WOW Mr. Benjamin Cohen reports
ROBEX RESOURCES INC.: NEW SPECIAL DIVIDEND OF 4 CENTS PER SHARE AND DOUBLE INDICATED RESOURCES
Robex Resources Inc. has published a progress report on its current exploration campaign.
PROGRESS OF THE CURRENT CAMPAIGN
Robex announced the execution in 2020 of an important exploration campaign on the NAMPALA site. This campaign's operations targeting 8 zones, including 3 for definition, 3 for exploration and 2 for condemnation, have been delayed this year due to the COVID-19 pandemic and the significant rainy season.
For this campaign, 3 drills were planned full time, but 7 drills will now be put into operation on site to make up for the delay. Consequently, our objective of completing the campaign by the end of the year or early in 2021 should be maintained.
A total of 41,280 metres of drilling has already been completed as of September 5, 2020.
RECONCILIATION WORK
Robex started reconciliation work on all pit operations since the start of production in January 2017. The purpose of this work is to refine mineralization knowledge in addition to the information collected from previous drilling campaigns and the 43-101 that followed.
This work, carried out on the 6,000,000 tonnes of processed mineralized material, has allowed us to:
Refine the density model and validate the pit operating procedures. Indeed, before each excavation, additional channel sampling is conducted to increase the grade measurement accuracy.
Following the installation of a main crusher on August 1, 2019, we processed 258,443 tonnes of mineralized material located in the Transition zone of the main pit. Initially, this ore was classified as a Resource due to the lack of metallurgical testing in this zone. These encouraging results require further testing before we can determine whether all or part of the transition can be added to our reserves.
Given low production costs and the geological model, very low-grade mineralized material was processed cost-effectively during the confinement period. Consequently, the operational cut-off grade has been reduced from 0.38 g/t to 0.25 g/t. The excavated low-grades are stored near the ROM pad.
EXPLORATION CAMPAIGN - INTERIM RESULTS
The ZE1 zone located east of the main pit is completed. Here are several intersections from the current campaign:
Name of hole FromToGrade (g/t Au)Length (in m)True Width (in m)TypeZone Date DrilledAz DipTW% NAM2020AC-582 35 55 2.73 20 17.2 RC E1 20200805 101 110-5086% NAM2020RC-317 17 47 1.65 30 26.0 RC E1 20200308 90 110-5087% NAM2020AC-440 16 33 2.58 17 14.7 RC E1 20200603 80 110-5087% NAM2020RC-304 1 24 1.69 23 19.9 RC E1 20200217 84 110-5087% NAM2020AC-583 55 70 2.04 15 13.0 RC E1 20200805 114 110-5087% NAM2020AC-353 15 36 1.42 21 17.9 RC E1 20200326 97 110-5085% NAM2020AC-436 60 84 1.22 24 20.8 RC E1 20200602 84 110-5087% NAM2020AC-372 24 48 1.09 24 20.7 RC E1 20200409 90 110-5086% NAM2020AC-516 63 78 1.71 15 13.0 RC E1 20200702 84 110-5087% NAM2020AC-356 0 23 1.04 23 19.9 RC E1 20200328 85 110-5087% NAM2020AC-434 8 29 1.12 21 18.2 RC E1 20200601 81 110-5087% NAM2020AC-452 47 66 1.23 19 16.5 RC E1 20200609 90 110-5087% NAM2020AC-380 49 62 1.75 13 11.3 RC E1 20200415 90 110-5087% NAM2020AC-577 72 86 1.60 14 12.1 RC E1 20200808 98 110-5087% NAM2020RC-324 74 84 2.34 10 8.2 RC E1 20200316 108 110-5082% NAM2020AC-439 33 54 0.99 21 18.2 RC E1 20200603 84 110-5087% NAM2020AC-458 39 47 2.53 8 6.9 RC E1 20200611 90 110-5087% NAM2020RC-315 47 67 0.92 20 17.0 RC E1 20200305 84 110-5085% NAM2020AC-477 9 30 0.85 21 18.2 RC E1 20200620 80 110-5087% NAM2020AC-411 65 79 1.28 14 11.8 RC E1 20200505 86 110-5084% NAM2020AC-436 28 43 1.15 15 13.0 RC E1 20200602 84 110-5087% NAM2020AC-474 59 80 0.81 21 18.2 RC E1 20200618 90 110-5087% NAM2020AC-422 44 56 1.42 12 10.2 RC E1 20200511 90 110-5085% NAM2020AC-414 20 40 0.84 20 17.2 RC E1 20200506 73 110-5086% NAM2020AC-1247 3 14 1.52 11 9.5 RC E1 20200324 95 110-5086% NAM2020AC-458 77 86 1.84 9 7.8 RC E1 20200611 90 110-5087% NAM2020AC-473 43 57 1.18 14 12.1 RC E1 20200618 90 110-5087% NAM2020AC-352 26 33 2.31 7 6.1 RC E1 20200326 101 110-5087% NAM2020RC-305 2 9 2.25 7 6.1 RC E1 20200218 108 110-5087% NAM2020AC-503 59 72 1.20 13 11.3 RC E1 20200702 79 110-5087% NAM2020RC-316 54 76 0.69 22 19.0 RC E1 20200308 90 110-5086% NAM2020AC-1246 6 13 2.16 7 6.0 RC E1 20200324 107 110-5085% NAM2020AC-356 33 40 2.10 7 6.0 RC E1 20200328 85 110-5086% NAM2020AC-432 33 51 0.81 18 15.6 RC E1 20200530 74 110-5087% NAM2020AC-459 32 48 0.87 16 13.9 RC E1 20200612 90 110-5087% NAM2020AC-372 58 72 0.99 14 12.1 RC E1 20200409 90 110-5086% NAM2020RC-341 50 58 1.70 8 6.8 RC E1 20200328 90 110-5085% NAM2020AC-432 52 65 1.02 13 11.3 RC E1 20200530 74 110-5087% NAM2020AC-399 36 50 0.91 14 12.0 RC E1 20200428 77 110-5086% NAM2020RC-322 46 56 1.31 10 8.4 RC E1 20200314 90 110-5084% NAM2020AC-375 40 53 0.98 13 11.1 RC E1 20200413 90 110-5085% NAM2020AC-500 78 90 1.04 12 10.4 RC E1 20200630 90 110-5087% NAM2020AC-441 9 19 1.24 10 8.7 RC E1 20200604 79 110-5087% NAM2020AC-505 12 18 2.06 6 5.2 RC E1 20200630 90 110-5087% NAM2020AC-438 74 84 1.19 10 8.7 RC E1 20200602 90 110-5087% NAM2020AC-436 45 56 1.06 11 9.5 RC E1 20200602 84 110-5087% NAM2020RC-318 28 35 1.64 7 6.0 RC E1 20200309 90 110-5086% NAM2020AC-497 70 74 2.70 4 3.5 RC E1 20200629 85 110-5087% NAM2020AC-497 17 29 0.90 12 10.4 RC E1 20200629 85 110-5087% NAM2020AC-463 25 31 1.79 6 5.2 RC E1 20200613 68 110-5087% NAM2020AC-486 7 22 0.71 15 13.0 RC E1 20200624 90 110-5087% NAM2020AC-414 41 50 1.18 9 7.7 RC E1 20200506 73 110-5086% NAM2020AC-453 43 54 0.96 11 9.5 RC E1 20200610 90 110-5087%
The Resource update is performed taking into account:
28,346 samples received from the drilling campaign carried out on the ZE1 zone;
Reconciliation work that enabled us to refine the density model; and
A recent increase in the price of gold and the control of production costs at the Nampala mine.
This allows us to establish an increase of +103% in indicated resources for the Nampala property bringing the total to 869,000 oz compared to the last Mineral Resources estimate (MRE2019). The Company will file an independent technical report to support the updated mineral resource within 45 days of this press release.
Nampala Mineral Resources (MRE2020) are reported in thousands of ounces. Category Cut-Off WeatheringtypeDensityTonnage Grade Metalcontent Au (g/t) (t/m3) (000 t)Au (g/t)Au (000 oz) Indicated 0.25 Oxide 1.80 21,422 0.63 435 0.33 Transition 2.36 6,158 0.82 163 0.31 Fresh Rock 2.79 10,307 0.82 271 Subtotal 37,887 0.71 869 Inferred 0.25 Oxide 1.77 542 0.55 10 0.33 Transition 2.47 213 0.71 5 0.31 Fresh Rock 2.79 2,235 0.72 52 Subtotal 2,989 0.69 66 Total 2.10 40,876 0.71 936
Notes regarding the table:
The independent and qualified person for the Mineral Resource estimate, as defined by NI 43-101, is Mr. Denis Boivin, B.Sc., Geo. (OGQ #816) and Mr. Mario Boisse, Mining Eng. (OIQ # 130715), and the effective date of the estimate is July 31, 2020.
The mineral resource is not a mineral reserve as it has not demonstrated economic viability. Further metallurgical testing is required to analyze the economic potential of the mineral resource found in the transition and fresh rock zones.
The mineral resource estimate follows the 2014 CIM definitions and guidelines.
Results are presented on-site and undiluted for the open-pit scenario and are considered to have reasonable prospects for profitable mining.
In terms of classification: the distance to the closest (composite) point (DCP) must be less than or equal to 30 metres to be considered an indicated resource. The inferred resource is at a distance greater than 30 metres and less than 100 metres.
Grade interpolation was performed on the Nampala mining permit from 2-metre drill composites using the grade of the material assayed and clipped at 15 g/t Au. The grade model was interpolated according to the structural patterns of the mineralized zones using the Leapfrog Geo v5.1.0 software Radial Basis Function (RBF) method and assessed in a model pointed at 20 degrees North with blocks of the same size (5 m x 15 m x 5 m). On-site densities were interpolated using the respective oxidation levels.
The mineral resource is contained within an economic envelope built with the MineSight - Project Evaluator V1.0.4.3902 Lerch-Grossman optimization tool. Only the indicated resource is taken into account to generate the economic envelope. The following economic parameters are used in the optimization:
Description UOM MRE2020 OxideTransitionFresh Rock Gold price USD/oz 1,700 1,700 1,700 Mining costs USD/t mined 2.08 2.51 2.65 General and administrive costs USD/t milled2.48 2.48 2.48 CIL (processing, refining and selling) USD/t milled9.31 10.24 Heap leach (processing, refining and selling)USD/t milled 9.19 Mill recovery % 88.9 71.9 Heap leach recovery % 70.0
The slope of the economic envelope is set to 45 degrees.
The number of metric tonnes has been rounded to the nearest thousand and the metal grade is presented in troy ounces (tonne x grade / 31.10348). Any discrepancies between totals are due to rounding effects. Rounding practices comply with the recommendations outlined in Form 43-101A1.
Except for the current political instability in Mali, Denis Boivin P.Geo and Mario Boisse Eng. are not aware of any environmental, permits, legal, title-related, fiscal, sociopolitical or marketing issues, or any other relevant issues that could have a significant impact on the Mineral Resource estimate.
Denis Boivin, P.Geo., on-site consulting geologist, is the qualified and independent person under NI 43-101 who has reviewed and approved the disclosure of the geological information contained in this press release.
SPECIAL DIVIDEND
Considering the Company's financial results, the Board of Directors has announced a special dividend of 4 cents to be paid on September 25, 2020, for each issued and outstanding common share listed at market close on September 16, 2020.
A word from the President, Mr. Georges Cohen:
- These initial exploration results are significant, very satisfactory and encouraging for the future of this exploration program.
This allows us to anticipate a considerable extension of the mine's life, the results of which we will confirm when we publish an estimate of mineral reserves at year-end.
Having a second confirmed pit is the first solid result of this exploration campaign.
- The current cash position and prospects allow us to distribute a second special dividend of 4 cents, bringing the dividend distribution to 6 cents per share as of January 2020.
We seek Safe Harbor.