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Robex Resources Inc.: New Special Dividend of 4 Cents Per Share and Double Indicated Resources

11.09.2020  |  Globenewswire Europe

QUEBEC CITY, Sept. 11, 2020 - Robex Resources Inc. (“Robex” or “the Company”) (TSXV: RBX/FWB: RB4) is pleased to publish 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 From To Grade
(g/t Au)
Length
(in m)
True Width
(in m)
Type Zone Date Drilled Az Dip TW%
NAM2020AC-582 35 55 2.73 20 17.2 RC E1 20200805 101 110 -50 86 %
NAM2020RC-317 17 47 1.65 30 26.0 RC E1 20200308 90 110 -50 87 %
NAM2020AC-440 16 33 2.58 17 14.7 RC E1 20200603 80 110 -50 87 %
NAM2020RC-304 1 24 1.69 23 19.9 RC E1 20200217 84 110 -50 87 %
NAM2020AC-583 55 70 2.04 15 13.0 RC E1 20200805 114 110 -50 87 %
NAM2020AC-353 15 36 1.42 21 17.9 RC E1 20200326 97 110 -50 85 %
NAM2020AC-436 60 84 1.22 24 20.8 RC E1 20200602 84 110 -50 87 %
NAM2020AC-372 24 48 1.09 24 20.7 RC E1 20200409 90 110 -50 86 %
NAM2020AC-516 63 78 1.71 15 13.0 RC E1 20200702 84 110 -50 87 %
NAM2020AC-356 0 23 1.04 23 19.9 RC E1 20200328 85 110 -50 87 %
NAM2020AC-434 8 29 1.12 21 18.2 RC E1 20200601 81 110 -50 87 %
NAM2020AC-452 47 66 1.23 19 16.5 RC E1 20200609 90 110 -50 87 %
NAM2020AC-380 49 62 1.75 13 11.3 RC E1 20200415 90 110 -50 87 %
NAM2020AC-577 72 86 1.60 14 12.1 RC E1 20200808 98 110 -50 87 %
NAM2020RC-324 74 84 2.34 10 8.2 RC E1 20200316 108 110 -50 82 %
NAM2020AC-439 33 54 0.99 21 18.2 RC E1 20200603 84 110 -50 87 %
NAM2020AC-458 39 47 2.53 8 6.9 RC E1 20200611 90 110 -50 87 %
NAM2020RC-315 47 67 0.92 20 17.0 RC E1 20200305 84 110 -50 85 %
NAM2020AC-477 9 30 0.85 21 18.2 RC E1 20200620 80 110 -50 87 %
NAM2020AC-411 65 79 1.28 14 11.8 RC E1 20200505 86 110 -50 84 %
NAM2020AC-436 28 43 1.15 15 13.0 RC E1 20200602 84 110 -50 87 %
NAM2020AC-474 59 80 0.81 21 18.2 RC E1 20200618 90 110 -50 87 %
NAM2020AC-422 44 56 1.42 12 10.2 RC E1 20200511 90 110 -50 85 %
NAM2020AC-414 20 40 0.84 20 17.2 RC E1 20200506 73 110 -50 86 %
NAM2020AC-1247 3 14 1.52 11 9.5 RC E1 20200324 95 110 -50 86 %
NAM2020AC-458 77 86 1.84 9 7.8 RC E1 20200611 90 110 -50 87 %
NAM2020AC-473 43 57 1.18 14 12.1 RC E1 20200618 90 110 -50 87 %
NAM2020AC-352 26 33 2.31 7 6.1 RC E1 20200326 101 110 -50 87 %
NAM2020RC-305 2 9 2.25 7 6.1 RC E1 20200218 108 110 -50 87 %
NAM2020AC-503 59 72 1.20 13 11.3 RC E1 20200702 79 110 -50 87 %
NAM2020RC-316 54 76 0.69 22 19.0 RC E1 20200308 90 110 -50 86 %
NAM2020AC-1246 6 13 2.16 7 6.0 RC E1 20200324 107 110 -50 85 %
NAM2020AC-356 33 40 2.10 7 6.0 RC E1 20200328 85 110 -50 86 %
NAM2020AC-432 33 51 0.81 18 15.6 RC E1 20200530 74 110 -50 87 %
NAM2020AC-459 32 48 0.87 16 13.9 RC E1 20200612 90 110 -50 87 %
NAM2020AC-372 58 72 0.99 14 12.1 RC E1 20200409 90 110 -50 86 %
NAM2020RC-341 50 58 1.70 8 6.8 RC E1 20200328 90 110 -50 85 %
NAM2020AC-432 52 65 1.02 13 11.3 RC E1 20200530 74 110 -50 87 %
NAM2020AC-399 36 50 0.91 14 12.0 RC E1 20200428 77 110 -50 86 %
NAM2020RC-322 46 56 1.31 10 8.4 RC E1 20200314 90 110 -50 84 %
NAM2020AC-375 40 53 0.98 13 11.1 RC E1 20200413 90 110 -50 85 %
NAM2020AC-500 78 90 1.04 12 10.4 RC E1 20200630 90 110 -50 87 %
NAM2020AC-441 9 19 1.24 10 8.7 RC E1 20200604 79 110 -50 87 %
NAM2020AC-505 12 18 2.06 6 5.2 RC E1 20200630 90 110 -50 87 %
NAM2020AC-438 74 84 1.19 10 8.7 RC E1 20200602 90 110 -50 87 %
NAM2020AC-436 45 56 1.06 11 9.5 RC E1 20200602 84 110 -50 87 %
NAM2020RC-318 28 35 1.64 7 6.0 RC E1 20200309 90 110 -50 86 %
NAM2020AC-497 70 74 2.70 4 3.5 RC E1 20200629 85 110 -50 87 %
NAM2020AC-497 17 29 0.90 12 10.4 RC E1 20200629 85 110 -50 87 %
NAM2020AC-463 25 31 1.79 6 5.2 RC E1 20200613 68 110 -50 87 %
NAM2020AC-486 7 22 0.71 15 13.0 RC E1 20200624 90 110 -50 87 %
NAM2020AC-414 41 50 1.18 9 7.7 RC E1 20200506 73 110 -50 86 %
NAM2020AC-453 43 54 0.96 11 9.5 RC E1 20200610 90 110 -50 87 %


Name of hole From To Grade
(g/t Au)
Length
(in m)
True Width
(in m)
Type Zone Date Drilled Az Dip TW%
NAM2020AC-533 25 31 1.73 6 5.2 RC E1 20200708 108 110 -50 87 %
NAM2020AC-549 71 79 1.30 8 6.9 RC E1 20200715 90 110 -50 87 %
NAM2020RC-311 50 62 0.87 12 10.2 RC E1 20200229 69 110 -50 85 %
NAM2020AC-497 30 37 1.46 7 6.1 RC E1 20200629 85 110 -50 87 %
NAM2020AC-357 62 68 1.69 6 5.2 RC E1 20200328 76 110 -50 87 %
NAM2020RC-306 12 23 0.92 11 9.5 RC E1 20200219 90 110 -50 87 %
NAM2020AC-472 38 44 1.68 6 5.2 RC E1 20200618 90 110 -50 87 %
NAM2020AC-517 15 23 1.25 8 6.9 RC E1 20200703 90 110 -50 87 %
NAM2020AC-419 66 72 1.71 6 5.1 RC E1 20200508 78 110 -50 84 %
NAM2020AC-382 41 54 0.78 13 11.0 RC E1 20200416 69 110 -50 85 %
NAM2020RC-319 44 51 1.43 7 6.0 RC E1 20200311 90 110 -50 86 %
NAM2020AC-442 17 23 1.65 6 5.2 RC E1 20200604 70 110 -50 87 %
NAM2020AC-394 66 77 0.94 11 9.1 RC E1 20200424 90 110 -50 83 %
NAM2020AC-538 79 86 1.41 7 6.1 RC E1 20200713 96 110 -50 87 %
NAM2020AC-535 23 31 1.22 8 6.9 RC E1 20200709 96 110 -50 87 %
NAM2020AC-508 3 13 0.96 10 8.7 RC E1 20200701 50 110 -50 87 %
NAM2020AC-451 37 47 0.93 10 8.7 RC E1 20200608 64 110 -50 87 %
NAM2020AC-444 57 64 1.32 7 6.1 RC E1 20200605 64 110 -50 87 %
NAM2020RC-340 75 84 1.02 9 7.7 RC E1 20200327 84 110 -50 85 %
NAM2020AC-429 19 23 2.14 4 3.4 RC E1 20200514 90 110 -50 86 %
NAM2020AC-1250 1 13 0.70 12 10.4 RC E1 20200325 107 110 -50 87 %
NAM2020AC-439 66 77 0.75 11 9.5 RC E1 20200603 84 110 -50 87 %
NAM2020AC-388 52 60 1.04 8 6.8 RC E1 20200421 71 110 -50 85 %
NAM2020AC-516 13 22 0.91 9 7.8 RC E1 20200702 84 110 -50 87 %
NAM2020RC-301 15 24 0.92 9 7.6 RC E1 20200214 80 110 -50 85 %
NAM2020RC-312 29 34 1.66 5 4.2 RC E1 20200302 90 110 -50 85 %
NAM2020RC-351 25 30 1.63 5 4.2 RC E1 20200323 90 110 -50 85 %
NAM2020AC-433 58 67 0.88 9 7.8 RC E1 20200530 80 110 -50 87 %
NAM2020AC-392 50 59 0.89 9 7.6 RC E1 20200422 84 110 -50 85 %
NAM2020AC-460 84 90 1.28 6 5.2 RC E1 20200612 90 110 -50 87 %
NAM2020AC-509 63 75 0.64 12 10.4 RC E1 20200702 90 110 -50 87 %
NAM2020AC-372 82 90 0.95 8 7.0 RC E1 20200409 90 110 -50 87 %
NAM2020AC-348 24 30 1.27 6 5.2 RC E1 20200401 77 110 -50 86 %
NAM2020RC-306 33 41 0.95 8 6.9 RC E1 20200219 90 110 -50 86 %
NAM2020AC-360 52 60 0.96 8 6.8 RC E1 20200403 77 110 -50 85 %
NAM2020AC-575 45 51 1.26 6 5.2 RC E1 20200807 110 110 -50 86 %
NAM2020AC-574 66 70 1.89 4 3.4 RC E1 20200807 101 110 -50 85 %
NAM2020AC-391 57 61 1.87 4 3.4 RC E1 20200422 81 110 -50 85 %
NAM2020AC-380 25 32 1.05 7 6.1 RC E1 20200415 90 110 -50 87 %
NAM2020AC-358 41 48 1.06 7 6.0 RC E1 20200402 90 110 -50 85 %
NAM2020RC-303 53 61 0.93 8 6.8 RC E1 20200217 78 110 -50 84 %
NAM2020AC-367 29 35 1.23 6 5.1 RC E1 20200407 78 110 -50 85 %
NAM2020AC-472 52 59 1.04 7 6.1 RC E1 20200618 90 110 -50 87 %
NAM2020AC-411 52 63 0.67 11 9.3 RC E1 20200505 86 110 -50 85 %
NAM2020RC-319 72 80 0.90 8 6.8 RC E1 20200311 90 110 -50 85 %
NAM2020AC-440 36 41 1.39 5 4.3 RC E1 20200603 80 110 -50 87 %
NAM2020AC-452 22 29 0.99 7 6.1 RC E1 20200609 90 110 -50 87 %
NAM2020AC-347 51 59 0.87 8 6.9 RC E1 20200401 79 110 -50 86 %
NAM2020AC-460 25 32 0.98 7 6.1 RC E1 20200612 90 110 -50 87 %
NAM2020RC-308 35 39 1.72 4 3.4 RC E1 20200225 78 110 -50 85 %
NAM2020AC-399 24 33 0.76 9 7.7 RC E1 20200428 77 110 -50 86 %
NAM2020RC-341 61 68 0.99 7 5.9 RC E1 20200328 90 110 -50 84 %
NAM2020AC-556 18 26 0.84 8 6.9 RC E1 20200721 126 110 -50 87 %
NAM2020AC-405 72 78 1.12 6 5.2 RC E1 20200501 90 110 -50 87 %

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 Weathering
type
Density Tonnage Grade Metal
content
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:

  1. 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 Boissé, Mining Eng. (OIQ # 130715), and the effective date of the estimate is July 31, 2020.
  2. 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.
  3. The mineral resource estimate follows the 2014 CIM definitions and guidelines.
  4. Results are presented on-site and undiluted for the open-pit scenario and are considered to have reasonable prospects for profitable mining.
  5. 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.
  6. 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.
  7. 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
Oxide Transition Fresh 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 milled 2.48 2.48 2.48
CIL (processing, refining and selling) USD/t milled 9.31 10.24
Heap leach (processing, refining and selling) USD/t milled 9.19
Mill recovery % 88.9 71.9
Heap leach recovery % 70.0
  1. The slope of the economic envelope is set to 45 degrees.
  2. 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.
  3. Except for the current political instability in Mali, Denis Boivin P.Geo and Mario Boissé 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.

The Indicated Mineral Resources is coloured Gold (On-site) and the excavated Mineral Resources is coloured Red, plan view.

Image of the pit area and the ZE1 zone (on the right side of the image).

https://www.globenewswire.com/NewsRoom/AttachmentNg/a23141e2-51ea-491a-bbdb-e9435533811f

Image of the Indicated Mineral Resources coloured Gold (On-site) and Red (Excavated), oblique view.

https://www.globenewswire.com/NewsRoom/AttachmentNg/3d080cca-6fff-41f8-a822-75aace0424c5

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.

For information:

Robex Resources Inc.

Benjamin Cohen, CEO
Augustin Rousselet, CFO/COO
Head office: (581) 741-7421
info@robexgold.com

This news release contains statements that may be considered “forecast information” or “forecast statements” in terms of security rights. These forecasts are subject to uncertainties and risks, some of which are beyond the control of Robex. Achievements and final results may differ significantly from forecasts made implicitly or explicitly. These differences can be attributed to many factors, including market volatility, the impact of the exchange rate and interest rate fluctuations, mispricing, the environment (hardening of regulations), unforeseen geological situations, unfavourable operating conditions, political risks inherent in mining in developing countries, changes in government policies or regulations (laws and policies), an inability to obtain necessary permits and approvals from government agencies, or any other risk associated with mining and development. There can be no assurance that the circumstances set out in these forecasts will occur, or even benefit Robex, if any. The forecasts are based on the estimates and opinions of the Robex management team at the time of publication. Robex makes no commitment to make any updates or changes to these publicly available forecasts based on new information or events, or for any other reason, except as required by applicable security laws. The TSX Venture Exchange or the Regulation Services Provider (as defined in the policies of the TSX Venture Exchange) assumes no responsibility for the authenticity or accuracy of this news release.


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