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Siren Gold Limited (ASX: SNG) (Siren or the Company) is pleased to provide an update on the Lyell tenement, located within the Reefton Project.
Highlights
- New rock chip samples from the Victory United Reef at Lyell include: 127g/t Au, 123g/t Au, 114 g/t Au, 47g/t Au. 13.4 g/t Au. 10.7g/t Au and 8.3g/t Au, averaging 63g/t Au.
- The reef contains significant visible gold with coarse (+75 micron) gold ranging from 43% to 13%, with an average of 28% in the screen fired samples
- Previous results at Lyell from trenching and surface sampling include:
- 7m @ 13.8g/t Au (LYTR001) (ASX release 14 October 2022)
- 8m @ 6.3g/t Au (LYTR002) (ASX release 14 October 2022)
- 3.0m @ 19.1g/t Au (LYTR009) (ASX release 8 March 2023)
- 1.1m @ 36g/t Au (LYTR008) (ASX release 8 March 2023)
Siren Managing Director and CEO, Victor Rajasooriar commented:
“Lyell has the potential to be the jewel in the Reefton Project crown with the recent rock chips samples from the Victory United Reef showing immense potential and warranting a drilling program to unlock the value. Our geological team are looking forward to drilling once all approvals are in place and replicating the surface rock chips and trenching data gathered to date. The recently received unsolicited, non-binding, indicative offer from Federation Mining Pty Ltd certainly highlights the significance of the Siren tenement package within the Reefton Goldfields.”
Victory United Reef
The Victory United Reef is located at the northern end of the 5km long mineralised system that includes the historic Alpine United mine that produced 80koz @ 17 g/t Au. An outcrop of the Victory United Reef was discovered in October 2022 when a flood removed gravel and exposed the bedrock (refer announcement dated 8 March 2023). The mineralised zone comprised a 0.5m quartz reef surrounded by approximately 2m of disseminated arsenopyrite rich mineralisation. The quartz reef contained significant visible gold with a float sample several metres from the outcrop assay 205g/t Au (Figure 1). Channel samples of the reef (Figure 2) ranged from 15g/t Au to 70g/t Au and disseminated arsenopyrite mineralisation ranged from 1.4g/t Au to 42g/t Au (see announcement dated 8 March 2023).
Figure 1. Victory United Reef float sample.
Figure 2. Victory United Reef -Trench LYTR005.
Resampling of the quartz reef outcrop was completed in August 2024 with seven samples collected (Figure 3). The samples assayed 127g/t Au, 123g/t Au, 114 g/t Au, 47g/t Au. 13.4 g/t Au. 10.7g/t Au and 8.3g/t Au, averaging 63g/t
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This article includes content from Siren Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
SNG:AU
Spectacular Drilling Results from the Didievi Project 65.0m at 5.6 g/t of gold from 177m
African Gold Ltd (African Gold or the Company) (ASX: A1G)is very pleased to announce the results from the recently completed DDD049 diamond drillhole, second out of six drilled on the Blaffo Guetto prospect, on the Company’s Didievi Gold Project in Cote d’Ivoire (Figure 1). The drilling program was designed to test possible extension of the gold lodes and to infill previous drilling on gold controlling structures of the prospect with a view to increasing the scale and categorisation of the existing Inferred Resource.
HIGHLIGHTS
- Assay results from the recently completed diamond drilling program on the Didievi Project returns a spectacular, wide, high-grade intercept of:
- 65.0m at 5.6 g/t of gold from 177m (DDD049)
- The drillhole also included shallow intercepts of:
- 9.0m at 1.7 g/t of gold from 23m
- 28m at 1.1 g/t of gold from 77m
- The deeper intercept (65.0m at 5.6 g/t of gold) has confirmed that the gold mineralisation extends outside of the existing resource envelope and remains open at depth
- Drillhole DDD049 was drilled to test a predicted extension of the gold mineralisation using the new geological model, hosted by the shear zone and gently plunging in a south-westerly direction
- The new drilling results will allow a positive update to the existing Didievi Project Maiden Inferred Resource of 4.93Mt for 452koz of gold at 2.9 g/t Au (1.0 g/t Au cut off)
- Previous high-grade drilling results from the Didievi Project include:
- 10.0m at 123.7 g/t of gold from 66m including 2m at 613.1 g/t of gold
- 83.3m at 3.3 g/t of gold from 166.9m including 18.0m at 12 g/t of gold
- 17.4m at 17.0 g/t of gold from 244m including 1.0m at 216.0 g/t of gold
- 80.0m at 3.0 g/t of gold from 0m including 23.0m at 9.5 g/t of gold
- 43.0m at 4.3 g/t of gold from 57 m including 17.0m at 9.5 g/t of gold
- 69.0m at 2.9 g/t of gold from 31m including 37.0m at 4.9 g/t of gold
- 37.0m at 7.7 g/t of gold from 42m including 24m at 11.0 g/t of gol
Figure 1: Long section of lode 178 showing the location of drillhole DDD049, the contours of the Mineral Resource (MRE 2024 data, ASX release dated 30 July 2024) and the interpreted south-westerly plunging high-grade shoot
The second hole of the program, DDD049, was drilled to test an extension of the gold mineralisation controlled by the north-northeast striking shear zone where high grade mineralisation gently plunging in the southwesterly direction (Figure 1).
The assay results from DDD049 have returned a spectacular, thick, high-grade gold intersection of 65.0m at 5.6 g/t of gold from 177m, confirming distribution of the gold mineralisation an additional 85m along the southwesterly plunging high-grade gold trend. The mineralisation (lode 178) remains open at depth.
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This article includes content from African Gold, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.
Vertex Minerals
Investor Insight
Vertex Minerals offers a compelling value proposition predicated on combining innovative, sustainable mining methodologies with a staged development plan and a strategic, near-term production path. The company is well-positioned to unlock the significant potential of this high-grade gold project.
Overview
Vertex Minerals (ASX:VTX) is an Australian mineral exploration company and near-term gold producer in one of the highest-grade, if not the highest-grade, gold mining districts in Australia. The company is advancing its Reward gold mine, scheduled to commence production in January 2025, with a current mineral resource estimate of 419,000 tonnes at a high-grade of 16.7 grams per ton (g/t) gold for 225,000 oz contained gold.
The Reward gold mine is committed to sustainable, low-impact, low-cost operations through the use of gravity separation technique, which has been hailed as one of the more sustainable alternatives for ore recovery. This mining technique leverages the natural force of gravity to separate valuable minerals from waste material. Gravity technology minimizes the use of harsh chemicals, resulting in a more environmentally friendly extraction process. Among its other benefits include, reduced power consumption, faster and efficient processing, lower operating costs, and improved recovery rates.
Looking along the Amalgamated Adit.
Vertex Minerals’ potential to produce the highest grade and the greenest gold in the market is a key value proposition.
The Reward gold mine is part of Vertex Minerals’ 100 percent owned Hill End gold property in New South Wales, an advanced stage production and exploration project, with a fully permitted processing plant. In addition to Reward, Hill End also comprises the Hargraves and Red Hill projects. All three assets have a combined mineral resource of 4.21 million tonnes of gold.
A permitted mining licence and development approval are in place for the processing plant, stockpiles and the Reward underground mine.
The company is led by a highly experienced management and technical team with a successful track record, committed to upholding the company’s strategic objectives and delivering shareholder value.
Company Highlights
- Vertex Minerals is a gold exploration and production company focused on the historic, high-grade Hill End gold property, with the ultimate goal of becoming Australia’s high-grade, green gold producer.
- The company’s Reward underground mine is expected to be operational by early 2025, with a PFS showing excellent economics.
- The Reward mine has a current mineral resource estimate of 419,000 tonnes at a high-grade of 16.7 g/t gold for 225,000 oz contained gold.
- Using gravity separation technology will enable low-cost, high-efficiency and sustainable gold production.
Key Project
Hill End Gold Project
Vertex Minerals is making significant strides in its exploration endeavors at the Hill End project, a cornerstone asset aimed at establishing sustainable gold production in New South Wales, Australia.
Hill End is a historic gold mining town located in the Bathurst Regional Council in New South Wales. Gold occurrence at Hill End lies along a 25 km strike length, which includes the historical Hawkins Hill mine, where the late Silurian Chesleigh Formation hosts gold-bearing, bedding-parallel, laminated quartz veins and associated structures on the east limb of the Hill End anticline. The Hill End trough is a 70 km-wide and more than 200 km long, deep marine basin that is underlain by Ordovician volcanic rocks that lie between the Molong Volcanic Belt to the west and the Rockley-Gulgong Volcanic Belt to the east. Both these volcanic belts belong to the Ordovician Macquarie Arc in the Lachlan Fold Belt of eastern Australia.
Vertex Mineral’s strategy for Hill End includes reinstalling a refurbished 110 ktpa Gekko gravity gold plant, commencing gold production from existing stockpiles and developing the Reward mine. The company also plans further exploration and drilling to increase its high-grade resource at Hill End.
Reward underground has a long life beyond the mine plan
Reward Underground Gold Mine
Vertex Minerals' Reward underground mine, situated in the historically significant Hill End gold district of New South Wales, represents a promising venture in high-grade gold extraction. Well-positioned for a simple start-up, Vertex plans to commence production at the Reward mine in January 2025. The existing gravity processing plant is located adjacent to the underground mine access point. Mine access point extends into the resource, so little development is required.
The Reward gold mine has an indicated resource of 141,000 tonnes at 15.5 g/t gold for 71,000 oz contained gold, and 278,000 tonnes at 17.3 g/t gold for 155,000 oz contained gold in the inferred category. It’s a robust asset, with significant potential for resource growth and long life well beyond the mine plan.
Vertex Minerals has initiated a strategic approach to bringing the Reward mine into production. In line with this, the company is currently refurbishing the gravity processing plant located near the underground mine access point. This strategic location facilitates a straightforward start-up process, reducing operational costs and time to production. Following the successful refurbishment of processing facilities, Vertex plans to initiate underground mining operations.
The pre-feasibility study (PFS) conducted for the Reward mine presents encouraging financial prospects, including a projected pre-tax cash of $41 million over the life of mine at an assumed gold price of $3,000 per ounce, with a six-month payback. The mine targets an average monthly production of 2,169 oz over 23 months with 92 percent gold recovery. These projections underscore the potential economic viability of the project.
Sustainable Production
At the heart of Vertex Minerals' plan is the integration of a high-performance Gekko gravity processing plant. This advanced facility will be strategically positioned adjacent to the underground mine access point, facilitating a seamless ore processing workflow.
Gravity technology in mining leverages the natural force of gravity to separate valuable minerals from waste material. This method is particularly effective for gold extraction, as gold particles are significantly denser than most other materials found in ore. The process involves using specialized equipment that exploits these density differences to isolate gold particles without relying heavily on chemical processes.
Vertex Minerals anticipates several positive outcomes from the implementation of gravity technology at the Reward mine, including accelerated production timeline; increased throughput with a capacity of 120,000 tonnes per annum, a significant increase from the previous 30,000 tonnes; enhanced operational efficiency with faster processing times and lower operational costs; improved cash flow; and more importantly, sustainable mining practices, aligning with growing industry trends towards sustainability.
Exploration Plans
Beyond the Reward mine operation, Vertex Minerals plans to conduct further exploration of the Hill End project to increase the size and grade of the resource. The project consists of a 34 km prospective strike that was the source of the largest gold specimen ever found globally. Despite its great potential for new discovery, Hill End has yet to undergo modern exploration, and Vertex Minerals is planning a multi-element and alteration mapping program at the property to better map out the zones where high-grade mineralization exists. A full geological review and an updated geological and structural model will underpin future exploration plans.
Management Team
Roger Jackson - Executive Chair
Roger Jackson has been actively involved in the mining industry for 30+ years as a mine operator, services contractor and explorer. He is a geologist with strong knowledge of gold exploration and mining. He has developed several mining and ore processing operations in Australia and abroad. Jackson has a science degree with a major in geology and geophysics, and holds a diploma in financial management, diploma in education. He is a fellow of the Geological Society of London, fellow of the Australian Institute of Geoscientists and a fellow of the Australasian Institute of Mining and Metallurgists.
Declan Franzmann - Non-executive Director
Declan Franzman is a mining engineer with over 30 years of experience from discovery, through construction, operations and mine closure. His expertise covers open pit and underground gold mining across Australia, Asia, Africa and South America. Franzmann is a fellow of the AusIMM, holds statutory mine management qualifications for WA, QLD and NSW and has been a director of public companies for 15 years.
Tully Richards - Technical Director
Tully Richards is an experienced gold geologist based in Orange, NSW. He has a wonderful depth and breadth of experience in exploration in the Lachlan Fold district. A graduate in geology from Sydney University, Richards has worked as a geologist in operating mines but has found his passion exploring the Lachlan Fold Belt for gold.
Alex Neuling - Company Secretary
Alex Neuling holds the positions of director, chartered accountant, and secretary at Vertex Minerals. With his chartered accountant qualifications, Neuling brings a strong financial acumen to the company's board, backed by over 15 years of professional experience in corporate and financial roles. For the past decade, he has served in pivotal positions such as company secretary, CFO and director for various ASX-listed companies. His expertise covers a diverse range of sectors, including oil and gas, mineral exploration, biotech and mining services.
Chris Hamilton - General Manager Operations, Hill End Reward Gold Mine
Chris Hamilton worked as mine manager for Aeris Resources' Tritton Operations. He was also the operations superintendent, acting MEM, safety and compliance advisor at Aurelia. Hamilton was the mine manager for Glencore's CSA Mine and examiner for NSW Resource for regulator - mining engineering manager from 2020 to present and NSW underground supervisor from 2018 to present. Hamilton holds a Bachelor of Engineering (Mining Engineering) with Honors from the University of South Australia, and has additional qualifications including First Class Mine Manager (NSW) Metalliferous - Unrestricted.
