Business
Vox Royalty to Acquire Royalty on Part of 3 Million Ounce Australian Gold Project
GEORGE TOWN, Cayman Islands, March 30, 2021 /CNW/ - Vox Royalty Corp. (TSXV: VOX) ("Vox" or the "Company"), a high growth precious metals focused royalty compan
About this update from Vox Royalty Corp
[{"type":"text","content":" GEORGE TOWN, Cayman Islands, March 30, 2021 /CNW/ - Vox Royalty Corp. (TSXV: VOX) (\"Vox\" or the \"Company\"), a high growth precious metals focused royalty company, is pleased to announce that it has entered into a binding agreement with a private Australian-registered entity pursuant to which Vox will acquire a A$10/oz gold royalty on part of Norton Gold Fields Pty Ltd's (\"Norton\") Bullabulling Gold Project (\"Bullabulling\") in Western Australia for total consideration of up to A$2,200,000. Vox will pay upfront cash of A$1,200,000. The first milestone payment is contingent upon Norton receiving approval of a mining proposal from the West Australian Department of Mines, Industry Regulation and Safety. Upon that milestone being achieved Vox will pay a milestone payment of A$500,000, in cash or Vox shares, at the Company's sole discretion. The second milestone is contingent upon Vox receiving first royalty revenue from Bullabulling, the milestone payment of A$500,000, may be settled in cash or Vox shares, at the Company's sole discretion (the \"Transaction\"). Closing of the Transaction remains conditional upon Australian Foreign Investment Review Board approval (\"FIRB Approval\"). Any issuance of Vox shares in connection with the milestone payments will require the approval of the TSX Venture Exchange. Transaction Highlights Acquisition provides exposure to one of Australia's largest undeveloped gold projects at the feasibility stage Bullabulling Project that hosts a total resource estimate of 91.65Mt @ 1.04 g/t Au for 3,079,000 ounces. Prior to Norton's takeover of former project operator Bullabulling Gold Limited (\"BGL\") in 2014, BGL released a Pre-Feasibility study for Bullabulling which included a 10.5 year life of mine producing a total of 1,948,000 ounces of gold, including 650,000 ounces of gold targeted for production in the first three years. Strong operating partner in Kalgoorlie-based Norton Gold Fields Pty Ltd, one of Australia's largest domestic gold producers and a subsidiary of Hong Kong and Shanghai-listed global mining group Zijin Mining Group Co. Ltd (\"Zijin\") (market capitalization of US$36B). Project is located 60km from Kalgoorlie in the prolific Kalgoorlie / Coolgardie Mining District in Western Australia, within close proximity to established power, water and road infrastruct...