GEORGE TOWN, Cayman Islands,
May 27, 2021 /CNW/ - Vox
Royalty Corp. (TSXV: VOX) ("Vox" or the
"Company"), a high growth precious metals focused royalty
company, is pleased to provide recent exploration updates from
royalty operating partners Norwest Minerals Limited (ASX: NWM)
("Norwest"), Metalicity Limited (ASX: MCT)
("Metalicity"), Jangada Mines plc (LON: JAN)
("Jangada"), Genesis Minerals Limited (ASX: GMD)
("Genesis") and Kalamazoo Resources Limited (ASX: KZR)
("Kalamazoo").
![Vox Royalty Corp. Logo (CNW Group/Vox Royalty Corp.) Vox Royalty Corp. Logo (CNW Group/Vox Royalty Corp.)](https://mma.prnewswire.com/media/1519639/Vox_Royalty_Corp__Vox_Provides_Exploration_Updates_From_Operatin.jpg)
Riaan Esterhuizen, Executive Vice
President – Australia stated,
"Since April 1, 2021, our royalty
operating partners have announced more than 80,000m of drilling planned for 2021 and that
multiple resource updates and new engineering studies are expected
to be released – all of which continue to de-risk future royalty
revenue for Vox shareholders. We are particularly excited to share
bonanza- and high-grade gold drilling results across multiple,
separate projects, including 3m @
30g/t at Bulgera and 3m @ 19g/t at
Kookynie/McTavish. These drilling results indicate strong potential
for royalty-linked economic mineralisation at relatively shallow
depths."
Summary of Exploration Updates
- High-grade drilling results at the Bulgera gold project by
Norwest;
- High-grade drilling results and maiden resource estimate at the
Kookynie gold project by Metalicity;
- Resource update and revised Preliminary Economic Assessment
("PEA") expected Q3 2021 for the Pitombeiras vanadium
project by Jangada;
- Capital raising to fund feasibility study and 65,000m of drilling at the Kookynie gold project
by Genesis; and
- Commencement of 12,000m drill
program at the Ashburton gold project by Kalamazoo.
Bulgera (Exploration) – High Grade Drilling Results
- Vox holds a 1% net smelter royalty over the Bulgera gold
project, acquired in February
2021;
- On April 30, 2021, Norwest
announced that it had completed 5,000m of Reverse Circulation ("RC")
drilling during the first quarter of 2021, which was designed to
test for high-grade gold mineralisation extending below the
historical Bulgera and Mercuri open pits;
- On May 11, 2021, Norwest
announced that final gold assay results from the first quarter
drilling resulted in new high-grade gold intersections reporting as
follows:
-
- 16m @ 7.3g/t Au (including
3m @ 30.3g/t Au) from 194m in BRC21015 with hole finishing in 18.5g/t
gold mineralisation at 210m; and
- 6m @ 11.8g/t Au (including
3m @ 22.4g/t Au) from 218m in BRC21013.
- Vox Management Summary: These Bulgera drilling
results are much higher than average Australian gold mining grades
of 1 – 2g/t open pit and 3 – 5g/t underground, which increases the
probability of development and future royalty cashflow potential
from a low-cost royalty acquired by Vox in 2021.
Kookynie (Advanced Exploration) – High Grade Drilling Results
and Maiden McTavish Resource
- Vox holds a A$1/t ore production
royalty (with gold grade escalator1) on part of the
Kookynie gold project held by Metalicity;
- On May 24, 2021 Metalicity
announced first drilling results from the 2021 Drilling Program at
the royalty-linked McTavish Prospect which comprised 1,758m drilled across 28 holes year to date:
-
- McTRC0044 included 3m @ 19.1g/t
Au from 88m (including 1m @ 52.8g/t Au from 89m)
- Intercept is directly down plunge of previous high-grade hits
of:
-
- McTRC0005 of 5m @ 17.9g/t Au from
48m (including 1m @ 80.2g/t Au)
- McTRC0001 of 4m @ 6.4g/t Au from
67m (including 1m @ 15.47g/t Au)
- According to Metalicity, the McTavish Prospect is now thought
to extend along strike for 2km to the south of the Leipold Prospect
creating a significant mineralisation opportunity; and
- A maiden initial JORC Resource Estimate is underway for the
McTavish Prospect, which is situated on a mining lease.
- Vox Management Summary: These McTavish drilling results are
much higher than average Australian gold mining grades. The
upcoming initial resource estimate for McTavish will provide an
indication on the potential size of the gold deposit covered by the
royalty, which is a value-enhancing milestone for any mining
project seeking to transition from exploration to
production.
Pitombeiras (PEA Stage) – PEA Update and Drilling
update
- Vox holds a 1% net smelter royalty over the Pitombeiras
vanadium-iron ore project;
- On May 4, 2021, Jangada announced
additional drilling results and an updated mineral resource and PEA
timing:
-
- 22 drill holes for 1,466m
completed with 18 holes intersecting vanadiferous titanomagnetite
mineralisation;
- Upgraded and expanded Mineral Resource Estimate and revised PEA
scheduled for completion in Q3 2021; and
- PEA focus is on evaluating a Direct Shipping Ore operation for
the export of a saleable magnetite concentrate containing a minimum
of 62% Fe and additional credit from 25% contained V2O5.
- Vox Management Summary: Vox assumed the Pitombeiras
royalty in 2019 when the Pitombeiras claims were split from the
Pedra Branca PGM project claims. As previously disclosed on
April 6th, the PEA update
will give Vox shareholders visibility around potential near-term
life of mine royalty revenues and potential to commence production
as early as Q1 2022.
Kookynie (Pre-Feasibility) – Equity Raising for Feasibility
and 65,000m Drilling
- Vox holds a A$1/t production
royalty (>650Kt cumulative ore mined and treated) on part of the
Kookynie gold project;
- On April 22, 2021, Genesis
announced that:
-
- It has received firm commitments for a A$10M equity raise plus an additional
A$1M to be raised under a Share
Purchase Plan. The funds raised will be used to advance exploration
activities, finalise a Feasibility Study and progress Genesis'
Ulysses Project towards a development decision in Q4 2021;
- A planned 40,000m RC and diamond
drilling program, focussed on resource growth, across Genesis'
multiple projects, including the royalty-linked Puzzle North
deposit; and
- A 25,000m AC drilling program
will also commence in the June quarter to focus on the 15km of
strike of the Ulysses-Orient Well corridor and the 6km strike of
the royalty-linked Puzzle granite-greenstone contact.
- Vox Management Summary: It is rare for listed explorers with
a market capitalisation <$150M
such as Genesis to drill more than 20,000m annually. This substantial 65,000m drilling program increases the
probability of new discoveries on Vox's Kookynie royalty claims,
without any capital commitment from Vox.
Ashburton (Exploration) – 12,000m Resource Expansion Drilling
- Vox holds a 1.75% gross revenue gold royalty (>250koz
cumulative production) on the Ashburton gold project; and
- On May 3, 2021, Kalamazoo
announced that its Phase 2 drilling program at Ashburton is
underway, which the program consists of a combination of RC and
Aircore drilling. The approximate 12,000m drill program will focus on increasing
the resource base.
- Vox Management Summary: Despite hosting a substantial gold
resource, the Ashburton project had less than A$5M in exploration expenditure by Northern Star
Resources between 2015 – 2020 prior to Kalamazoo acquiring the
project as their flagship asset. This 12,000m drilling program increases the
probability of the gold resource base expanding and supports
Kalamazoo's ongoing development studies for Ashburton.
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 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".
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 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 and future royalty payments derived from various
royalty assets of Vox.
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 of a property.
Technical
References & Notes:
|
(1)
|
Royalty = A$1 / Tonne
(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)
|
SOURCE Vox Royalty Corp.