the Sulphur Springs copper-zinc deposit and an uncapped
A$0.80/tonne production royalty on
the Kangaroo Caves deposit, which is part of the combined Sulphur
Springs project in Western
Australia;
- On September 6, 2022, Develop
announced the following key project updates:
-
- Updated Mineral Resource Estimate completed for Sulphur Springs
Deposit3:
-
- 13.8Mt @ 5.7% Zn, 1.1% Cu, 0.3% Pb, 22.5 g/t Ag & 0.2 g/t
Au (9.3% ZnEq);
- Contained metal increased to 786Kt Zn, 153Kt Cu & 10.4Moz
Ag (~1.3Mt ZnEq1)
- An updated Definitive Feasibility Study is underway, scheduled
for completion in early 2023;
- A follow-up infill and resource drilling program is
underway;
- The underground mine and open pit are being redesigned based on
the updated resource model ahead of an updated ore reserve expected
early 2023;
- Metallurgical test work is almost completed and project
costings are being updated by early 2023; and
- The objective is to have the Sulphur Springs project 'shovel
ready' by the middle of 2023, with a view to advancing financing
options in the second half of 2023.
- Vox Management Summary: The high-grade Sulphur Springs
copper-zinc project has been fundamentally rescoped by Develop's
new management team led by Northern Star Resources Ltd. founder
Bill Beament. The combination of
this larger resource and impending feasibility study update gives
Vox management confidence that there is strong potential for a
construction decision in late 2023.
Ashburton (Exploration – Western
Australia) – Cornerstone Investment & Development Study
Update
- Vox holds a 1.75% gross revenue royalty (>250koz cumulative
production) on the Ashburton gold project in Western Australia;
- On August 29, 2022, Kalamazoo
announced:
-
- A$3.0 million cornerstone
investment by New York-based
growth capital asset management firm Lind Partners to accelerate
Kalamazoo's gold & lithium growth strategies;
- Completion of the Ashburton development Scoping Study is
scheduled for Q4 2022 (previously expected Q3 2022), which Vox
management expects will target an annual production rate of
approximately 100,000oz;
- Plans continue to progress Phase 3 exploration and drilling at
Ashburton; and
- Kalamazoo has a stated goal at Ashburton to "focus on
near-mine and regional exploration to push past 2Moz".
- Vox Management Summary: Despite challenging equity market
conditions, Kalamazoo has successfully secured strategic financing
to progress Ashburton resource expansion drilling towards a 2Moz
target and near-term development studies. The release of the
scoping study in Q4 2022 will be a key milestone to determine the
potential development pathway for Ashburton.
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 returns focused mining royalty 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 target the
highest returns on royalty acquisitions in the mining royalty
sector. Since the beginning of 2020, Vox has announced over 20
separate transactions to acquire over 50 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)
|
The information in this
announcement relating to maiden mineral resources at the Bowdens
Silver Project is based on work complied by Mr Arnold van der
Heyden who is a Director of H & S Consultants Pty Ltd. Mr van
der Heyden is a member and Chartered Professional (Geology) of the
Australian Institute of Mining and Metallurgy and is stated to have
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 if the 'Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves' (JORC
code).
|
(2)
|
The information in this
announcement relating to gold intercepts and mineral exploration at
the Bowdens Silver Project is based on information compiled by the
Bowdens Silver team and reviewed by Dr Darren Holden who is stated
to be an advisor to the company. Dr Holden is a Fellow of the
Australasian Institute of Mining and Metallurgy (AusIMM) and is
stated to have sufficient experience this 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 'Australsian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves' (JORC
code).
|
(3)
|
The information
contained in this announcement relating to the Sulphur Springs
Resources is based on information compiled or reviewed by Ms
Jillian Irvin of Entech Pty Ltd who is a Member of the Australian
Institute of Geoscientists. Ms Irvin is stated to have sufficient
experience relevant to the style of mineralisation, type of deposit
under consideration and to the activity being undertaking to
qualify as Competent Persons as defined in the 2012 – Refer Edition
of the "Australasian Code for Reporting of Mineral
Resources".
|
SOURCE Vox Royalty Corp.