QUEBEC CITY, May 22, 2024 (GLOBE NEWSWIRE) -- Robex Resources Inc. (TSXV: RBX)
("Robex" or the "Company") is pleased to announce a Mineral Resource Estimate
update prepared by Micon International Co Limited ("Micon") for the Mansounia
Central and Mansounia South deposits (collectively, the "Mansounia Deposit") in
accordance with National Instrument 43-101 - Standards of Disclosure for Mineral
Projects ("NI 43-101"), (the "Mansounia 2024 MRE Update").
Highlights of the Mansounia 2024 MRE Update include:
* The total contained gold for the Mansounia Indicated Mineral Resources is
reported as 303koz following the conversion of 35% of Inferred Mineral
Resources to Indicated Mineral Resources compared to the previously
announced Mansounia 2023 MRE update(1); and
* The Mansounia 2024 MRE update increases the total in-situ contained gold of
the Kiniero Gold Project Indicated Mineral Resources by 23% compared to the
previous 2023 Kiniero Gold Project Feasibility Study MRE.
Aurelien Bonneviot, Chief Executive Officer commented: "I am very encouraged by
the results of the Mansounia infill drilling program. They have confirmed the
geological potential of the 5km mineralisation trend from Sabali North to
Mansounia South and our ability to convert Inferred Mineral Resources to
Indicated Mineral Resources."
Mansounia Deposit Indicated Mineral Resources reinforce prospectivity of the
Kiniero Project
Following completion of the first phase of infill drilling at the Mansounia
Deposit, Robex reports a significant conversion of Inferred Mineral Resources to
Indicated Mineral Resources, resulting in an increase of the in-situ Kiniero
Gold Project Indicated Mineral Resources. The results are shown in the tables
below. The high conversion rate supports the geological interpretation and
mineralisation model for the Mansounia Deposit.
The Mansounia 2024 MRE Update prepared by Micon includes the Mansounia Central
and Mansounia South deposits, and has been prepared based on a 126 Reverse
Circulation ("RC") infill drilling program on a 30m-by-30m grid totaling 11,029
meters. A single block kriging drill hole spacing study was used to inform the
infill drill grid spacing and Mineral Resource classification.
Table 1: Mineral Resources of the Mansounia Deposit, effective May 16(th), 2024
+-----------+------------------+---------+----------+----------------+
| | Mineral Resource | Tonnage | Grade | Contained Gold |
| Pit | Classification | (Mt) | (g/t Au) | (koz) |
+-----------+------------------+---------+----------+----------------+
| | Indicated | 9.4 | 1.00 | 303 |
| +------------------+---------+----------+----------------+
| Mansounia | Inferred | 19.4 | 0.94 | 589 |
+-----------+------------------+---------+----------+----------------+
Notes:
1. The Mineral Resource Estimate has been prepared in accordance with NI
43-101 and has an effective date of May 16(th), 2024.
2. 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. Micon created the optimised pit shell.
3. 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.
4. 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.
5. Average density values used are: laterite 2.12 t/m(3); saprolite (oxide)
1.66 t/m(3); saprock (transition) 2.46 t/m(3); and fresh 2.66 t/m(3).
6. Grade interpolation by ordinary kriging using a rotated block model (azimuth
40) with a block size of 12 m (X) by 12 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.
7. Mineral Resources in volumes with a drill grid spacing of 30 m by 30 m were
classified as Indicated Mineral Resources based on the results of a single
block kriging drill hole spacing study updated as part of the Mansounia
2024 MRE Update. All other volumes were classified as Inferred Mineral
Resources. To limit extrapolation, a wireframe was used to constrain the
interpolated blocks to approximately 10 m below the base of the drilling and
40 m lateral to the drilling.
8. Totals presented in this table reported from the Mineral Resource models,
are subject to rounding, and may not total exactly.
9. The Mansounia license is currently in the process of conversion from
exploration to exploitation.
Table 2: Comparison of the Mansounia 2023 MRE and 2024 MRE Updates
+---------+--------------+---------------------------+-------------------------+
| | | 2023 MRE(1) Update | 2024 MRE Update |
| | +-------+-------+-----------+-------+------+----------+
| | Mineral | | Grade | Contained | |Grade |Contained |
| | Resource |Tonnage| (g/t | Gold |Tonnage| (g/t | Gold |
| Pit |Classification| (Mt) | Au) | (koz) | (Mt) | Au) | (koz) |
+---------+--------------+-------+-------+-----------+-------+------+----------+
| | Indicated | - | - | - | 9.4 | 1.00 | 303 |
| +--------------+-------+-------+-----------+-------+------+----------+
|Mansounia| Inferred | 28 | 0.96 | 879 | 19.4 | 0.94 | 589 |
+---------+--------------+-------+-------+-----------+-------+------+----------+
Notes:
1. Micon completed the 2023 MRE update for Mansounia in December 2023. Reported
Inferred Mineral Resources differ from December 22(nd) press release due to
updated cut-off grade values being used.
Figure 1. Plan view map of Mansounia shows the completed drilling and modelled
grade shell wireframes.
Figure 2. Plan view map of Mansounia showing the completed drilling with assay
results for the 2024 infill RC drilling, and the block model coloured by Mineral
Resource classification constrained to Mineral Resources within the US$ 1,950
RPEEE 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).
Figure 3. Plan view map of Mansounia showing the block model constrained to
Mineral Resources within the US$ 1,950 RPEEE 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).
Figure 4. Cross-sections A-B show 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 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). Drill collars coloured black
are from the 2024 RC infill drill program.
Figure 5. Cross-sections A-B show the (top) resource classification within the
US$ 1,950 pit shell; and (bottom) the Mineral Resource classification
constrained to 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). Drill collars coloured black are from the 2024 RC infill drill
program.
Scientific and Technical Information
The information in this announcement which relates to the updated Mineral
Resource Estimate is based upon information prepared by or under the supervision
of Dr. Ryan Langdon, PhD, MCSM, MEarthSci, CGeol, FGS, who is a Qualified Person
as defined by NI 43-101 and a professional registered with the Geological
Society of London, and does not or did not have at the relevant time an
affiliation with the Company or its subsidiaries, except that of independent
consultant/client relationship. Dr. Ryan Langdon is a Senior Mineral Resource
Geologist with Micon International Co Limited and has over 12 continuous years
of exploration and mining experience in various mineral deposit styles. Dr. Ryan
Langdon has reviewed and approved the technical information in this news
release. Dr. Langdon has also approved information relating to exploration,
drilling and sampling.
In this news release, the terms "mineral resource", "inferred mineral resource",
"indicated mineral resource", "mineral reserve", "preliminary economic
assessment", "pre-feasibility study" and "feasibility study" have the meanings
ascribed to those terms in the Definition Standards on Mineral Resources and
Mineral Reserves adopted by the Canadian Institute of Mining Metallurgy and
Petroleum ("CIM Definition Standards") and incorporated into NI 43-101.
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.
Robex has been operating the Nampala Mine in Mali since 2017 and is advancing
the long-life low-AISC Kiniero Project in Guinea, which demonstrates a c. 10-
year mine life with c. 1Moz of Mineral Reserves.
Robex is supported by two strategic shareholders and has the ambition to become
a mid-tier gold producer in West Africa.
For more information
ROBEX RESOURCES INC
Aurélien Bonneviot, Chief Executive Officer
Stanislas Prunier, Investor Relations & Corporate Development
+1 581 741-7421
Email: investor@robexgold.com
www.robexgold.com (http://www.robexgold.com)
FORWARD-LOOKING INFORMATION AND FORWARD-LOOKING STATEMENTS
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"). Forward-looking statements are included to provide information
about Management's current expectations and plans that allows investors and
others to have a better understanding of the Company's business plans and
financial performance and condition.
Statements made in this news release that describe the Company's or Management's
estimates, expectations, forecasts, objectives, predictions, projections of the
future or strategies may be "forward-looking statements", and can be identified
by the use of the conditional or forward-looking terminology such as "aim",
"anticipate", "assume", "believe", "can", "contemplate", "continue", "could",
"estimate", "expect", "forecast", "future", "guidance", "guide", "indication",
"intend", "intention", "likely", "may", "might", "objective", "opportunity",
"outlook", "plan", "potential", "should", "strategy", "target", "will" or
"would" or the negative thereof or other variations thereon. Forward-looking
statements also include any other statements that do not refer to historical
facts. Such statements may include, but are not limited to, statements
regarding: the perceived merit and further potential of the Company's
properties; the Company's estimate of mineral resources and mineral reserves;
capital expenditures and requirements; the Company's access to financing;
preliminary economic assessment and other development study results; exploration
results at the Company's properties; budgets; strategic plans; market price of
precious metals; the Company's ability to successfully advance the Kiniero Gold
Project on the basis of the results of the feasibility study with respect
thereto, as the same may be updated from time to time, the whole in accordance
with the revised timeline previously disclosed by the Company; the potential
development and exploitation of the Kiniero Gold 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;
work programs; permitting or other timelines; government regulations and
relations; optimization of the Company's mine plan; the future financial or
operating performance of the Company and the Kiniero Gold Project; exploration
potential and opportunities at the Company's existing properties; costs and
timing of future exploration and development of new deposits; the Company's
ability to enter into definitive documentation in respect of the USD115 million
project finance facility for the Kiniero Gold Project (including a USD15 million
cost overrun facility, the "Facilities"), including the Company's ability to
restructure the Taurus USD35 million bridge loan and adjust the mandate to
accommodate for the revised timeline of the enlarged project; timing of entering
into definitive documentation for the Facilities; and if final documentation is
entered into in respect of the Facilities, the drawdown of the proceeds of the
Facilities, including the timing thereof.
Forward-looking statements and forward-looking information are made based upon
certain assumptions and other important factors that, if untrue, could cause the
actual results, performance or achievements of the Company to be materially
different from future results, performance or achievements expressed or implied
by such statements or information. There can be no assurance that such
statements or information will prove to be accurate. Such statements and
information are based on numerous assumptions, including: the ability to execute
the Company's plans relating to the Kiniero Gold Project as set out in the
feasibility study with respect thereto, as the same may be updated from time to
time, the whole in accordance with the revised timeline previously disclosed by
the Company; the Company's ability to complete its planned exploration and
development programs; the absence of adverse conditions at the Kiniero Gold
Project; the absence of unforeseen operational delays; the absence of material
delays in obtaining necessary permits; the price of gold remaining at levels
that render the Kiniero Gold Project profitable; the Company's ability to
continue raising necessary capital to finance its operations; the Company's
ability to restructure the Taurus USD35 million bridge loan and adjust the
mandate to accommodate for the revised timeline of the enlarged project; the
Company's ability to enter into definitive documentation for the Facilities on
acceptable terms or at all, and to satisfy the conditions precedent to closing
and advances thereunder (including satisfaction of remaining customary due
diligence and other conditions and approvals); the ability to realize on the
mineral resource and mineral reserve estimates; and assumptions regarding
present and future business strategies, local and global geopolitical and
economic conditions and the environment in which the Company operates and will
operate in the future.
Certain important factors could cause the Company's actual results, performance
or achievements to differ materially from those in the forward-looking
statements including, but not limited to: geopolitical risks and security
challenges associated with its operations in West Africa, including the
Company's inability to assert its rights and the possibility of civil unrest and
civil disobedience; fluctuations in the price of gold; limitations as to the
Company's estimates of mineral reserves and mineral resources; the speculative
nature of mineral exploration and development; the replacement of the Company's
depleted mineral reserves; the Company's limited number of projects; the risk
that the Kiniero Gold Project will never reach the production stage (including
due to a lack of financing); the Company's capital requirements and access to
funding; changes in legislation, regulations and accounting standards to which
the Company is subject, including environmental, health and safety standards,
and the impact of such legislation, regulations and standards on the Company's
activities; equity interests and royalty payments payable to third parties;
price volatility and availability of commodities; instability in the global
financial system; the effects of high inflation, such as higher commodity
prices; fluctuations in currency exchange rates; the risk of any pending or
future litigation against the Company; limitations on transactions between the
Company and its foreign subsidiaries; volatility in the market price of the
Company's shares; tax risks, including changes in taxation laws or assessments
on the Company; the Company obtaining and maintaining titles to property as well
as the permits and licenses required for the Company's ongoing operations;
changes in project parameters and/or economic assessments as plans continue to
be refined; 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 effects of public health crises, such as the COVID-19 pandemic, on the
Company's activities; the Company's relations with its employees and other
stakeholders, including local governments and communities in the countries in
which it operates; the risk of any violations of applicable anticorruption laws,
export control regulations, economic sanction programs and related laws by the
Company or its agents; the risk that the Company encounters conflicts with
small-scale miners; competition with other mining companies; the Company's
dependence on third-party contractors; the Company's reliance on key executives
and highly skilled personnel; the Company's access to adequate infrastructure;
the risks associated with the Company's potential liabilities regarding its
tailings storage facilities; supply chain disruptions; hazards and risks
normally associated with mineral exploration and gold mining development and
production operations; problems related to weather and climate; the risk of
information technology system failures and cybersecurity threats; and the risk
that the Company may not be able to insure against all the potential risks
associated with its operations.
Although the Company believes its expectations are based upon reasonable
assumptions and has attempted to identify important factors that could cause
actual actions, events or results to differ materially from those described in
forward-looking information, there may be other factors that cause actions,
events or results not to be as anticipated, estimated or intended. These factors
are not intended to represent a complete and exhaustive list of the factors that
could affect the Company; however, they should be considered carefully. There
can be no assurance that forward-looking information will prove to be accurate,
as actual results and future events could differ materially from those
anticipated in such information.
The Company undertakes no obligation to update forward-looking information if
circumstances or Management's estimates, assumptions or opinions should change,
except as required by applicable law. The reader is cautioned not to place undue
reliance on forward-looking information. The forward-looking information
contained herein is presented for the purpose of assisting investors in
understanding the Company's expected financial and operational performance and
results as at and for the periods ended on the dates presented in the Company's
plans and objectives, and may not be appropriate for other purposes.
See also the "Risk Factors" section of the Company's Annual Information Form for
the year ended December 31, 2023, available under the Company's profile on
SEDAR+ at www.sedarplus.ca (http://www.sedarplus.ca/) or on the Company's
website at www.robexgold.com (https://robexgold.com/), for additional
information on risk factors that could cause results to differ materially from
forward-looking statements. All forward-looking statements contained in this
news release are expressly qualified by this cautionary statement.
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.
____________________
(1) Refer to press release dated December 22(nd), 2023.
Photos accompanying this announcement are available at
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