Robex Resources Inc. Announces Increase of Inferred Resources,
Construction Update and Bridge Extension
Robex Resources Inc. (TSXV: RBX) (“
Robex” or the
“
Company”) is pleased to announce (i) a 43-101
Mineral Resources Estimate Update for the Mansounia deposit and
start of an optimized Feasibility Study (“
FS”) for
Q2 2024, (ii) to prioritize workstreams to bring Mansounia in the
Kiniero project and review the impact on the project timeline; and
(iii) extension of the existing US$ 35m Bridge Facility (the
“
Bridge”) with Taurus Mining Finance Fund No. 2,
L.P. (“
Taurus”) alongside their support for the
US$ 115m Project Finance Facility (the “
Project
Finance”).
Highlights of the Mansounia 2023 Mineral
Resources Estimate (“MRE”) update include:
-
The total contained gold for Mansounia Inferred Mineral Resources
on a standalone basis has increased by +169% compared to the
previous 2022 Kiniero Gold Project Feasibility Study MRE on
Mansounia.
-
The 2023 MRE update for Mansounia increases the total contained
gold of the Kiniero Gold Project Inferred Mineral Resources by +52%
compared to the previous 2022 Kiniero Gold Project FS MRE.
MANSOUNIA DEPOSIT RESOURCES INCREASES
CONFIRMS PROSPECTIVITY OF THE KINIERO PROJECT
Following completion of the first phase of
Mineral Resource delineation drilling at the Mansounia deposit1 and
recent drill spacing study, Robex reports a significant increase in
its inferred resources base, as shown in the table below. The
Mansounia Central deposit is approximately 3km south of the Kiniero
processing plant at the Kiniero Gold Project in Guinea, West
Africa.
The Mineral Resource Estimate (MRE) update,
prepared by Micon International Co Limited (“Micon”), includes the
Mansounia Central and Mansounia South deposits, and has been
updated based on an extensive 147 RC drill hole delineation
drilling programme totalling 23,310 meters, with a complete review
and remodelling of the wireframe interpretations.
Table 1: Mineral Resources of the
Mansounia Deposit, effective December 21, 2023.
Pit |
Classification |
Tonnage (Mt) |
Grade (Au g/t) |
Contained Gold (koz) |
Mansounia |
Inferred |
29.22 |
0.95 |
896 |
Notes:
- The Mineral Resource Estimate has
been prepared in accordance with National Instrument 43-101 (NI
43-101) Standards of Disclosure for Mineral Projects and has an
effective date of December 21, 2023.
- To demonstrate Reasonable Prospects
for Eventual Economic Extraction (RPEEE), open pit Mineral
Resources were constrained by an optimised pit shell. All blocks
above the cut-off and within the pit shell were included in the
Mineral Resources. Robex created the optimised pit shell.
- Cut-off grades for Mineral Resource
reporting were calculated using a gold price of US$1,950 oz and
are: laterite 0.5 g/t Au; saprolite (oxide) 0.3 g/t Au; saprock
(transition) 0.7 g/t Au; and fresh 0.9 g/t Au.
- Mineral Resources are not Mineral
Reserves and have not demonstrated economic viability. There is no
certainty that all or any part of the estimated Mineral Resources
will be converted into Mineral Reserves.
- Average density values used are:
laterite 2.12 t/m3; saprolite (oxide) 1.66 t/m3; saprock
(transition) 2.46 t/m3; and fresh 2.66 t/m3.
- Grade interpolation by ordinary
kriging using a rotated block model (azimuth 40°) with a block size
of 12 m (X) by 24 m (Y) by 5 m (Z). Outlier management used grade
capping for extreme outliers and a restricted search neighbourhood
for outliers on a domain-by-domain basis.
- All Mineral Resources were
classified as Inferred. To limit extrapolation, a volume was used
to constrain the interpolated blocks to approximately 10 m below
the base of the drilling and 40 m lateral to the drilling.
- Totals presented in this table are
reported from the Mineral Resource models, are subject to rounding,
and may not sum exactly.
Table 2: Comparison of the Inferred
Mineral Resources for the 2023 MRE Update and the 2022 Kiniero Gold
Project FS.
Inferred Mineral Resources |
2022 FS2 |
2023 MRE Update1 |
Pit |
Tonnage (Mt) |
Grade (Au g/t) |
Contained Gold (koz) |
Tonnage (Mt) |
Grade (Au g/t) |
Contained Gold (koz) |
SGA |
9.64 |
1.54 |
479 |
|
|
|
Jean |
1.63 |
1.68 |
88 |
|
|
|
Sabali North & South |
0.27 |
0.98 |
9 |
|
|
|
Sabli South |
2.93 |
1.03 |
97 |
|
|
|
West Balan |
0.84 |
1.51 |
41 |
|
|
|
Banfara |
0.78 |
1.46 |
37 |
|
|
|
Mansounia3 |
12.32 |
0.84 |
333 |
29.22 |
0.95 |
896.3 |
Total in situ |
28.42 |
1.18 |
1,082 |
45.31 |
1.13 |
1,647 |
Notes:
- Micon completed the 2023 MRE update
for Mansounia in December 2023. The total in situ Inferred Mineral
Resources were calculated using the 2023 MRE Update for
Mansounia.
- All other pits other than Mansounia
were not updated in 2023 by Micon and remain unchanged from the
2022 FS as stated in the technical report by AMC Consultants
“Technical Report, Kiniero Gold Project, Guinea. Effective date 01
June 2023”.
- The 2022 FS refers to Mansounia as
Mansounia Central.
Figure 1: Plan view
map of Mansounia shows the completed drilling and modelled grade
shell wireframes.
Figure 2:
Cross-section A-B shows the (top) modelled grade shell wireframes
that remain open at depth; (middle) interpolated block Au grades,
to limit extrapolation a volume was used to constrain the
interpolated blocks to approximately 10 m below the base of the
drilling and 40 m lateral to drilling; (bottom)interpolated block
Au grades constrained to Inferred Mineral Resources within the
US$1,950 pit shell and above cut-off (laterite 0.5 g/t Au;
saprolite 0.3 g/t Au; saprock 0.7 g/t Au; and fresh 0.9 g/t
Au).
START AN OPTIMISED FEASIBILITY STUDY FOR
Q2 2024
Robex has engaged Soutex and Wacom to engineer
the required small design modifications, including two additional
CIL tanks and a larger oxygen plant for a throughput increase to
4.1 Mtpa.
Robex is now starting working on an optimized
Feasibility Study to (i) include the Mansounia resources modelling
across the deposits and update the Reserves and Resources on the
entire project; (ii) update the capital expenditure to accommodate
a higher oxide mix at 4.1Mtpa; and (iii) add flexibility in the
current design to accommodate future expansion of 6Mtpa.
CONSTRUCTION UPDATE – SLOW DOWN DUE TO
FUEL SUPPLY RISK AND ENGINEERING
At this stage the impact on the project timeline
is under review due to the new engineering work required and the
current situation in Guinea with the fuel supply disruption which
are slowing down construction activities. A revised project
timeline will be communicated during H1 2024.
Current spending on the project stands at c. US$
50m as of October 30th, 2023, and earthworks on site is progressing
well (Figure 3, 4 and 5). The dewatering is also progressing well
with 9 meters drop from original topography. This will give Robex
access to continue delineating the resources at SGA (479Koz of
inferred resources at 1.54g/t).
Figure 3: SGA pit dewatering progress with an
approximated 9m drop.
Figure 4: Construction site overview with KCP
(Wacom Group) construction area
Figure 5: Plant Earthworks construction
TAURUS BRIDGE EXTENSION UNTIL JUNE
21ST 2024
The current Bridge Facility provided by Taurus
was drawn from time to time since closing of the facility in April
20232 and is now fully drawn at US$ 35m. Proceeds of the funds were
allocated to developing the Kiniero Gold project by ordering of
long lead items, start of earthworks and others work programs.
Given the resources update at Mansounia Central
and ongoing technical works to carry out as part of the optimized
Feasibility Study, Robex and Taurus agreed to extend the maturity
of the Bridge Facility by 6 months from December 22nd 2023 to June
21st 2024. This additional time will allow Robex to optimize value
of the Kiniero Gold project and will provide additional time to
finalize the US$ 115m Project Finance Facility as set out in the
Mandate Letter previously signed3. The extension comes alongside
the following revised key terms:
-
Interest rate 10% per annum (from 8% currently);
-
Royalty of 0.25% capped at 1.5Moz of gold across Kiniero’s
licences, including buy-back mechanism subject to specifics
conditions;
-
Permitted indebtedness headroom increased from US$ 4m to US$ 12m
subject to certain conditions;
-
Security, covenants and other conditions remain unchanged;
The Bridge still has no requirements for
hedging. Closing of the extension is subject to customary
conditions.
Aurelien Bonneviot, President and CEO: “We are
pleased to see Mansounia delivering inferred resources increase.
This is a significant advancement towards the delineation of the
4.5 km Sabali – Mansounia corridor. This resource confirms the
prospectivity of our Mansounia Licence and that’s why the company
have decided to include it in an optimised feasibility study. We
thank Taurus for supporting Robex in extending the maturity of the
bridge and reiterating their support for the Project
Financing.”
Qualified Person
The information in this announcement, which
relates to the updated Mineral Resource Estimate for Mansounia, has
been approved by Dr Ryan Langdon, PhD, MCSM, MEarthSci, CGeol, FGS,
who is a professional registered with the Geological Society of
London and an independent consultant to the Company. Dr Ryan
Langdon is the Senior Mineral Resource Geologist of Micon
International Co Limited and has over 12 continuous years of
exploration and mining experience in various mineral deposit
styles. Dr Ryan Langdon has sufficient experience relevant to the
style of exploration, mineralisation and type of deposit under
consideration and to the activity he is undertaking to qualify as a
Qualified Person under the terms of NI 43-101. Dr Ryan Langdon
consents to inclusion in the announcement of the matters based on
this information in the form and context in which it appears.
About Robex Resources Inc.
Robex is a multi-jurisdictional West African
gold production and development company with near-term exploration
potential. The Company is dedicated to safe, diverse and
responsible operations in the countries in which it operates with a
goal to foster sustainable growth. The Company has been operating
the Nampala mine in Mali since 2017 and is advancing the Kiniero
Gold Project in Guinea.
Robex is supported by two strategic shareholders
and has the ambition to become a-tier gold producers in West
Africa.
More Information
ROBEX RESOURCES
INC. |
FINANCIAL COMMUNICATIONS RENMARK INC. |
Aurélien BonneviotChief Executive OfficerStanislas PrunierInvestor
Relations and Corporate Development+1 581 741-7421E-mail:
investor@robexgold.comwww.robexgold.com |
Robert ThaemlitzAccount Manager+1 416 644-2020 or +1 212
812-7680E-mail: rthaemlitz@renmarkfinancial.com
www.renmarkfinancial.com |
Forward Looking Statement
Certain information set forth in this news
release contains “forward‐looking statements” and “forward‐looking
information” within the meaning of applicable Canadian securities
legislation (referred to herein as forward‐looking statements).
Except for statements of historical fact, certain information
contained herein constitutes forward‐looking statements which
includes, but is not limited to, statements with respect to: the
potential development and exploitation of the Mansounia Central
Deposit or the Kiniero Project and the Company’s existing mineral
properties and business plan, including the completion of
feasibility studies or the making of production decisions in
respect thereof; the future financial or operating performance of
the Company, the Mansounia Central Deposit and the Kiniero Project;
results from work performed to date; the realization of mineral
resource and mineral reserve estimates; the development,
operational and economic results of any prefeasibility study that
may be undertaken or not for the the Mansounia Central Deposit,
including cash flows, revenue potential, potential for staged
development, capital expenditures, development costs and timing
thereof, extraction rates, life of mine projections and cost
estimates; magnitude or quality of mineral deposits; anticipated
advancement of the Kiniero Project including mine plan; exploration
expenditures, costs and timing of the development of new deposits;
exploration potential and opportunities at the Mansounia Central
Deposit; costs and timing of future exploration; the completion and
timing of future development studies; estimates of metallurgical
recovery rates; anticipated advancement of the Mansounia Central
Deposit , the Kiniero Project and future exploration prospects;
requirements for additional capital; the future price of metals;
government regulation of mining operations; environmental risks;
the timing and possible outcome of pending regulatory matters; the
realization of the expected economics of the Mansounia Central
Deposit and the Kiniero Project; and future growth potential of the
Mansounia Central Deposit. Forward-looking statements are often
identified by the use of words such as “may”, “will”, “could”,
“would”, “anticipate”, ‘believe”, expect”, “intend”, “potential”,
“estimate”, “budget”, “scheduled”, “plans”, “planned”, “forecasts”,
“goals” and similar expressions. Forward-looking statements are
based on a number of factors and assumptions made by management and
considered reasonable at the time such information is provided.
Assumptions and factors include: the Company’s ability to complete
its planned exploration programs; the absence of adverse conditions
at the Kiniero Project or the Mansounia Central Deposit; no
unforeseen operational delays; no material delays in obtaining
necessary permits; the price of gold remaining at levels that
render the Mansounia Central Deposit and the Kiniero Project
economic; the Company’s ability to continue raising necessary
capital to finance operations and reimburse short-term liabilities;
and the ability to realize on the mineral resource and mineral
reserve estimates. Forward‐looking statements necessarily involve
known and unknown risks and uncertainties, which may cause actual
performance and financial results in future periods to differ
materially from any projections of future performance or result
expressed or implied by such forward‐looking statements. These
risks and uncertainties include, but are not limited to: general
business, economic and competitive uncertainties; the actual
results of current and future exploration activities; geopolitical
risk, political risks inherent to mining in developing countries,
conclusions of economic evaluations; meeting various expected cost
estimates; benefits of certain technology usage; changes in project
parameters and/or economic assessments as plans continue to be
refined; future prices of metals; possible variations of mineral
grade or recovery rates; the risk that actual costs may exceed
estimated costs; geological, mining and exploration technical
problems; failure of plant, equipment or processes to operate as
anticipated; accidents, labour disputes and other risks of the
mining industry; delays in obtaining governmental approvals or
financing; the speculative nature of mineral exploration and
development (including the risks of obtaining necessary licenses,
permits and approvals from government authorities); title to
properties; the impact of COVID-19 on the timing of exploration and
development work and management’s ability to anticipate and manage
the foregoing factors and risks. Although the Company has attempted
to identify important factors that could cause actual actions,
events or results to differ materially from those described in the
forward-looking statements, there may be other factors that cause
actions, events or results not to be as anticipated, estimated or
intended. Readers are advised to study and consider risk factors
disclosed in the Company’s disclosure documents for a more complete
discussion of such risk factors and their potential effects, which
may be accessed through the Company's profile on SEDAR at
www.sedar.com.
There can be no assurance that forward‐looking
statements will prove to be accurate, or even benefit Robex, if
any, as actual results and future events could differ materially
from those anticipated in such statements. The Company undertakes
no obligation to update forward‐looking statements if circumstances
or management’s estimates or opinions should change except as
required by applicable securities laws. The forward-looking
statements contained herein are presented for the purposes of
assisting investors in understanding the Company’s plan, objectives
and goals and may not be appropriate for other purposes.
Forward-looking statements are not guarantees of future performance
and the reader is cautioned not to place undue reliance on
forward‐looking statements.Please refer to the “Risk Factors”
section of the Company’s annual information form for the year
ended December 31, 2022, dated April 28, 2023, and to the
“Risks and Uncertainties” section of each of the Company’s
management’s discussion and analysis dated April 28, 2023 for the
years ended December 31, 2022 and December 31, 2021, and the
Company’s management’s discussion and analysis dated August 28,
2023 for the six-month periods ended June 30, 2023 and June 30,
2022, all of which are available electronically on SEDAR
at www.sedar.com. All forward-looking statements contained in
this press release are expressly qualified by this cautionary
statement.
Neither 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.
1 Please refer to press release dated November 20th, 20232
Please refer to press release dated April 20th, 20233 Please refer
to press release dated January 24th, 2023
All figures accompanying this announcement are available
at:https://www.globenewswire.com/NewsRoom/AttachmentNg/04c74da1-51a1-4069-a4a8-45f42be9551dhttps://www.globenewswire.com/NewsRoom/AttachmentNg/72c1c77d-c52b-43bc-bb0d-4341c12ada81https://www.globenewswire.com/NewsRoom/AttachmentNg/1601660a-af9a-4944-b122-106a7296ff40https://www.globenewswire.com/NewsRoom/AttachmentNg/ccb1cf65-add0-4ba9-b79a-6b9b0ed834b5https://www.globenewswire.com/NewsRoom/AttachmentNg/3ae1df1f-7264-4415-ae12-79f5f4712ea8
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