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HIGHLIGHTS FOR QUARTER
- Commencement of operations at the Reward Gold Mine Gravity plant, with processing of low-grade stockpiled gold ore through the gravity gold plant undertaken throughout the quarter, producing saleable gold.
- During the quarter, Vertex remained focused on moving the business to be operationally ready for underground mining at the Reward gold mine.
- VTX remainsfirmly on track to deliver first underground high grade gold ore to the Gravity Gold plant in Q3 2025, with commissioning and underground mine readiness ramp-up activities progressing as planned.
- VTX's Technical Services team has identified a fully developed stope block to include in the mine production start-up.
o Stopes are suitable for airleg mining which will augment jumbo production.
o Stope blocks contain an Inferred Resource of 2,075 tonnes at 17.8 g/t Au and forms part of the 2023 Mineral Resource Estimate. With the lower block having over 700 tonnes at 42.5 g/t. The planned stope width is the same as the interpretation of the mineralisation
- Key management hires, with staff procurement complete for on-site field team:
o Appointment of Mr Vince Fayad and Mr Kurt Laney as Joint CFOs
o Appointment of Mr Ian Morgan as Company Secretary
o Specialist on-site technical services team now fully onboarded
- Firm commitments received to raise approximately A$11 million via a combination of share placement and convertible note issuance to institutional and sophisticated investors.
- Vertex registered office and principal place of business changed to the following address: 6 Bowen St, Hill End, NSW, 2850.
- Vertex will run the mine, drill equipment and the processing plant as an owner operator. Gold Underground Mining Readiness
- First phase of underground specialist miners onboarded under owner operator model
o TD1 Jumbo Drill fully operational and operating underground
o Primary ventilation installed
o First stope development dewatering completed
o Explosive Magazine constructed
o Water feed installed
o Air lines installed and operational -
o 11kva power installation underway
o Jumbo boxes on site
- Revised mine plan and schedule completed and ready to implement.
- Pulse Mining System installed and implemented.
- Underground Ore trialled through gravity plant
o The underground miners have trialled a batch of 90 ton of development material with some reef quartz through the gravity plant with throughput exceeding expectation and beyond the nameplate plant flow sheet value.
- INX Software Installed and Implemented
o INX Software and site access kiosks to go live at mine site in August.
o INX will improve safety framework with real time incident and injury reporting system.
o Strengthens site access controls for employees, contractors and visitors to site.
- Sand Stack facility fully operational
o Facility fully functioning with return water pump station installed and operational (water recycling)
o 57 Megalitre Turon River water licence purchased for back up water supply
- Environmental & Compliance Implementation
o Multiple real-time monitoring systems installed (dust, noise, vibration)
- Underground Drilling site being established
o Drill Cuddy (room for drill rig) drilled and fired for Vertex Diamond Rig readiness
Improvements to plant
- DSM screen installed
- Gemini table improvements with new top and gearbox
- Process water pump upgrade
- Treating of underground rock has shown higher plant throughput
Vertex Minerals Executive Chairman, Roger Jackson, commented:
"We are pleased to present our Activities Report for the June quarter - another busy period where our team worked seamlessly to coordinate the many moving parts involved in the redevelopment of the high-grade Reward mine and associated processing facilities. During the quarter, Vertex delivered on another round of key operational milestones for both mine optimisation and improvements to the processing plant. With the completion of these initiatives, Vertex is now positioned to execute on our stated objective to recommence underground mining in August, underpinning our transition to high-grade gold production."
"Reflecting investor confidence in our development strategy, we were also pleased to complete a successful $11m capital raise during the quarter, which leaves the Company well funded to finalise all pre-development works for mining and processing, and fully unlock the value of this asset. As we head into the September quarter, I'm thrilled to be working as part of a really strong team, all of whom are committed to the execution of our stated development strategy. We look forward to providing more updates in the coming months and mining and production gets underway."
*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/YA65USAA
About Vertex Minerals Limited:
Vertex Minerals Limited (ASX:VTX,OTC:VTXXF) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/nickel/lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach.
Source:
Vertex Minerals Limited
Figure 1: Drill Holes recently completed near the Swanson Gold Deposit
Figure 2: Swanson drilling target regions and proposed 2025 drill holes (in blue)
