TORONTO, Dec. 13, 2021 /CNW/ - Vox Royalty Corp.
(TSXV: VOX) (OTCQX: VOXCF) ("Vox" or the
"Company"), a high growth precious metals focused royalty
company, is pleased to provide recent exploration updates from
royalty operating partners Quantum Graphite Limited (ASX: QGL)
("Quantum"), Develop Global Limited (ASX: DVP)
("Develop"), Silver Mines Limited (ASX: SVL) ("Silver
Mines") and ValOre Metals Corp. (TSXV:VO)
("ValOre").
Spencer Cole, Chief Investment
Officer stated, "This past month's exploration progress caps off
a record year of partner-funded exploration on Vox's royalty
projects with approximately 170,000 metres drilled across 18
separate projects. Based on operator guidance, Vox management
expects resource upgrades will be forthcoming for South Railroad,
Bowdens, Sulphur Springs, Pedra Branca, Pitombeiras and Kookynie
projects over the next 6 months. 2022 is shaping up to be another
tremendous year for organic royalty developments at Vox."
Key Exploration Updates
- Maiden mineral resource estimate for a new deposit at the Uley
graphite project by Quantum;
- Strong infill and exploration drilling results at the Sulphur
Springs copper-zinc project by Develop;
- High-grade drilling results at the Bowdens silver project by
Silver Mines; and
- Resource expansion drilling success at the Pedra Branca
platinum group metals ("PGM") project by ValOre.
Uley (Feasibility) – Maiden Resource Estimate for Uley 3
Deposit(1)
- Vox holds a 1.5% gross revenue royalty on the Uley graphite
project;
- On November 18, 2021, Quantum
announced:
-
- The maiden Mineral Resource Estimate ("MRE") for the
Uley 3 deposit following completion of the recent drilling
program;
- The MRE confirms the continuation of graphitic mineralisation
to the east of the Uley 2 deposit along strike to the north of
drillholes previously targeting the Eastern Conductor / Uley 3
geophysical anomaly; and
- The respective classification and resource tonnes for both Uley
3 and the Uley 2 deposits are set out below(1):
Resource(1)
|
Classification
|
Tonnes
(kt)
|
TGC
(%)
|
Density
(t/m3)
|
TGC
(kt)
|
Uley
3
|
Inferred
|
900
|
6.6%
|
2.1
|
59
|
|
Uley 3
Total
|
900
|
6.6%
|
2.1
|
59
|
Uley
2
|
Measured
|
800
|
15.6%
|
2.1
|
125
|
|
Indicated
|
4,200
|
10.4%
|
2.1
|
435
|
|
Inferred
|
1,300
|
10.5%
|
2.2
|
137
|
|
Uley 2
Total
|
6,300
|
11.1%
|
2.1
|
697
|
Uley Project
Total
|
Total
|
7,200
|
10.5%
|
2.1
|
757
|
- Vox Management Summary: The ongoing drilling success and
maiden mineral resource for the Uley 3 deposits continues to
demonstrate the considerable geological prospects for the Uley
graphite project. This resource update presents upside to the
proposed 8-year potential mine life included in the 2019 Uley
feasibility study.
Sulphur Springs (Pre-Construction) – Strong Drilling Results
& Potential Exploration Decline
- Vox holds a A$2/tonne production
royalty (A$3.7M royalty cap) on the
Sulphur Springs copper-zinc deposit and an effective uncapped
A$0.80/tonne production royalty on
the Kangaroo Caves deposit, which is part of the combined Sulphur
Springs project;
- On December 8, 2021, Develop
announced:
-
- It has recently completed a 20,000m, A$10M
drilling program at Sulphur Springs;
- It has received approximately 25% of the assays to date, which
shows outstanding infill drilling results, which point to a
significant increase in the Indicated Resource and identify a new
zone of zinc-rich mineralisation in the hanging wall of the main
deposits. Significant exploration intersections include:
-
- 49.0m @ 2.6% Cu-Equivalent
("CuEq") (0.8% Cu, 0.2% Pb, 6.0% Zn, 16.1g/t Ag & 0.4g/t
Au) from 232m (SSD132; West Lens
Exp);
- 8.0m @ 1.9% CuEq (0.3% Cu, 0.2%
Pb, 5.3% Zn, 27.6g/t Ag & 0.1g/t Au) from 300m (SSD144; West Lens Exp) ;
- 4.0m @ 2.3% CuEq (0.6% Cu,0.1%
Pb, 5.8% Zn, 28.7g/t Ag & 0.1g/t Au) from 244m (SSD134; West Lens Exp);
- 20.0m @ 7.5% Zn, 0.4% Cu, 0.6%
Pb, 36.5g/t Ag & 0.2g/t Au (2.8% CuEq1) from 208m (SSD134; H/W Zinc) ;
- 20.0m @ 7.2% Zn, 0.3% Cu, 0.4%
Pb, 26.4g/t Ag & 0.2g/t Au (2.6% CuEq1) from 236m (SSD144; H/W Zinc) ;
- 8.0m @ 5.5% Zn, 0.1% Cu, 0.5% Pb,
30.1g/t Ag & 0.3g/t Au (1.8% CuEq1) from 236m (SSD133; H/W Zinc) ;
- The strength of the results has prompted Develop to start a
review of the mine plan to consider the merits of establishing an
underground operation ahead of the open pit;
- As part of the strategy, Develop may establish a 1,500m exploration decline in 2022 to accelerate
drilling from underground, at an expected cost of A$7.5M – A$8.5M
funded from existing cash reserves; and
- The outstanding drilling results from this campaign will help
underpin a resource upgrade, which will be done in parallel with
the strategic review of the mine plan, with the results of both
expected to be released in the middle of 2022.
- Vox Management Summary: These strong drilling results at
Sulphur Springs continue to support Vox's confidence in the
development likelihood of this growing Australian copper-zinc
project. We eagerly anticipate the release of the remaining 75% of
the drilling assays over the coming months and expect a significant
resource upgrade and a potential construction decision in
mid-2022.
Bowdens (Feasibility) – High-Grade 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 December 3, 2021, Silver Mines
announced:
-
- Drilling of the 30,000m resource
program at the Bowdens silver project continues with wide and
high-grade results returned from the Bundarra Zone;
-
- BD21035: 14.2m @ 374g/t silver
equivalent (36g/t silver, 4.86% zinc, 2.35% lead and 0.23g/t gold)
from 238 metres,
- Including: 4.6m @ 694g/t silver
equivalent (72g/t silver, 8.76% zinc, 4.40% lead and 0.49g/t gold)
from 245.4 metres;
-
- New quartz-sulphide vein style of high-grade mineralisation
intersected: 3m @ 437g/t silver
equivalent (52g/t silver, 5.57% zinc, 0.50% lead and 1.14g/t gold)
from 294.4 metres, including: 1.4 metres @ 749g/t silver equivalent
(78g/t silver, 9.14% zinc, 0.87% lead and 2.36g/t gold) from 296
metres;
- BD21036: 9m @ 296g/t silver
equivalent (29g/t silver, 3.23% zinc, 1.86% lead and 0.55g/t gold)
from 300.7m, including:
-
- 1.5m @ 470g/t silver equivalent
(48g/t silver, 5.55% zinc, 3.69% lead and 0.30g/t gold) from
301.5m;
- 1m @ 615g/t silver equivalent
(67g/t silver, 4.65% zinc, 3.32% lead and 2.58g/t gold) from
308m; and
- Drilling will continue into 2022 with four rigs operational to
deliver a maiden underground Mineral Resource estimate as part of
the initial scoping study of underground mining scenarios.
- Vox Management Summary: These high-grade drilling results
indicate that the 2022 underground scoping study, which supplements
the feasibility-stage open pit project scope that is in final
permitting phase, has strong potential to unlock meaningful
incremental value for Vox's Bowdens royalty.
Pedra Branca (PEA stage) – Ongoing Resource Expansion
Drilling Success
- Vox holds a 1.0% net smelter return royalty on the Pedra Branca
PGM project, the largest PGM deposit in South America according to ValOre;
- On November 24, 2021, ValOre
announced:
-
- 20 holes drilled totaling 2,316m,
with a primary focus of resource expansion;
- All 20 completed holes intercepted the target ultramafic ("UM")
intrusion, with assays received in full, and notable PGE intercepts
returned in 16 of 20 core holes;
- Newly received near surface PGE interval highlights
include:
-
- 127m @ 0.85g/t palladium +
platinum + gold ("g/t 2PGE+Au") from 39m, incl. 27m @
2.25 g/t 2PGE+Au from 55m in
drillhole DD21SA42;
- 53m @ 1.19g/t 2PGE+Au from
2.0m, incl. 20m @ 2.13 g/t 2PGE+Au from 29m in drillhole DD21SA34;
- 22m @ 2.64g/t 2PGE+Au from
18m, incl. 6.0m @ 5.32 g/t 2PGE+Au from 29m in drillhole DD21SA37;
- 20m @ 1.67g/t 2PGE+Au from
40m in drill hole DD21SA33;
- Drill-confirmed PGE mineralization along the trend has
increased in strike length from 215m
to over 600m;
- Continuity of geology and PGE grade has been established
between Northwest Target ("NW") and resource area, with 8 positive
NW drill holes spaced ~60-90m apart;
and
- Broad trends of near-surface PGE mineralization remain largely
open.
- Vox Management Summary: These drilling results are some of
the broadest mineralised intersections drilled at Pedra Branca over
the last few years and pave the way for a resource update in 2022.
Vox management remains highly confident that the Pedra Branca
deposit will continue to grow in 2022.
Qualified Person
Timothy J. Strong, MIMMM, of
Kangari Consulting LLC 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 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 construction at and
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,
requirements for regulatory approvals and the ability and intention
of the Company to make a normal course issuer bid and to repurchase
its common shares for cancellation.
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.
References & Notes:
(1)
|
See below for
information on the Uley Mineral Resource Estimate:
|
|
a.
|
The Uley 3 and Uley 2
Project Mineral Resource Estimates are dated 18 November 2021 and
can be found at this link:
https://quantumgraphite.wp.gate.com/wp-content/uploads/2021/11/Uley-3-Drill-Program-results-in-Mineral-Resource-Estimate-18Nov2021.pdf
|
|
b.
|
The November 2021
Uley 3 and Uley 2 Project Mineral Resource Estimates has been
classified and reported in accordance with the 2012 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves" ("JORC Code, 2012").
|
|
c.
|
The Uley 3
mineralization wireframes were constructed using cross-sectional
interpretations based on mineralized envelopes with an approximate
2% Total Graphitic Carbon ("TGC") cut-off, while the Uley 2
Mineral Resource was based on optimization studies that supported a
cut-off grade for resource reporting of 3.5% TGC.
|
|
d.
|
The information in
this press release that relates to the Uley 3 Exploration Results
and Mineral Resource estimate is based on information compiled by
Mrs. Vanessa O'Toole who is a Member of the Australasian Institute
of Mining and Metallurgy (MAusIMM) and has sufficient experience
which is relevant to the style of mineralisation and type of
deposit under consideration and to the activity to which she is
undertaking to qualify as a Competent Person as defined in JORC
Code, 2012.
|
SOURCE Vox Royalty Corp.