Figure 1: Target corridors at the East Preston Uranium Project, Western Athabasca Basin Saskatchewan
Figure 1: Target corridors at the East Preston Uranium Project, Western Athabasca Basin Saskatchewan
Figure 1: Target corridors at the East Preston Uranium Project, Western Athabasca Basin Saskatchewan
Figure 2: 2021 Drill Target areas at the East Preston Uranium Project
Figure 2: 2021 Drill Target areas at the East Preston Uranium Project
Figure 2: 2021 Drill Target areas at the East Preston Uranium Project
Figure 3: 2021 Radiometric survey coverage at East Preston Uranium Project
Figure 3: 2021 Radiometric survey coverage at East Preston Uranium Project
Figure 3: 2021 Radiometric survey coverage at East Preston Uranium Project
Figure 4: Project Location – Western Athabasca Basin, Saskatchewan, Canada
Figure 4: Project Location – Western Athabasca Basin, Saskatchewan, Canada
Figure 4: Project Location – Western Athabasca Basin, Saskatchewan, Canada
VANCOUVER, British Columbia, Sept. 07, 2021 (GLOBE NEWSWIRE) — AZINCOURT ENERGY CORP. (“Azincourt” or the “Company”) (TSX.V: AAZ, OTC: AZURF), is pleased to report the completion of the airborne radiometric survey and provide an update on preparations for the upcoming 2021-2022 drill program at the East Preston uranium project, located in the western Athabasca Basin, Saskatchewan, Canada.
The primary target area for the 2021-2022 program continues to be the conductive corridor from the A-Zone through to the G-Zone (Figures 1 and 2). The selection of this trend is based on a compilation of results from the 2018 through 2020 ground-based EM and gravity surveys, property wide VTEM and magnetic surveys, and the 2019 through 2021 drill programs. The 2020 HLEM survey completed in December indicates multiple prospective conductors and structural complexity along the eastern edge of this corridor.
Airborne Radiometric Survey Complete
Terralogic Exploration Inc. was contracted to facilitate an airborne radiometric survey over the previously unsurveyed southern portion of the property and conduct field investigations of resulting anomalies. Special Project Inc. (SPI) of Calgary, Alberta conducted the survey using a fixed wing aircraft to complete the airborne radiometric survey, which consisted of 2,514 km of survey lines flown at a low minimum altitude and 50 m line spacing to ensure good data collection and a high survey resolution. The survey commenced on August 4th and was completed by August 14th. Preliminary results have been received (Figure 3) and ground-based follow-up of identified anomalies is currently underway.
An airborne radiometric survey uses a gamma ray scintillometer mounted on an airborne platform to measure and map the natural radiation emitted by the rocks and soil the aircraft is flying over. Gamma radiation occurs from the natural decay of elements such as uranium, thorium, and potassium. Locations that have a higher radiation signature (anomalies) than the normal values for the surrounding area (background) would then be examined by crews on the ground for the potential presence of radioactive bedrock if there is not much glacial till cover, or boulders in the till that could be traced back to a source. Many uranium deposits in the Athabasca Basin, including the nearby Triple-R deposit, have been found by following trails of radioactive boulders in the glacial till back to their source.
“The radiometric survey coverage has further highlighted the G-zone and the Q-zone to the east, reinforcing our decision to focus on these conductive packages at this stage of the project. I’m eager to see what boots on the ground may yet show based on these results,” said VP, Exploration, Trevor Perkins.
Updated Exploration Plans
The planned early fall diamond drilling program to complete approximately 1,000 meters of drilling remaining from the shortened winter 2021 program has been rescheduled after consultation with local communities and contractors. As a result, this meterage will be used to further expand the upcoming extensive winter drill program. This program will now consist of approximately 7,000 meters in 30-35 drill holes. Preparations are set to begin in early December. Target selection is ongoing and will be refined based on the ground-based follow-up of anomalies identified from the recently completed airborne survey.
“We don’t want our activities to negatively impact traditional activities by members of the local communities in the area at this critical time of year. There are number of concerns, including the impact of this summer’s heightened fire conditions on the environment,” said VP Exploration, Trevor Perkins. “In consideration of this, we made the decision in consultation with the community to push the scheduled 1000 meters out 90 days into an expanded winter program, which is due to commence in December. We are looking forward to the upcoming drill campaign,” continued Mr. Perkins.
“The radiometric survey has successfully increased our potential target inventory at East Preston,” said Alex Klenman, President and CEO. “In addition, in a matter of weeks we’ll be starting the largest drill campaign yet at East Preston. We are heading towards discovery, with all previous work programs contributing critical data and creating what is now a very compelling exploration case. With renewed life in the sector, our timing appears to be really good. The next couple of years could be very exciting for both the Company and our shareholders,” continued Mr. Klenman.
Permits and funding are in place to complete all the planned work through the winter of 2022, and consultations and information sessions with local communities will continue throughout.
Figure 1: Target corridors at the East Preston Uranium Project, Western Athabasca Basin Saskatchewan
Azincourt controls a majority 70% interest in the 25,000+ hectare East Preston project as part of a joint venture agreement with Skyharbour Resources (TSX.V: SYH), and Dixie Gold. Three prospective conductive, low magnetic signature corridors have been discovered on the property. The three distinct corridors have a total strike length of over 25 km, each with multiple EM conductor trends identified. Ground prospecting and sampling work completed to date has identified outcrop, soil, biogeochemical and radon anomalies, which are key pathfinder elements for unconformity uranium deposit discovery.
The East Preston Project has multiple long linear conductors with flexural changes in orientation and offset breaks in the vicinity of interpreted fault lineaments – classic targets for basement-hosted unconformity uranium deposits. These are not just simple basement conductors; they are clearly upgraded/enhanced prospectivity targets because of the structural complexity.
The targets are basement-hosted unconformity related uranium deposits similar to NexGen’s Arrow deposit and Cameco’s Eagle Point mine. East Preston is near the southern edge of the western Athabasca Basin, where targets are in a near surface environment without Athabasca sandstone cover – therefore they are relatively shallow targets but can have great depth extent when discovered. The project ground is located along a parallel conductive trend between the PLS-Arrow trend and Cameco’s Centennial deposit (Virgin River-Dufferin Lake trend).
Qualified Person
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed on behalf of the company by C. Trevor Perkins, P.Geo., Vice President, Exploration of Azincourt Energy, and a Qualified Person as defined by National Instrument 43-101.
About Azincourt Energy Corp.
Azincourt Energy is a Canadian-based resource company specializing in the strategic acquisition, exploration, and development of alternative energy/fuel projects, including uranium, lithium, and other critical clean energy elements. The Company is currently active at its majority controlled joint venture East Preston uranium project in the Athabasca Basin, Saskatchewan, Canada, and the Escalera Group uranium-lithium project located on the Picotani Plateau in southeastern Peru.
ON BEHALF OF THE BOARD OF AZINCOURT ENERGY CORP.
“Alex Klenman” Alex Klenman, President & CEO
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This press release includes “forward-looking statements”, including forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Azincourt. Investors are cautioned that any such statements are not guarantees of future performance and that actual results or developments may differ materially from those projected in the forward-looking statements. Such forward-looking information represents management’s best judgment based on information currently available. No forward-looking statement can be guaranteed, and actual future results may vary materially.
Joining us for conversation is Kyle Floyd, the CEO and Chairman of Vox Royalty(TSX.V: VOX | OTCQX: VOXCF). Sir, it’s a pleasure to speak with you today, as we deep dive into the value proposition of Vox Royalty, which offers a smart way to invest in commodities. Before we begin, Mr. Floyd, please introduce us to Vox Royalty and the opportunity the company presents to shareholders.
Kyle Floyd:
Vox Royalty Corp has been around since 2014. Our business model focuses on buying third-party royalties, which we believe is the most value-enhancing way to play the commodity sector. And so, we have built what is the fastest-growing royalty company on the planet. We also believe one of the royalty companies trading at the most attractive valuations, and we have a management team and business entirely engaged and finding deep value by buying these third-party royalties all around the world. And we’ve been very, very successful in building Vox Royalty for our investors over the last eight years.
Maurice Jackson:
Before we take a step forward, let’s take a step back. What are some of the merits of royalty companies for shareholders?
Kyle Floyd:
Well, royalty companies offer a better risk-adjusted way to play commodity exposure. And there are a couple of key reasons for that. Royalties typically are revenue interests essentially that run with the mining assets. And so you take a top-line percentage interest in these projects. You’re not exposed to a lot of the costs and the risks that these mining companies face, which can be quite significant. If there’s a cost overrun, the royalty company gets to continue to generate its revenue from the project without having to fund any of the projects or being diluted. If that underlying entity needs to raise capital.
The other costs that the mining that the roads and conveys are not associated with the mining companies face are the general input costs, the variable cost structure, whether it’s for fuel people, you name it, all the inputs that go into mining companies, all those costs are increasing and royalty companies are exposed to that.
The other benefit, then, on the upside is there’s a lot of diversification you get from royalty companies. Vox Royalty has 5 production stage assets going to 10 production stage assets and beyond means that we’re diversified across a suite of assets. And so we don’t have single asset risks that you have in a lot of mining companies. So a lot less risk, but a lot of the same upside, if not better upside that you realize in mining companies in the form of metal prices going up helps increase the value of royalty companies, increase in production, increases in reserves, increasing resources. All of that goes to fuel royalty company growth. And we’re not on the hook for any of those costs in terms of building out those assets further. So that’s a quick synopsis on why we’re so bullish on royalties and we believe that’s backed up in the market as well to companies that outperform for the better part of the last two decades.
Maurice Jackson:
One of the virtues of royalty companies, several embedded optionality. And speaking of royalties, to truly appreciate the value proposition of Vox Royalty, Mr. Floyd, what is a royalty juxtaposed to a stream? We hear those terms often, but they get co-mingled, but they’re not the same.
Kyle Floyd:
That’s a great question. Royalties are these third-party interests. So, interest not held by the operating party of the mining company, they’re the prospector or the junior mining company or the family that owned a ranch that sold the asset eventually to the mining company and typically retained a royalty, which was that right in the upside of revenue generated for these mines typically for the life of those mines. A stream is a structure where you’re typically financing a mining company, and the counterparty is the mining company. You’re giving them capital and in return, you are taking a percentage of a certain metal that’s generated from that opportunity.
And you’re continuing to remit payments to get that metal over the life or over the term of that commercial arrangement. The big difference is typically on streams. You’re giving money to a mining company, so you need them to meet capital versus our royalty model. We’re not giving money to the mining company. We’re purchasing a right held by a third party. And typically those are non-core assets for these groups. Therefore, we’re not restricted by mining companies needing capital to find really interesting deals for our investors.
Maurice Jackson:
Now that we have a better understanding of the merits of royalty companies, Mr. Floyd, what differentiates Vox Royalty?
Kyle Floyd:
There are a few things that differentiate Vox Royalty and we built a business model to be differentiated, to offer better risk-adjusted exposure for investors. And one of the key differentiators is we focus exclusively on buying third-party royalties. We don’t compete at the big end of town trying to finance multi-billion dollar projects with streams. Our niche is finding third-party royalties all over the globe. We have a database that has 8,000 proprietary royalties that provide us a roadmap for finding great royalties in jurisdictions that range from West Africa to Australia, to North America, to South America. And we use a technical team made up of mining engineers and geologists that help screen for good projects that have these amazing royalties over them. And then we connect with these owners of these projects, with our deal sourcing agents all around the world to be able to transact on these opportunities.
Vox Royalty built this ecosystem, this business model around finding third-party royalties, where we think the best value is generated. And if you look at the historical returns of the Franco’s and the Royals, that’s where they’ve generated the best returns, buying these third party royalties, much less the streams and the financing of mining companies that have been completed over the last decade. That being said, they performed very, very well overall. And so that is our business model. Third-party royalties finding amazing assets with great royalties over them, all around the world. And those three kind of key pillars of that stool, the deal sourcing agent network that I think goes farther than probably anybody in our range, the technical team, and intellectual property in the form of a database. And all those combined to make us what has been the fastest-growing royalty company. And I believe also at the best value over the last three years.
Maurice Jackson:
Speaking of the database, Vox Royalty owns one of the world’s largest proprietary royalty databases, consisting of over 8,000, most of which are located in Australia, Canada, and the USA. Mr. Floyd, please introduce us to Vox Royalties property bank.
Kyle Floyd:
It’s a very exciting asset for us, and it’s a huge competitive advantage. Our database has been built over the better part of the last 10 years. Vox was building our database and building our intellectual property. But one of the things that we were acutely aware of is there was the potential that someone was farther ahead of us in terms of this effort to build out proprietary advantages in finding third-party royalties. And sure enough, there was a company that was farther ahead, and that was a company called Mineral Royalties Online.
So they had, at that time, it was a database of 7,000 third-party royalties in their database, all around the world. They had built this database bottoms-up through first principles and first-party data. They went into different mining ministries and exploration offices all around the world and made deals to essentially get this hard copy data and then translate that into data that was online. And so we purchased that database in 2019, that has underpinned a lot of our success and our growth rate. And so that database gives us an edge all around the globe in terms of finding these third-party royalties and being able to transact and closes and bring those into the portfolio.
Maurice Jackson:
I see that Vox has undertaken a keen interest in Australia. Why Australia?
Kyle Floyd:
Well, there’s not just one reason for Australia. There’s a lot of reasons for us in Australia. Australia is, and we’re slightly biased, but it’s also backed up by a lot of the third-party rating agencies, is one of the best, if not the best, mining jurisdictions on the planet. According to the Fraser Institute, Western Australia, which is home to most of our royalties, is the best mining jurisdiction. Investors understand the value of Nevada royalties because Australia is a better mining jurisdiction, in our opinion. We believe Australia is the place that you want to have significant exposure to, complimented by our IP, which has a very strong basis in Australian royalties, and technical team, three of our four key Business Development Executives are also Australian citizens. We understand what we believe is the best major mining market, as well as anybody, if not better than anybody else.
We’ve accumulated what is now the second-largest holding of hard rock mining royalties in Australia. And that’s significant because Australia, beyond just being a fundamentally great jurisdiction with great golden endowments, it has had a very buoyant gold price in Aussie dollar terms. It’s been trading at almost all-time high prices in Aussie dollars for the last almost four years. And so what’s happened is a lot of the exploration development projects that we forecasted would do well have exceeded expectations because the buoyant equity markets have allowed these companies to raise as much capital as needed to advance these projects. And so it’s been a huge boon to our business in terms of the growth of assets already in the portfolio, and having them grow ahead of expectations and realizing tremendous value for our investors. And so, us picking Australia as a place to focus on has paid off for our shareholders.
Maurice Jackson:
Sounds quite intriguing. Now within the property bank, Vox Royalty has producing assets and a pipeline of growth assets. Sir, please acquaint us with your top three key producing assets beginning in Australia.
Kyle Floyd:
This year we acquired the Janet Ivy, and we were engaged on it before it goes back into production. It’s now in production, but it has a huge expansion plan ahead of it, which we expect to take place late next year and that’ll make it a very, very significant cash flow for us. We also have the Koolyanobbing Royalty, which we bought from a telecom business, If you can believe that. It was held in one of their subsidiaries for a very long time, and we’re engaged on a pre at going into production.
That’s had a huge run and huge growth, obviously with the iron ore up in prices. And then we also have a host of other royalties that are in production, Coure Resources, Higginsville operations. We have three open-pits that feed that mill. And so that’s been running at a record pace for us. And then one that we’re excited about is the Segiolola Project that we bought pre-production. It is the highest-grade open-pit gold project in West Africa, and they just announced the first gold pour. So we expect to see revenue from that asset in Q4. So really a tremendous amount of growth in our portfolio from producing and production stage assets.
Maurice Jackson:
We’ve covered the key producing assets. Sir, please introduce us to the growth assets of your property bank.
Kyle Floyd:
I could go on for days about our growth assets. I’ve got to work hard to kind of narrow it down for the readers. I’ll name a couple that I’m excited about. The Ashburton is one. When we bought that royalty, which was in the portfolio of Northern Star. It was a little bit sleepy, but we saw a huge potential in the asset. And what we believed would eventually happen was that other Northern Star would start upping the development curve on this and the timeline on it, or it would transact to a more nimble junior. And sure enough, that happened just a few months after the acquisition of this royalty. The Ashburton is a 1.65 million-ounce gold resource in Western Australia. It’s owned by Calamos Resources now. They’ve got 12,000 meters of drilling going on and their target is three plus million ounces for this asset. So that’s a really exciting NSR royalty for us.
The other one that I’m excited about is The Bowdens Project, which is the largest developing primary silver project in all of Australia. It’s got great fundamentals. The Bowdens Project is an open-pit that’s now exploring the very strong potential to go underground either after the open-pit is exhausted or contemporaneous with open-pit mining. And that is a royalty that has a very multi-decade mine life potential. So those are a couple of the key development stage assets that we’re excited about.
We also have a host of royalties that are going to be coming into production in the very near term. The Pitombeiras is a Vanadium Project in Brazil that they are expecting to come into production in the first half of next year. The Bulong Gold Project is a development stage, production stage asset that’s expected to go into production in mid, next year, over Western Australia Gold Project. And then there’s many more that we can get into without belaboring the point that we have a tremendous amount of growth assets. We have 20 plus development-stage assets, many of which are aggressively moving forward. So it’s a fantastic portfolio of assets with real growth in front of it that’s being delivered to the market every quarter. And that’s increasing value for shareholders.
Maurice Jackson:
Realizing this is a forward-looking statement. We’re going to get into some members later in this discussion, but how much revenue potential is before us under the current market conditions, if we combine the producing and the growth assets?
Kyle Floyd:
And it’s very much a forward-looking statement. I would caution on that. We’ve done a fantastic job of finding royalties 3 to 24 months out before production, where we find the really good value we’re able to bring in those assets that are good fits within our portfolio. We take away the risk from the disparate holders of these third-party royalties all around the world on their non-core assets. So there’s risk asymmetry. They fit better in our portfolio. They don’t fit as one-off assets. And so we’re able to find really good value all around the world, finding these near-production assets. We came out and I think we’ve validated that business over the last 12, 18 months. We recently doubled revenue guidance. We’ll probably talk about that more, but that’s really on the basis that we’re finding these royalties pre-production and then allowing them the time. And usually, it’s not a very long time to go to get into production.
And so when we step out and look at our portfolio, I believe that there’s $15 to $20 million of long-life revenue potential in the portfolios. There’s reason for tremendous upside on that number as well. And that there are 15, 20 exploration stage assets. Some that are generating bonanza grade drill hits are increasing the possibility that those are going to become mines. So very active exploration projects that would kind of fuel growth on top of that. But I believe it’s one of the most undervalued royalty portfolios out there as very strong potential to generate that type of cash flow over the medium and long term. But again, I caution that it was a forward-looking statement. Those are numbers based on operator guidance. They’re based on the technical engineering studies that, that coincide with these assets. But we feel very good about the revenue-generating capability of this portfolio.
Maurice Jackson:
Now germane to revenue, how do mergers and acquisitions impact your portfolio?
Kyle Floyd:
Vox Royalty has a very disciplined approach to acquisitions. We have not the best of our knowledge have not won a single royalty in a sales process. Most royalty companies, in fact, almost all royalty companies, have been growing their business by winning sales processes. So that’s royalties that are being shopped by investment banks and they’re paying top dollar pretty much in every scenario to bring those royalties in the portfolio. What we do is we’ve built a business around finding, these third-party royalties, and disparate shareholders all around the world where these are non-core assets. And so we’ve been able to transact it a really good value. We’re very disciplined on what good value looks like. It has to be accretive across kind of three different key metrics: absolute return on investment basis, relative net asset value, and relative cash flow multiples. Most royalty companies cannot stack up to what Vox is accomplishing in terms of acquisition that’s bringing in across those three metrics. Usually, one, if not two, if not all, three of those metrics break down when other royalty companies are purchasing third-party royalties like we are.
Maurice Jackson:
Now, before we leave the property bank. The multilayered question, what is the next unanswered question for Vox Royalty? When can we expect a response and what will determine success?
Kyle Floyd:
Well, the next step for Vox is we continue to invest in our loyalty database. We will continue to build on that competitive advantage. It’s fueled a lot of our growth and given us a huge leg up on the competition. So we continue to invest in that asset for us, we continue to expand our relationships around the globe. We are finding interesting royalties from Australia to South America, to West Africa and everywhere, pretty much in between. And so, from Vox and what you’ll continue to see on us is expanding on that competitive advantage, expanding on the capability to find really good value for our investors on really exciting projects, where our mining engineers and our geologists understand the quality of those assets so that your readers and the generalist audience out there does not have to do that work. And I think that’s a big advantage that we present for investors is this competitive advantage, that’s good to find a good value.
Maurice Jackson:
Leaving the property bank. Let’s discuss the people responsible for increasing shareholder value. Mr. Floyd, please introduce us to your management team.
Kyle Floyd:
I’m excited about our management team, we’ve handpicked and recruited the management team that we have to fill the roles that we believe needed to be filled over the years to create shareholder value. I founded the concept back in 2013, 2014, and with the belief that we needed to have competitive advantages and skillsets that increase shareholder value and the capability to do so. And so, a few of our key management team members, Spencer Cole is our Chief Investment Officer with a background as a mining engineer, previously worked at South 32 and BHP, and BHP is where the Mineral Royalties Online business, the inspiration was found. Riaan Esterhuizen, who is one of our Executive Vice-Presidents out of Australia. Riaan’s a geologist, Riaan’s led some of the most interesting grassroots exploration campaigns for the who’s who of majors. They went about building Mineral Royalties Online. They built that business. They came into Vox and we acquired that business. And that’s been a huge part of our success. Simon Cooper has been with us for a very long time. Simon’s a mining engineer, a geologist, entrepreneurial, and brings a significant amount of technical capability. He’s worked with some of the most interesting projects all around the world, but also has a very good skill set in terms of finding acquisitions to bring in those acquisitions into our portfolio. And then we have a great CFO in Pascal Attard, and a great General Counsel in Adrian Cochrane. So we believe that we’ve built one of the most exciting and capable management teams in the small-cap royalty space. And it’s a huge asset for our business and our investors.
Maurice Jackson:
And here’s an opportunity to brag on yourself, who is Kyle Floyd, and what makes him qualified for the task at hand?
Kyle Floyd:
It’s always hard to talk about yourself. I’m supposed to be talking about others. But just a little bit about my background. I ran the Mining Investment Banking Division for a firm called Roth Capital. And the inspiration to build Vox was around helping mining companies raise capital, but then seeing that capital not get deployed in the right means and the right ways. And at the end of the day, not generating great risk-adjusted results for investors. And so I’d advise multiple companies on selling streams and royalties and acquiring streams and royalties.
And I believe that was the best business model for the generalist investor to get exposure to commodities. And I went about building a business model for investors, by investors? We started with a seven and a half million dollar investment and began building this company around generating better risk-adjusted returns in the commodity sector. And we’ve been very successful at doing so. And so that’s a little bit of my background. I graduated in Finance from the University of Washington, then a stint at Colorado School of Mines in the Mineral and Energy Economics Department, but a business built around achieving great risk-adjusted returns for our investors.
Maurice Jackson:
Switching gears, let’s look at some numbers, Mr. Floyd, please provide the capital structure for Vox Royalty.
Kyle Floyd:
Vox Royalty has a tight share structure of 39 million shares issued. We, when we went public in May of last year, we had to forward split the stock, which I would tell you, is almost an anomaly in the resource sector. We have 5 million warrants outstanding, at this stage they have a strike at $4.50, which is out of the money as we speak today, and no debt and a very, very strong working capital position. Vox is very well-financed. We have a tight capital structure. We have no intentions of going back to the equity markets anytime soon, and we will continue to be able to build our asset portfolio combination of debt and strategic acquisitions and minimize dilution in doing so. So I’m excited about where our capital structure is today for investors. I think it’s a very unique opportunity from that perspective,
Maurice Jackson:
Who are some of the major shareholders?
Kyle Floyd:
We’ve done a pretty good job of cultivating a nice institutional shareholder base. Management owns 15%. The founding investors own another 15% to 30%. And then we’ve got a nice institutional shareholder roster made up of Konwave, US Global, Adrian day, EuroPacific Gold Fund, and many others that have taken positions in us over the last year and a half.
Maurice Jackson:
In closing. Mr. Floyd, for current and prospective shareholders, why Vox and why now?
Kyle Floyd:
Vox, I believe is a tremendous opportunity emboldened by the fact that we are trading at the very low end, the relative valuation spectrum versus our peers. If you look at some of our closest comps, I’ll refrain from naming them, but they’re trading at multiples of our relative valuation. Yet we’re growing faster, we’re growing at a better value. We’re growing with better fundamentals. And we have competitive advantages that a lot of the industry wishes that they had. And so I believe we’re a tremendous growth opportunity. There is a lot lower risk given our lower relative multiple. So the risk of return upside, I think is there. We’re very optimistic about what we’re going to be achieving for investors over the immediate future and the long term. You have a management team that’s committed to the success of this business owning 15% combined. We look at this as solely an opportunity to create long-term shareholder wealth. And I think our business model is achieving that for our shareholders every day.
Maurice Jackson:
Last question. What did I forget to ask?
Kyle Floyd:
I think we’ve covered just about everything, and it’s really about finding the best risk-adjusted way to play commodities. That’s why we’re here. I believe we’re offering that for investors. We’ve continued to demonstrate that with our recent quarterly results and investors expect more of that as we continue to progress and build this business. And what I believe is realized a re-rating for our shareholders. And even if we don’t, we’re going to continue realizing and create value for our shareholders, and it should also be reflected in the share price and our share value at the end of the day.
Maurice Jackson:
Mr. Floyd, for someone that wants to learn more about Vox Royalty, please share the contact details.
Kyle Floyd:
Absolutely. Voxroyalty.com. We’re on all the social media channels as well. We are happy to engage. There’s also, IR@voxroyalty.com. Please, feel free to be in touch. We love engaging with our investors, and we’ll be happy to share more information.
Maurice Jackson:
Mr. Floyd, it’s been a pleasure to speak with you. Wishing you and Fox Royalty the absolute best sir.
And as a reminder, I am a licensed representative to buy and sell precious metals through Miles Franklin Precious Metals Investments, where we have several options to expand your precious metals portfolio, from physical delivery of gold, silver, platinum, palladium, and rhodium, to offshore depositories, and precious metals IRA’s. Give me a call at 855.505.1900 or you may email: Maurice@MilesFranklin.com. Finally, please subscribe to www.provenandprobable.com, where we provide: Mining Insights and Bullion Sales, subscription is free.
Hot Chili Limited (ASX: HCH) (OTCQB: HHLKF) (“Hot Chili” or “Company”) is pleased to confirm the appointment of Glencore’s nominee, Mr Mark Jamieson, to the Board of Hot Chili.
Mr Jamieson is currently General Manager Resource Engineering for Glencore’s global copper asset group leading technical support and governance in geology, mine engineering and asset optimisation for development projects, operations and JV’s.
Mark’s appointment follows Glencore’s investment to acquire a 9.99% shareholding in Hot Chili through the Company’s recent A$40 million capital raising, as announced to the Australian Securities Exchange (ASX) on 6th August.
Mark brings 20+ years of technical and project experience in open pit and underground operations, including sub level and block cave mines with Newcrest, MMG and Barrick Gold across Australia, Africa, South East Asia and South America.
Mark holds a bachelor’s degree with honours in Geotechnical Engineering from RMIT University, and a Masters of Engineering Science in Mining Geomechanics from The University of New South Wales.
The Directors welcome Mark’s appointment and look forward to the addition of his strong skillset and experience to the Board of Hot Chili.
To access the announcement please click on the link below.
Cortadera’s maiden Mineral Resource positions Hot Chili with the largest copper Mineral Resource and one of the largest gold Mineral Resources for an ASX-listed emerging company.
The Cortadera maiden Mineral Resource of 451Mt at 0.46% copper equivalent (CuEq) takes the total Mineral Resource estimate for Costa Fuego (Cortadera, Productora & El Fuego) to 724Mt at 0.48% CuEq for 2.9Mt copper, 2.7Moz gold, 9.9Moz Silver and 64kt molybdenum. Cortadera also contains a higher grade component of 104Mt at 0.74% CuEq, and this has strong potential to continue growing rapidly with further drilling.
Hot Chili Limited (ASX: HCH) (OTCQB: HHLKF) (“Hot Chili” or “Company”) is pleased to confirm the appointment Mr John Hearne in the role of Executive Studies Manager.
Mr Hearne will be responsible for driving the Company’s Costa Fuego Pre-feasibility studies (PFS) and managing all aspects of the Company’s development group.
Mr Hearne is a mining engineer with over 35 years’ experience spanning production roles to executive directorships with leading mining and consulting companies including Snowden, Wood (Amec Foster Wheeler), Coffey Mining, BHP Billiton, North Ltd, Henry and Walker, and Mount Isa Mines.
Mr Hearne’s appointment significantly strengthens Hot Chili’s executive management team by adding expertise in managing all facets of mining projects from early-stage studies through to full scale operations for both underground and open cut mines.
Mr Christian Easterday, Managing Director of Hot Chili, said
“The Board would like to welcome John to the leadership group of our Company.
We look forward to John’s strong contribution as we continue to evolve and expand our capabilities toward establishing Hot Chili as an emerging major copper miner in the coming years.”
To access the announcement please click on the link below.
Cortadera’s maiden Mineral Resource positions Hot Chili with the largest copper Mineral Resource and one of the largest gold Mineral Resources for an ASX-listed emerging company.
The Cortadera maiden Mineral Resource of 451Mt at 0.46% copper equivalent (CuEq) takes the total Mineral Resource estimate for Costa Fuego (Cortadera, Productora & El Fuego) to 724Mt at 0.48% CuEq for 2.9Mt copper, 2.7Moz gold, 9.9Moz Silver and 64kt molybdenum. Cortadera also contains a higher grade component of 104Mt at 0.74% CuEq, and this has strong potential to continue growing rapidly with further drilling.View the Cortadera Project
YERINGTON, Nev., Aug. 31, 2021 (GLOBE NEWSWIRE) — Nevada Copper Corp. (TSX: NCU) (OTC: NEVDF) (“Nevada Copper” or the “Company”) today provided an update regarding operations at the underground mine at its Pumpkin Hollow project (the “Underground Mine”), as well as an update on financing matters. All amounts below are stated in US dollars.
Operations Update
Stoping and Lateral Development: Development and penetration through the water bearing dike has now been completed on the first crossing. Lateral development beyond this crossing is now into solid ground at a pace consistent with mine plan rates focused on establishing production from the East-North deposit. In addition, with steel support beams recently installed, a second crossing is expected in the coming weeks, further enhancing development rates.
Stoping: The Company has mined the second stope in the Alphabet Zone at a CuEq grade of 1.45% with backfilling scheduled to start in the coming week.
Surface Ventilation Fans: Delivery of the surface fans remains on schedule with installation and commissioning expected to be completed in Q4 2021 with sustainable hoisting rates of 3,000 tpd expected to follow.
“We are pleased to have completed our first crossing of the water dikeenabling our development rates to increase in line with our mine plan expectations,” stated Mike Brown, Interim Chief Executive Officer of Nevada Copper. “We look forward to continued production rate increases in Q3 and Q4 of this year.”
Financing Update
KfW Credit Facility Amendment Discussions: On August 31, 2021, the Company received an extension of the waiver from KfW IPEX-Bank (“KfW”), the Company’s senior project lender, to September 30, 2021 to complete the project completion test (the “Project Longstop Date”) under the amended and restated credit agreement (“Amended KfW Facility”). The Company is in discussions with KfW regarding a longer-term extension of the Project Longstop Date into 2023; deferral of debt servicing by up to twenty-four months; and the deferral of certain financial covenants under the Amended KfW Facility to further support the ramp-up of the Underground Mine. The Company expects to have the proposed extension and amendments finalized in the next month. However, there can be no assurance that such extension and amendments will be finalized by such times or at all. Failure to finalize the extension would result in the Company being in default under the Amended KfW Facility.
Additional $13M of liquidity: The existing Promissory Note provided by Pala Investments Limited, the Company’s largest shareholder (“2021 Promissory Note”) has been amended (subject to regulatory approval) to allow total borrowings of up to $55 million, providing an additional $13 million of liquidity to the Company. Further draws by the Company are subject to agreed use of proceeds. The 2021 Promissory Note has a maturity date of June 30, 2022, and bears interest at 8% per annum on amounts drawn. Pursuant to the amendment, the 2021 Promissory Note now provides for an arrangement fee of 6% on the full commitment amount of $55 million, which will be capitalized. The proceeds will be used to fund the development and ramp-up of the Underground Mine and related working capital needs. The amendment was reviewed and approved by a committee of independent directors of the Company.
Qualified Persons The technical information and data in this news release was reviewed by Greg French, C.P.G., and Norm Bisson, P.Eng., for Nevada Copper, who are non-independent Qualified Persons within the meaning of NI 43-101.
About Nevada Copper Nevada Copper (TSX: NCU) is a copper producer and owner of the Pumpkin Hollow copper project. Located in Nevada, USA, Pumpkin Hollow has substantial reserves and resources including copper, gold and silver. Its two fully permitted projects include the high-grade underground mine and processing facility, which is now in the production stage, and a large-scale open pit project, which is advancing towards feasibility status.
NEVADA COPPER CORP. www.nevadacopper.com Mike Brown, Interim President and CEO
For further information contact: Rich Matthews, Investor Relations Integrous Communications rmatthews@integcom.us +1 604 757 7179
Cautionary Language
This news release includes certain statements and information that constitute forward-looking information within the meaning of applicable Canadian securities laws. All statements in this news release, other than statements of historical facts are forward-looking statements. Such forward-looking statements and forward-looking information specifically include, but are not limited to, statements that relate to mine development plans, production and ramp-up plans, equipment installation, requested amendments to the Amended KfW Credit Facility, and regulatory approval of the 2021 Promissory Note.
Forward-looking statements and information include statements regarding the expectations and beliefs of management. Often, but not always, forward-looking statements and forward-looking information can be identified by the use of words such as “plans”, “expects”, “potential”, “is expected”, “anticipated”, “is targeted”, “budget”, “scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or the negatives thereof or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. Forward-looking statements or information should not be read as guarantees of future performance and results. They are subject to known and unknown risks, uncertainties and other factors which may cause the actual results and events to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information.
Such risks and uncertainties include, without limitation, those relating to: the ability of the Company to complete the ramp-up of the Underground Mine within the expected cost estimates and timeframe; requirements for additional capital and no assurance can be given regarding the availability thereof; the impact of the COVID-19 pandemic on the business and operations of the Company; the state of financial markets; history of losses; dilution; adverse events relating to milling operations, construction, development and ramp-up, including the ability of the Company to address underground development and process plant issues; failure to obtain extensions under and amendments to the Amended KfW Facility; ground conditions; cost overruns relating to development, construction and ramp-up of the Underground Mine; loss of material properties; interest rates increase; global economy; limited history of production; future metals price fluctuations; speculative nature of exploration activities; periodic interruptions to exploration, development and mining activities; environmental hazards and liability; industrial accidents; failure of processing and mining equipment to perform as expected; labor disputes; supply problems; uncertainty of production and cost estimates; the interpretation of drill results and the estimation of mineral resources and reserves; changes in project parameters as plans continue to be refined; possible variations in ore reserves, grade of mineralization or recovery rates from management’s expectations and the difference may be material; legal and regulatory proceedings and community actions; accidents; title matters; regulatory approvals and restrictions; increased costs and physical risks relating to climate change, including extreme weather events, and new or revised regulations relating to climate change; permitting and licensing; volatility of the market price of the Company’s securities; insurance; competition; hedging activities; currency fluctuations; loss of key employees; other risks of the mining industry as well as those risks discussed in the Company’s Management’s Discussion and Analysis in respect of the year ended December 31, 2020 and in the section entitled “Risk Factors” in the Company’s Annual Information Form dated March 18, 2021. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking statements and information. The forward-looking statements and information contained herein are based upon assumptions management believes to be reasonable, including, without limitation: no adverse development in respect of the property at the Pumpkin Hollow project; no material changes to applicable laws; the ramp-up of operations at the Underground Mine in accordance with management’s plans and expectations; no worsening of the current COVID-19 related work restrictions; reduced impacts of the COVID-19 pandemic in the medium-term and long-term; no material adverse change to the price of copper from current levels; and the absence of any other factors that could cause actions, events or results to differ from those anticipated, estimated or intended. The forward-looking information and statements are stated as of the date hereof. Nevada Copper disclaims any intent or obligation to update forward-looking statements or information except as required by law. Readers are referred to the additional information regarding Nevada Copper’s business contained in Nevada Copper’s reports filed with the securities regulatory authorities in Canada. Although the Company has attempted to identify important factors that could cause actual actions, events, or results to differ materially from those described in forward-looking statements, there may be other factors that could cause actions, events or results not to be as anticipated, estimated or intended. For more information on Nevada Copper and the risks and challenges of its business, investors should review Nevada Copper’s filings that are available at www.sedar.com.
Nevada Copper provides no assurance that forward-looking statements and information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.
VANCOUVER, British Columbia, Aug. 31, 2021 (GLOBE NEWSWIRE) — Skyharbour Resources Ltd. (TSX-V:SYH)(OTCQB:SYHBF) (Frankfurt: SC1P) (the “Company”) is pleased to announce that partner company Valor Resources Limited (“Valor”) has provided an update on results from the recently completed on-ground field program at the Hook Lake Project. A total of 57 samples were taken from across the Hook Lake Project with assay results now having been received. The results are highlighted by the assays from the Hook Lake (or Zone S) prospect which confirmed the reported historical high-grade uranium mineralization. A total of seven rock chip samples were taken from a historical trench located at the Hook Lake prospect, with four of these samples returning high-grade uranium assays (>6% U3O8) as well as highly elevated rare earth (>0.5% TREO*), silver (>50ppm) and lead (> 1.8%) assays. The samples are selective in nature with a high potential for bias and should not be considered as being representative of the overall mineralised structure or zone.
The Hook Lake Project consists of 16 contiguous mining claims covering 25,846 hectares, located 60 km east of the Key Lake Uranium Mine in northern Saskatchewan. Skyharbour signed a Definitive Agreement with Valor Resources on the Hook Lake Uranium Project whereby Valor can earn-in 80% of the project through $3,500,000 in total exploration expenditures, $475,000 in total cash payments over three years and an initial share issuance of 233,333,333 shares of Valor.
Highlights:
Sampling results from the Hook Lake (Zone S) prospect returns:
Map 1: Samples results across the Hook Lake Property
The program was conducted by Dahrouge Geological Consulting Limited, and focused on validating and developing the geological understanding of the historic uranium occurrences, such as the Hook Lake (or Zone S) and West Way prospects. The fieldwork was also designed to follow-up on the new targets generated from the magnetic/VLF-EM survey completed in April and the priority anomalies identified from the detailed airborne radiometric survey completed in July.
Hook Lake (Zone S) Prospect:
A total of seven rock chip samples were taken from a historical trench located at the Hook Lake prospect, with four of these samples returning high-grade uranium assays (>6% U3O8) as well as highly elevated rare earths (>0.5% TREO), silver (>50ppm) and lead (>1.8%) assays. These samples were taken from in-situ uraninite mineralization within a biotite or psammitic gneiss. A boulder sample located approximately 300m east of the Hook Lake trench also returned high-grade uranium and rare earths with 59.2% U3O8 and 5.05% TREO.
The Hook Lake high-grade uranium (and rare earth) mineralization is interpreted to be located at a dilational trap/jog which has formed at the intersection of a northeast-southwest trending shear zone and a possible north-south trending structure (potentially a reactivated Tabbernor fault structure). This interpretation highlights the potential significance of the north-south trending Tabbernor fault system structures, several of which are interpreted to transect the project area. Besides the down-dip/down-plunge potential of the immediate Hook Lake target, there is potential for further structural targets of this nature along strike to the northeast and southwest from the Hook Lake prospect. This will be further investigated during on-ground follow-up work programs.
West Way Prospect:
At the West Way prospect, located approximately 6.5km north of the Hook Lake prospect, five grab samples of outcrop or subcrop were taken with three of the samples returning anomalous uranium assay results including 0.64% U3O8 from a quartz vein. Two of these three samples returned high-grade molybdenum with assays of 3.4% and 1.9% Mo.
The controls on mineralization at West Way are currently uncertain and more field work is required to improve the geological understanding and develop drill targets. However, the airborne magnetics suggest a spatial association with a N-S structural feature, and there are potential repeats of this structural setting along strike to the northeast and southwest of West Way. This will be further investigated during on-ground follow-up work programs, in addition to following-up on the elevated Mo assays.
Another 44 samples were taken from across the project area, including 9 samples from the Nob Hill prospect. Results from Nob Hill ranged from no meaningful mineralization to one grab sample of pegmatite that returned an assay of 280ppm U and 1.01% TREO.
A follow-up field program is currently being planned prior to finalize and prioritize drill targets. The field program is expected to take place in October, with drilling planned during the winter 2021/22.
About Hook Lake (previously North Falcon Point) Project:
Valor has the right to earn an 80% working interest in the Hook Lake Uranium Project located 60 km east of the Key Lake Uranium Mine in northern Saskatchewan. Covering 25,846 hectares, the 16 contiguous mineral claims host several prospective areas of uranium mineralization including:
Hook Lake / Zone S – High-grade surface outcrop with reported grades in grab samples up to 68% U3O8; a bio-geochemical survey carried out over the trenches in 2015 responded positively with along-strike anomalies 2 km to the northeast
Nob Hill – Fracture-controlled vein-type uranium mineralization on surface outcrop with up to 0.130% – 0.141% U3O8 in grab samples; diamond drilling intersected anomalous uranium in several drill holes with values up to 422 ppm U over 0.5 m
West Way – Vein type U mineralization within a NE-trending shear zone; grab samples taken from the surface showing contained variable uranium values including up to 0.475% U3O8 and drilling of the structure intersected the altered shear zone at depth, along with anomalous Cu, Ni, Co, As, V, U, & Pb
Grid T – Fracture-hosted secondary uranium mineralization in sheared calc-silicates and marbles in a 100 m x 20 m zone of anomalous radioactivity with grab samples having up to 800 ppm U
Alexander Lake Boulder Field – 30 biotite-quartz-k-feldspar pegmatite boulders NE of Alexander Lake; the best results include 360 ppm U, 1,400 ppm U and 1,600 ppm U respectively
Thompson Lake Boulder Field – Numerous radioactive boulders and blocks of pegmatized meta-arkose, pegmatite, and granite; the best value obtained was 738 ppm U from a granite boulder
NE Alexander Lake – Several calc-silicate, plagioclase-quartz granulite, quartzite, and meta-arkose boulders with up to 4,800 ppm U, 7,600 ppm Mo and 1,220 ppm Ni
The project area is in close proximity to two all-weather northern highways and grid power. Historical exploration has consisted of airborne and ground geophysics, multi-phased diamond drill campaigns, detailed geochemical sampling and surveys, and ground-based prospecting culminating in an extensive geological database for the project area.
Qualified Person:
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Richard Kusmirski, P.Geo., M.Sc., Skyharbour’s Head Technical Advisor and a Director, as well as a Qualified Person.
About Valor Resources Ltd:
Valor Resources Limited (ASX: VAL) is an exploration company focused on creating shareholder value through acquisitions and exploration activities.
About Skyharbour Resources Ltd.:
Skyharbour holds an extensive portfolio of uranium exploration projects in Canada’s Athabasca Basin and is well positioned to benefit from improving uranium market fundamentals with six drill-ready projects covering over 240,000 hectares of land. Skyharbour has acquired from Denison Mines, a large strategic shareholder of the Company, a 100% interest in the Moore Uranium Project which is located 15 kilometres east of Denison’s Wheeler River project and 39 kilometres south of Cameco’s McArthur River uranium mine. Moore is an advanced stage uranium exploration property with high-grade uranium mineralization at the Maverick Zone that returned drill results of up to 6.0% U3O8 over 5.9 metres including 20.8% U3O8 over 1.5 metres at a vertical depth of 265 metres. The Company is actively advancing the project through drill programs.
Skyharbour has a joint-venture with industry-leader Orano Canada Inc. at the Preston Project whereby Orano has earned a 51% interest in the project through exploration expenditures and cash payments. Skyharbour now owns a 24.5% interest in the Project. Skyharbour also has a joint-venture with Azincourt Energy at the East Preston Project whereby Azincourt has earned a 70% interest in the project through exploration expenditures, cash payments and share issuance. Skyharbour now owns a 15% interest in the Project. Preston and East Preston are large, geologically prospective properties proximal to Fission Uranium’s Triple R deposit as well as NexGen Energy’s Arrow deposit.
The Company also owns a 100% interest in the South Falcon Uranium Project on the eastern perimeter of the Basin, which contains a NI 43-101 inferred resource totaling 7.0 million pounds of U3O8 at 0.03% and 5.3 million pounds of ThO2 at 0.023%. Skyharbour has signed a Definitive Agreement with ASX-listed Valor Resources on the Hook Lake (previously North Falcon Point) Uranium Project whereby Valor can earn-in 80% of the project through $3,500,000 in total exploration expenditures, $475,000 in total cash payments over three years and an initial share issuance.
Skyharbour’s goal is to maximize shareholder value through new mineral discoveries, committed long-term partnerships, and the advancement of exploration projects in geopolitically favourable jurisdictions.
To find out more about Skyharbour Resources Ltd. (TSX-V: SYH) visit the Company’s website at www.skyharbourltd.com.
SKYHARBOUR RESOURCES LTD.
“Jordan Trimble” _________________________ Jordan Trimble President and CEO
For further information contact myself or: Riley Trimble Corporate Development and Communications Skyharbour Resources Ltd. Telephone: 604-687-3376 Toll Free: 800-567-8181 Facsimile: 604-687-3119 Email: info@skyharbourltd.com
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THE CONTENT OF THIS NEWS RELEASE.
This release includes certain statements that may be deemed to be “forward-looking statements”. All statements in this release, other than statements of historical facts, that address events or developments that management of the Company expects, are forward-looking statements. Although management believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance, and actual results or developments may differ materially from those in the forward-looking statements. The Company undertakes no obligation to update these forward-looking statements if management’s beliefs, estimates or opinions, or other factors, should change. Factors that could cause actual results to differ materially from those in forward-looking statements, include market prices, exploration and development successes, continued availability of capital and financing, and general economic, market or business conditions. Please see the public filings of the Company at www.sedar.com for further information.
TORONTO, Aug. 31, 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 development and exploration updates from royalty operating partners Norton Gold Fields Pty Ltd. (ASX: NGF) (“Norton Gold“), Zijin Mining Group Co., Ltd. (HKSE: 2899) (“Zijin Mining“), Silver Mines Limited (ASX: SVL) (“Silver Mines“), Jangada Mines plc (LON: JAN) (“Jangada“), Venturex Resources Limited (ASX: VXR) (“Venturex“) and Alamos Gold Inc. (TSX: AGI) (“Alamos“).
Riaan Esterhuizen, Executive Vice President – Australia stated, “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$462M 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. 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.”
Summary of Development and Exploration Updates
Construction commenced at Janet Ivy expansion project Binduli North by Zijin Mining subsidiary Norton Gold;
Scoping study begins on underground mining scenarios at Bowdens silver project by Silver Mines;
45% increase in total mineral resource estimates at Pitombeiras by Jangada;
A$10M drill program underway and final project approvals targeted in 2022 for the Sulphur Springs project by Venturex; and
Continued drilling and permitting update at Lynn Lake (MacLellan) by Alamos.
Janet Ivy (Producing) – Binduli North Expansion Construction Commencement
Vox holds a A$0.50/tonne production gold royalty over the Janet Ivy project, acquired in March 2021;
Upon full commercial production Binduli will be the largest heap leach project in Australia, according to Norton Gold detailed design engineering partner CPC Engineering’s announcement on February 3, 2021;
The project design, application for permits and licenses and other preparatory work of the Binduli North heap leaching project (royalty-linked) have been completed and the construction has commenced in June 2021;
Application for permits and licenses for Binduli South heap leaching project (non-royalty linked) is being studied and taking place;
After completion of all the Binduli construction work and upon reaching designated production capacity, approximately 7 tonnes of gold (approximately 225,000 ounces) can be produced in peak years;
Total capital cost of the combined Binduli expansion is A$462 million, with investment in the project during the first half of 2021 of RMB 0.43B (A$90 million);
Zijin Mining previously announced on April 28, 2020 that the “first phase of the Binduli North heap leach project is expected to complete construction and commence production in March 2022”; and
Vox management has commissioned the preparation of an independent NI43-101 compliant Technical Report on Janet Ivy as a result of this material development at the Binduli North heap leach project. This Technical Report is expected to be released in September 2021.
Vox Management Summary: The Binduli North heap leach expansion is expected to re-rate Janet Ivy royalty revenues from 2022 onwards. This royalty has the potential to generate A$1.5M – A$2.5M of annual revenues from Binduli North production on average across the life of mine and assuming a target production rate from Norton Gold of 5Mtpa from Binduli North. Based on ongoing labour shortages in Western Australia, Vox management expects first production from Binduli North in late 2022.
Bowdens (Feasibility) – Underground Scoping Study and Q2 2021 Drilling Update
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 August 5, 2021, Silver Mines announced the following underground scoping study:
With ongoing outstanding drilling success, a Scoping Study for potential underground mining scenarios at Bowdens Silver has commenced;
The Scoping Study is separate to and does not affect the current late-stage approval process for Bowden’s Silver open-pit development;
An underground Mineral Resource preliminary assessment has also commenced and will operate concurrently with the 30,000m diamond drilling program;
Recent drilling at the Northwest High-Grade Zone, the Aegean Zone and the Bundara Zone has demonstrated considerable high-grade potential immediately beneath the current Ore Reserve for the proposed open-pit mine development;
The reporting of drilling results will continue until at least the end of the 2021 calendar year;
The Mineral Resource assessment and Scoping Study will be complete post the drilling phase, likely in the March quarter 2022; and
Drilling continues with four rigs operational on site.
On July 27, 2021, Silver Mines announced the following drilling update:
Initial results from the 30,000m drill program at Bowdens continues to define potential resources for underground mining scenarios, with a focus on the Northwest high-grade and Aegean zones;
BD21006 results drilled east of the Northwest high-grade zone include:
2.0 metres @ 443 g/t silver equivalent (146 g/t silver, 3.80% lead, 3.43% zinc and 0.25 g/t gold) from 212 metres; and
BD21011 results returned from the Northwest high-grade zone include 13.0 metres @ 264 g/t silver equivalent (188 g/t silver, 1.66% lead, 0.40% zinc) from 207 metres;
Results from BD21007, show potentially significant 200 metres of extension to the southeast of the Bundarra zone include 6.0 metres @ 311 g/t silver equivalent (35 g/t silver, 3.60% zinc, 2.87% lead and 0.60 g/t gold) from 267 metres; and
Drilling continues with the 30,000m program with four rigs operational on site and which is expected to continue until at least the end of 2021.
Vox Management Summary: This underground 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$1M – A$1.5M on average during the life of mine. We look forward to additional updates from Silver Mines regarding final open pit permitting over the coming year.
Pitombeiras (PEA Stage) – PEA Update and Drilling update(1)
Vox holds a 1% net smelter royalty over the Pitombeiras vanadium-iron ore project;
It has completed a consolidated updated National Instrument 43-101 compliant resource estimate, comprising the results obtained to date from the Pitombeiras North and South and Goela targets;
Total Mineral Resource Estimate (“MRE“) of 8.26Mt, representing an increase of 45%, with 62% now classified as Measured and Indicated;
The Mineral Resource classification resulted in Measured & Indicated Resources of 5.10Mt at 0.46% V2O5, 9.04 % TiO2 and 46.06% of Fe2O3, and Inferred resource of 3.16Mt at 0.44% V2O5, 9.00% TiO2 and 45.86% of Fe2O3;
Vanadiferous Titanomagnetite mineralisation continues to be open and drilling to date been conducted on only 3 of 8 known targets;
Due to the significantly larger MRE with higher category confidence levels from that previously reported and extensive other work undertaken, Jangada will now be issuing a Definitive Feasibility Study in Q3 2021, rather than an upgraded economic study; and
Jangada is fully funded for its existing work programme and intends to proceed to mine development, with first production as early as the first half of 2022.
Vox Management Summary: The fast-tracking of the Pitombeiras project to definitive feasibility study in Q3 2021 and initial production in H1 2022 continues to exceed Vox management expectations. The 45% increase in the resource estimate and improved resource category confidence levelsincreases Vox’s confidence in Jangada management’s ability to bring this project into production in 2022.
Vox holds a A$2/tonne production copper-zinc royalty (A$3.7M royalty cap) on the Sulphur Springs project and an effective A$0.80/tonne production royalty on the Kangaroo Caves deposit, which is part of the combined Sulphur Springs project;
It has commenced a A$10M drilling program to de-risk and grow the Sulphur Springs copper-zinc project;
Infill drilling is underway with the aim of upgrading the majority of Inferred Resources to the Indicated category;
It will undertake a significant drill program to test for extensions to the known resource and mineralisation boundaries;
A resource update is targeted to be completed by the end of June 2022; and
In parallel with the drilling, Venturex will continue to complete the remaining project approvals, which are also expected by the second half of 2022.
Vox Management Summary: The new management team at Venturex, led by Northern Star Resources co-founder Bill Beament, is actively progressing the Sulphur Springs project, which Vox expects will lead to a final investment decision in the second half of 2022. The A$10M drilling program offers further upside to the current mineral resource.
Lynn Lake (MacLellan, Feasibility) – Q2 2021 Drilling and Permitting Update
Vox holds a 2% gross revenue royalty (post initial capital recovery) on part of the MacLellan deposit at the Lynn Lake gold project;
On July 28, 2021, Alamos announced that it continues to advance permitting at the Lynn Lake project, with approval of its Environmental Impact Statement expected mid-2022 and during the second quarter of 2021, 9,396m of drilling was completed in 44 holes at MacLellan and surrounding non-royalty linked targets.
Vox Management Summary: Alamos has again reiterated a construction decision deadline for Lynn Lake of mid-2022. Alamos is guiding its investors to first production from Lynn Lake in 2024, based on its latest July 2021 corporate presentation.
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 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.
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, 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 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 of a property.
References & Notes:
(1)
The 20 July 2021 updated Mineral Resource Estimate of the Pitombeiras Project is the responsibility of Mr. Mauricio Prado. MSc. Geo. MAIG, Qualified Person as defined by NI 43-101 guidelines, independent geological consultant contracted by Jangada Mines Plc. Mr. Prado is partner and principal consultant with BS Geo e Min Ltda., a Brazilian geology consulting company based on Goiânia, Brazil.
(2)
The anticipated revenue information presented in this press release is preliminary, based on management estimates, and may change materially.
SOURCE Vox Royalty Corp.
For further information: Riaan Esterhuizen, Executive Vice President, Australia, riaan@voxroyalty.com; Kyle Floyd, Chief Executive Officer, info@voxroyalty.com
Hot Chili Limited (ASX: HCH) (OTCQB: HHLKF) (“Hot Chili” or “Company”) advises that further to its announcement on 26 August 2021 in relation to the Share Purchase Plan (SPP), the Company provides shareholders with the results of the SPP and some further information on the scale-back methodology and expected processing date for refunds.
Almost 20% of the Company’s shareholder base applied to participate in the SPP, with in excess of AUD$10.0 million received in valid applications versus the SPP target raising of A$5.0 million.
The SPP terms and conditions provided the Company with the discretion to scale back the SPP in the manner it determined. As advised in the offer document dated 13 August the scale-back methodology will be conducted at the directors’ discretion.
A pro-rata basis has been applied, based on amounts applied for under the SPP, rounded to reflect the 156,250,000 Shares to be issued under the SPP offer. Excess funds as a result of the scale-back will be returned to applicants without interest in accordance with the SPP offer document and are expected to be processed by the Company’s registry on or around 2 September 2021.
For any queries shareholders should contact Automic at hello@automic.com.au or on 1300 288 664 (within Australia) or +61 2 9698 5414 (outside Australia).
The Board would like to thank shareholders for their continued support of the Company.
To access the announcement please click on the link below.
Cortadera’s maiden Mineral Resource positions Hot Chili with the largest copper Mineral Resource and one of the largest gold Mineral Resources for an ASX-listed emerging company.
The Cortadera maiden Mineral Resource of 451Mt at 0.46% copper equivalent (CuEq) takes the total Mineral Resource estimate for Costa Fuego (Cortadera, Productora & El Fuego) to 724Mt at 0.48% CuEq for 2.9Mt copper, 2.7Moz gold, 9.9Moz Silver and 64kt molybdenum. Cortadera also contains a higher grade component of 104Mt at 0.74% CuEq, and this has strong potential to continue growing rapidly with further drilling.
Removal of Last Requirement of CMP Option Over Productora
Hot Chili Limited (ASX: HCH) (OTCQB: HHLKF) (“Hot Chili” or “Company”) advises that it has met its final requirement in the process to remove the Compañía Minera del Pacífico S.A. (CMP) Option to purchase an additional interest in the Company’s Productora copper-gold project in Chile.
CMP is a subsidiary of Compañia de Aceros del Pacifico S.A. (CAP), Chile’s largest iron ore miner, infrastructure and integrated steel business.
In May 2015, CMP acquired a 20% interest in Productora in exchange for providing critical infrastructure access rights (water pipeline easements, electricity easements, surface rights) and CMP’s interests in several lease holdings at the project. In addition, CMP paid Hot Chili a US$1.5 million reimbursable fee for an Option to purchase an additional 32% interest in Productora for a valuation of between US$80 million to US$110 million (Additional Purchase Option), as announced to ASX 1st May 2015.
CMP was free-carried to the completion of the Company’s Productora Pre-feasibility study (PFS).
In March 2016, Hot Chili completed the Productora PFS and CMP elected at that time to contribute to expenditure in the project going forward, but not exercise its Option.
HCH has repaid CMP the US$1.5 Option fee and CMP has accepted the payment.
The Board of Hot Chili look forward to continuing its strong partnership with CMP and all key stakeholders toward developing Costa Fuego into a major, coastal, copper-gold production centre.
Cortadera’s maiden Mineral Resource positions Hot Chili with the largest copper Mineral Resource and one of the largest gold Mineral Resources for an ASX-listed emerging company.
The Cortadera maiden Mineral Resource of 451Mt at 0.46% copper equivalent (CuEq) takes the total Mineral Resource estimate for Costa Fuego (Cortadera, Productora & El Fuego) to 724Mt at 0.48% CuEq for 2.9Mt copper, 2.7Moz gold, 9.9Moz Silver and 64kt molybdenum. Cortadera also contains a higher grade component of 104Mt at 0.74% CuEq, and this has strong potential to continue growing rapidly with further drilling.
Joining us for a conversation is Michael Rowley, the CEO of Group Ten Metals. Glad to be speaking with you today, as you have a big announcement for shareholders regarding the Black Lake–Drayton gold project. Before we begin, Mr. Rowley, please introduce us to Group Ten Metals and the opportunity the company presents to shareholders.
Michael Rowley:
Group Ten is focused on advancing our Stillwater West project as a premier source of low-carbon ‘green metals’ in Montana’s Stillwater district, beside Sibanye-Stillwater’s mine complex. Within the next few weeks, we expect to debut our maiden resource estimates of nickel, copper, palladium, platinum, rhodium, gold and cobalt, on that project which we expect will compare favorably with our peers and position us for growth based on this years drill campaign.
Along with owning half of the iconic Stillwater district in Montana, Group Ten also has two other district-scale land positions, the Black Lake Drayton gold project in Ontario that you mentioned a minute ago, and the Kluane PGE-Ni-Cu-Co project in the Yukon. All three of these are big brownfield land positions in great districts, and they are 100% owned by Group Ten because we were acquiring them strategically during the bear market when great assets were available inexpensively. We are focused more than ever on Stillwater, and with that our non-core assets are effectively up for sale or spin-out in the first in a series in that regard.
Maurice:
Well, let’s begin today in Ontario is Group Ten Metals has just announced (Press Release) a letter of intent with Heritage Mining on the sale of the Black Lake–Drayton gold project. Congratulations, sir.
Michael Rowley:
Thank you, we are excited about the potential we see there. Heritage Mining is a new listing with an excellent team, and they are well equipped to focus on Black Lake and give it the attention it deserves while granting excellent exposure to that success.
Black Lake is a rare asset that is hard to find in this current, improving market with increasing activity in junior exploration. It checks all the boxes. It is a big land position that shares an emerging district with a 3Moz development-stage high-grade gold project, yet is underexplored. So there is lots of smoke, someone just needs to find the fire. Treasury Metals has done great work to the west of us consolidating the rest of the district, and Rainy River, farther to the west is now in production with New Gold. This whole belt was late to the game because of limited access and shallow ground cover, but developments at Rainy River in the 1990s changed that, and now there is over 14Moz in the belt, and growing.
Maurice:
All right, let’s get into the exciting stuff, sir. Please share the terms of the agreement with us and in particular, the cash and share compensation that group 10 metals will be receiving along with the carried interest in the potential for discovery payments.
Michael Rowley:
It’s a great deal for both parties. Group Ten will gain a major share position in a newly listed company that’s focused on precious metals and focused on developing tier one assets, developing resources. And we get that 10% free carried interest through to feasibility study. So we can be at the table at a later stage to negotiate the sale of that during a possible broader consolidation play in the district. We received $320,000 in cash payments in the first two years of the deal as well. And we receive bonus payments of $1 for every ounce of gold that is formerly brought on the books in any category at any time and even in multiple stages. That has a $10 million cap on that, the district already hosts more than 10 million ounces. So that figure is certainly possible given the area.
Maurice:
So that we better appreciate the terms. Would you please provide us with a quick bio on Heritage Mining and what they bring to the table?
Michael Rowley:
Heritage Mining is a very experienced team with an excellent track record of raising cash and advancing projects, especially in Ontario and Quebec. Heritage is familiar with this geology. They’re keen to hit the ground, which is very pleasing to us because the point of this deal is that we want someone else to raise the $5 million and advance this asset the way we think it can be advanced. So they certainly appear to be capable of that. They have an excellent record of proving ounces, developing mines, operating companies, and marketing, raising capital.
Maurice:
Where will this transaction put Group Ten Metals in terms of ownership, percentage on the share structure for Heritage Mining?
Michael Rowley:
Well, we’ll have to see what their first placement looks like once they’re trading and that’s a couple of months out from now. But we expect to be about 10% of the company initially, and then maintain between the 5% and 10% level from there. A key point on that note also is that we have that bonus structure having a carried interest. Therefore, we are not relying solely on our share position for value. We’ve got several avenues here to be exposed to that success that we expect them to have.
Maurice:
And when does Group Ten Metals expect the transaction will close?
Michael Rowley:
We look good to close around the 60-day mark around mid-October.
Maurice:
Leaving Ontario and onto the Yukon where Group Ten Metals has another non-core asset within his property bank that is equally has been receiving a lot of interest from prospective buyers. And I’m speaking of the Kluane PGE, nickel, copper project in the Yukon. Sir, any updates for us?
Michael Rowley:
The Kluane is another explored project. We have over 250 square kilometers in the under-explored Kluane Belt, which is a fantastic belt of deposits. Another ultramafic system like Stillwater reaching from BC through into Alaska. The most advanced one. There is Nickel Creek Platinum, formerly Wellgreen. And the news there is that they’ve been increasingly active in the past year. And that’s good to see. They’ve been drilling, they’ve been doing geophysics and they’ve been doing it up on the northwest end of the system towards us, which is music to our ears. We’ll be seeing them at Beaver Creek and we’re looking forward to further activity from them. You’re correct that we’re getting more interested in those projects and that they like Black Lake are effectively for sale. We just have low carrying costs. Then we’re taking our time looking for the right deals.
Maurice:
Leaving the Yukon less visit Montana, which hosts your flagship Stillwater West project. But before we get into the latest news on the Stillwater West, would you please remind us about the unique value proposition before us on your flagship project?
Michael Rowley:
The Stillwater West is fantastic. In 2017, the opportunity was presented to us to own half of the iconic Stillwater District, which sounds too good to be true in a way. But thanks to several factors that came together at the right time. Most of all, a local vendor who had spotted a bankruptcy that left these claims available, and he was quick, he bought the data from the past operators and he tied up the claims. We’ve since tripled land position. We now own half the district we’ve built a terrific database, predictive geologic model. The point is that we are well on our way to proving ourselves as a primary source of green metals, battery-grade nickel, copper, cobalt, with platinum group elements, palladium, platinum, rhodium, and also gold.
In a US district beside three mines and a smelter complex. These are big disseminated, sulfide deposits. They convert easily and cleanly to nickel sulfate. And we are weeks away from our first resources on the project, which is a very exciting moment for any junior exploration company. This will be a solid debut, it’ll position us nicely among our peers. And we see terrific room to grow from there. If you’ve seen our news release back in April, where we related the 3D models from our IP survey, the emerging images of our Resource models, and the potential we have for expansion.
Maurice:
The Stillwater West is currently undergoing its largest exploration program to date, which is a 10,000-meter drill program there recently added a second drill rig, sir, take us on-site and get us up to speed on the program.
Michael Rowley:
We have 2 rigs turning, which is music to our ears. We’re hitting sulfide very nicely in both, massive sulfide in places, net texture, and disseminated in others. The predictive model that we’ve been working up the past few years is working beautifully. And that’s a key point. We’re now hitting with a high degree of predictability, which is what geologists want to see. The district is well mineralized. Our neighbor has 87 million ounces in current resources, reserves, and 14 million ounces in past production of the highest-grade palladium-platinum in the world.
That’s a single magmatic pulse laid down across 40 kilometers. These things are staggering in scale, and it’s also a nickel-copper-sulfide deposit that is worth noting. We are just below them in that stratigraphy. And we’re seeing similar continuity of these horizons. We are hitting new ones all the time, they seem to run for great lengths and it’s easy to add ounces and pounds. The program that you mentioned that’s underway now should do very nicely for expanding the inaugural resources as fast as we can in 2022. So we’ll debut numbers here in summer 2021, and then look to expand them as fast as possible in 2022.
Maurice:
All right, you have two truth machines drilling away. Do you already have some core in the lab and any timeframe on when we may receive some assays?
Michael Rowley:
The first one and a half holes are in the labs, include some nice-looking core. The labs are saying six weeks though, give me into October to get those into a news release.
Maurice:
Now we will hold you to that, but we will hold the labs to that. All right, switching gears, let’s look at some numbers. Sir, please provide the capital structure for Group Ten Metals.
Michael Rowley:
Group Ten Metals has 163 million shares outstanding at today’s price. That puts us around a $50 million market cap. We feel that significantly below where we could be based on our peers. I think a good peer might be Canada Nickel, for example. Noting of course they don’t have the platinum group element component that we have. However, they are four or five times our market cap with a similar, large, lower-grade nickel project. And we think that makes it a compelling comparison. We have$ 6 million cash in the bank and we have $13 million in the money options and warrants. Those are priced between .21 and .30 cents. No placements are planned for the foreseeable future and a fully funded, fully permitted for this year’s program. And even into next year at this point.
Maurice:
Speaking of those warrants. Expect for me to go ahead and exercise mine. Speaking of the shares, Group Ten Metals recently upgraded its DTC eligibility. What does that mean for shareholders? I
Michael Rowley:
I had to look into it myself to be reminded. DTC is an electronic clearing service. This simplifies the process of trading and enhances liquidity For American traders, which we have a really good US shareholder base. So this is, meaningful in terms of fast and efficient settling of those trades.
Maurice:
Before we close Mr. Rowley, what would you like to say to shareholders?
Michael Rowley:
This is an exciting time for Group Ten Metals! If you’re familiar with the Lassonde Curve value creation in junior miners were at that just pre-discovery phase where you get that rapid increase in value. And it’s quite a privilege to be here. It’s exciting to be systematically exploring the Stillwater Complex, which is famously metal-rich, and yet also under-explored and it’s remarkable, but the 215 drill holes to date across 32 kilometers of claims, 61 square kilometers. That’s not a lot. And we’re testing things all the time that have never been drilled and we’re finding nice-looking sulfides there. So to be the ones systematically adding value and looking like, in terms of the market, that we’re on the left end of the Lassonde Curve, but knowing that we’re much farther along in terms of having comfort about some size and grade here. Pretty exciting.
Maurice:
Last question. What did I forget to ask?
Michael Rowley:
Well, it’s probably a good point to touch on the broader commodity markets and you know metal markets are going sideways at the moment but there are the fundamentals are in place perhaps more than ever for a really good steady increase. We’re looking for all the metals in our suite of commodity baskets to resume their upward momentum likely this fall. We’ve got the FED meeting behind us today. Things look positive the fundamentals are there and we’re looking forward to increased value for all our commodities, especially, in nickel. We’re hearing increasingly of the coming shortfall in nickel sulfide, in particular clean nickel that’s good for batteries or rather makes nickel sulfate in the most environmentally friendly manner. We’re excited to be part of that and we’re looking forward to that renewed momentum. This is a good buying opportunity to buy shares in Group Ten Metals.
Maurice
Sir, for readers that want to get more information on Group Ten Metals, please share the website address.
