TORONTO,
Aug. 3, 2021 /CNW/ -
Vox Royalty Corp. (TSXV: VOX) ("Vox" or the
"Company"), a high growth precious metals focused royalty
company, is pleased to note the announcement by Thor
Explorations Ltd. (TSXV: THX) ("Thor") that on July 30, 2021, Thor completed its first gold pour
from its Segilola Gold Mine ("Segilola") in Nigeria.
Simon Cooper, Executive Vice
President of Corporate Development stated: "We are thrilled to
share this major milestone from Segilola with Vox shareholders.
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 three years. This achievement further strengthens
Vox's previously announced revised 2021 revenue guidance increase
of +100% to C$4,000,000-C$5,000,000. Vox congratulates the Thor team on
this monumental milestone at Segilola. We look forward to sharing
more updates with Vox investors on the Segilola asset as it moves
toward commercial production."
Thor expects that the process plant ramp-up at Segilola will
continue over the next six weeks with commercial production
targeted for September 2021. At
commercial production, Thor expects that the Segilola plant will
run at a processing rate of 715,000 tonnes per annum, targeting
c.85,000 ounces of gold per annum.
On September 10, 2020, Vox
acquired a 1.5% net smelter return royalty in respect of all
products mined from Segilola 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 commercial 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:
- The Segilola Gold Project mineral resource and reserves are
based on the following:
- 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.
- 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.
SOURCE Vox Royalty Corp.
