
September 30, 2024
Vertex Minerals (ASX:VTX) (Vertex or the Company) is pleased to report the acquisition of a Boart Longyear LM90 underground drill rig, in line with its stated strategy to advance exploration drill works at the high-grade Reward gold mine.
HIGHLIGHTS
- Vertex has acquired a Boart Longyear LM90 underground drill rig to advance exploration at the Reward gold mine below the existing resource
- The Vertex team are planning diamond drill programs for the following:
- Below the current JORC-2012 Reward Resource (see drill collar locations on Figure 1), with the aim of expanding upon the existing resource
- Fosters Exploration Target, and the South Star prospect area
- Acquisition of the LM90 follows an extensive review of the mineralisation potential below the Reward resource, which has only been drilled up to 50m below the Amalgamated Adit. This area targeted is referred to as the ‘Reward mid depths’ as it is located just 80m to ~200m below the Amalgamated Adit. Refer to figure 1
- Upon commissioning of the LM90 drill rig, Vertex have planned eight drill holes to target the high-grade Fosters Exploration target
- The LM90 has several advantages well-suited to Vertex’s requirements, including:
- The ability to work on surface and underground
- Safe, Semi-automated, with a rod-handler system which allows for less manual handling
- Allows greater flexibility in drilling over a number of resource and exploration areas
- LM 90 rigs are well-established in the industry as safe and reliable underground drill rigs
- Vertex acquiring its own rig has many advantages
- Per-metre drill costs will be significantly less than hiring an external drill contractor
- More control and accuracy over precision of drilling.
- Works well with Job sharing
- Reduces pressure on Mining crew to have drill cuddy availability
- The LM90 rig will be accounted for as an asset on the Vertex balance sheet
Executive Chairman, Roger Jackson, commented: “The acquisition of the LM90 was completed on attractive commercial terms, and followed an extensive review process by the field operations team to acquire a rig that was fit-for-purpose to advance our broader exploration strategy. This is an important development for Vertex and we’re excited to get started with targeted drill works that have the potential to unlock significant value from the project. Our analysis has shown that it is significantly cheaper, safer and more practical to drill the Reward mine from underground, which is exactly what the LM 90 allows us to do. With an extensive framework of priority drill targets already set out, we look forward to advancing exploration and building on what is already an exciting resource at the Reward mine.”
Click here for the full ASX Release
This article includes content from Vertex Minerals, 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.
VTX:AU
The Conversation (0)
30 September
Vertex Minerals Limited 2025 Annual Report
Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX,OTC:VTXXF) (OTCMKTS:VTXXF) holds a portfolio of high-grade gold projects in New South Wales and Western Australia, anchored by the flagship Hill End Gold Project. Together with the nearby Hargraves Gold Project, located 35... Keep Reading...
23 September
Vertex Minerals Limited Ore Production Update - Reward Gold Mine
Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX,OTC:VTXXF) (OTCMKTS:VTXXF) is pleased to announce the establishment of multiple mining fronts in the Reward Underground Mine. The Company is employing multiple mining methods to diversify risk and maximise head grade. These... Keep Reading...
17 September
Vertex Minerals Limited Corporate Presentation Mining Forum Americas
Perth, Australia (ABN Newswire) - Flagship Project for Vertex Minerals Limited (ASX:VTX,OTC:VTXXF) (OTCMKTS:VTXXF) - Reward Gold Mine, Hill End Corporate Presentation to Mining Forum Americas. - Commenced Gold processing with new Gekko Gravity Gold Plant - 100% owned - No hedge - No Secured debt... Keep Reading...
25 August
Reward Gold Mine Production Update
youtu.be Vertex Minerals (VTX:AU) has announced Reward Gold Mine Production UpdateDownload the PDF here. Keep Reading...
24 August
Vertex Minerals Limited Reward Gold Mine Production Update
Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX,OTC:VTXXF) (OTCMKTS:VTXXF) is pleased to announce the commencement of development of the first two stope blocks at the Reward Mine. Since commissioning the ventilation fan on Thursday 21 August, a total of 500 tonnes of ore has... Keep Reading...
17 October
Top 5 Canadian Mining Stocks This Week: JZR Gold Jumps 113 Percent
Welcome to the Investing News Network's weekly look at the best-performing Canadian mining stocks on the TSX, TSXV and CSE, starting with a round-up of Canadian and US news impacting the resource sector.The Government of Ontario started taking applications for resource development projects under... Keep Reading...
17 October
NevGold Discovers “Highest-grade” Antimony Drilled to Date at Nevada Project
With grades of up to 14.9 percent, NevGold's (TSXV:NAU,OTCQX:NAUFF) newly discovered Bullet zone within the Resurrection Ridge target area is the highest-grade antimony ever drilled to date at the company’s Limo Butte project in Nevada, according to NevGold’s president and CEO, Brandon... Keep Reading...
17 October
What Was the Highest Price for Gold?
Gold has long been considered a store of wealth, and the price of gold often makes its biggest gains during turbulent times as investors look for cover in this safe-haven asset.The 21st century has so far been heavily marked by episodes of economic and sociopolitical upheaval. Uncertainty has... Keep Reading...
17 October
Aureka Reports Highest-grade Gold Assay at Irvine Project to Date
Aureka (ASX:AKA) said on Wednesday (October 15) that it has achieved a milestone at its flagship Irvine gold project, recording the highest-grade assay since the asset's discovery in 2017.The assay was within a larger 10 metre gold intercept zone, with results as follows:10 metres at 12.1 grams... Keep Reading...
16 October
Editor's Picks: Gold Price Breaks US$4,300, Silver Soars Past US$54
It's been yet another historic week for gold and silver, with both setting new price records.The yellow metal broke through US$4,200 per ounce and then continued on past US$4,300. It rose as high as US$4,374.43 on Thursday (October 16), putting its year-to-date gain at about 67 percent.... Keep Reading...
16 October
Don Durrett: Gold, Silver Miners to Rip Even Higher, Here's When to Buy
Don Durrett of GoldStockData.com outlines current gold and silver market dynamics, explaining why the metals continue to rise and how high they could go in the future. He also shares his current gold and silver stock strategy. Don’t forget to follow us @INN_Resource for real-time... Keep Reading...
Latest News
Latest Press Releases
Related News
TOP STOCKS
American Battery4.030.24
Aion Therapeutic0.10-0.01
Cybin Corp2.140.00