Vox Royalty (TSX-V:VOX) Corp provided an update on its global royalty portfolio with new developments on promising projects geared for production.
Toronto-based Vox holds a portfolio of more than 50 royalties and streams across eight different jurisdictions.
In the update, Vox told shareholders that construction has begun on an expansion project at the Janet Ivy mine in Western Australia.
The Binduli North expansion project is expected to be the largest heap leach project in Australia, according to Vox, which holds a A$0.50 per tonne production royalty on the project, owned by Zijin Mining subsidiary Norton Gold.
Vox said that the royalty has the potential to generate A$1.5 million to A$2.5 million in annual revenues from Binduli North production on average across the life of mine, assuming a target production rate of five million tonnes per annum.
In other news, Vox said that a scoping study has begun on underground mining scenarios at the Bowdens project, where it holds a 0.85% gross revenue royalty and a 1% gross revenue royalty on the silver-lead-zinc project.
The scoping study “presents volume and royalty revenue upside to the June 2018 feasibility study results, which imply, based on management assumptions, a 16-year mine life generating annual open pit royalty revenues of A$1 million to A$1.5 million on average during the life of mine,” Vox said in a statement.
Other positive developments include a 45% increase in mineral resource estimates at the Pitombeiras vanadium-iron ore project, where Vox holds a 1% net smelter royalty, and an extensive drill program underway at the Sulpher Springs project, where it holds a A$2 per tonne production copper-zinc royalty and an effective A$0.80 per tonne production royalty on an adjoining deposit.
Commenting on the developments in the company’s portfolio, Vox’s executive vice president, Australia, Riaan Esterhuizen said: “The last month has delivered a significant number of value enhancing organic developments for our royalty properties, most notably the commencement of construction at the A$462 million Binduli heap leach expansion project by Norton Gold. This Binduli expansion was the key near-term catalyst that Vox management anticipated when we acquired the Janet Ivy royalty in March 2021.”
Esterhuizen added: “Additional engineering study progress at Bowdens and Pitombeiras, combined with drilling success across numerous properties capped off a very exciting month for our royalty projects.”
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