Vertex Minerals Gets Efficiency Boost with Sensor-based Ore Sorting Tech

Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX) (OTCMKTS:VTXXF) is pleased to announce that the Company's engineering and geology team at the Reward Mine have identified an additional two stope block that have not been previously reported. These stopes will be incorporated into the overall mine schedule, but provide an early source of mill feed.

HIGHLIGHTS:

- VTX's Technical Services team has identified a fully developed stope block to include in the mine production start-up.

- Stopes are suitable for airleg mining which will augment jumbo production.

- Stope blocks contains 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.

- Stopes are additional to the PFS mine schedule which is illustrated in Figure 2* showing the location of the additional stope.

- Stope blocks are fully developed and have been sampled from development.

- This stope can be exploited as soon as services have been established.

The stopes were developed by a previous operator and are accessible from existing development. The additional stope blocks contain an Inferred Resource of 2,075 tonnes at 17.8 g/t Au containing 1,189 ounces of gold 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. These stopes forms part of the Mineral Resource Estimate reported in VTX Announcement 22 June 2023. They were not included in the production forecast detailed in the 2024 Pre-Feasibility Study (Announcement 3 January 2024). This was due to the complexity of existing airleg workings and uncertainty around access and ground conditions and wide spaced drilling which established these areas into an Inferred Resource Category.

Note: 'The Mineral Resources are additional to the Ore Reserves.'

Subsequent investigations, which included physical inspection of the levels and completing a geotechnical assessment, have concluded that the stopes are fully developed and accessible.

The quartz veins are exposed in the existing development and have been sampled. In total ninety-seven (97) face samples were taken along the stope and assayed for gold. Figure 3* illustrates the sample grades diluted to 1.5m width, which represents a minimum mining width, and the locations along the stope.

The density of sampling around the stope locations, along with accessibility adds to the confidence that the Company can successfully mine this area very early in the start-up of underground production. The Company believes the inclusion of these stopes is significant to early production, and that the stopes will be mined before the Company updates the Resource and Reserve Estimates for the Project. These samples were not used in the Resource.

The Company plans to exploit this stope once the mine services have been established and bring this stope into the initial stages of the production schedule.

Vertex's Executive Chairman, Roger Jackson commented: "Our new technical team has been established, and it is great to see them looking for the opportunities to add value to the high-grade underground production start-up.

This really does show the potential this mine has for high grade expansion. We are in the process of re-opening the underground mine with the establishment of mine services. Dewatering of the declines has commenced and is progressing to schedule."

*To view tables and figures, please visit:
https://abnnewswire.net/lnk/0C116659

About Vertex Minerals Limited:  

Vertex Minerals Limited (ASX:VTX) 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

Sydney, Australia (ABN Newswire) - VIDEO: Vertex Minerals Ltd (ASX:VTX) (OTCMKTS:VTXXF) Exec. Chairman Roger Jackson is interviewed by ABN Newswire and outlines the Move to Gold Production for the Hill End project.

Mr Jackson explains that the company is fully funded with all processes in place to begin gold mining at the historic Hill End location, where the largest gold specimen (The Holterman Nugget) in history was found.

New drilling equipment will allow the company to extend on its current gold resource. 3,600 shallow shafts running along strike, with no drilling provides the company with an exceptional opportunity to grow the resource base as it concurrently begins mining from the "Reward" that contains over 200,000 ounces of gold at over 17 grams per tonne.

The company is moving quickly from explorer/developer to explorer/miner.

To view the Video Interview, please visit:
https://www.abnnewswire.net/lnk/NOSAH25C

About Vertex Minerals Limited:  

Vertex Minerals Limited (ASX:VTX) 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

Perth, Australia (ABN Newswire) - Vertex Minerals Limited (ASX:VTX) (OTCMKTS:VTXXF) is pleased to announce that it has received firm commitments to raise approximately A$11 million (before costs) via a conditional share placement and a convertible loan which will convert into equity in Vertex, subject to shareholder approval to be sought at an EGM scheduled for mid-June ("Capital Raising" or "the Offer"). The Company will also conduct a Share Purchase Plan ("SPP") on the same terms as the conditional share placement to raise up to a further A$1m.

HIGHLIGHTS

- Firm commitments received to raise approx. A$11 million via a capital raising

- Strong demand from existing shareholders (including a c. $4m cornerstone order) and new investors

- Capital raising allows the Company to accelerate underground development work and to commence underground mining by July 2025

Overview

Vertex Minerals Limited is developing its advanced Hill End gold project located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. The Capital Raising will provide funds for the Company to complete underground development work and to commence underground mining by July 2025, as Vertex emerges as Australia's next high-grade and highmargin gold producer. With an existing mineral resource estimate of 419,000t @ 16.7g/t Au for 225,200oz Au, The PFS completed in February 2024 contemplates production up to 30koz at below A$2,000/oz (AISC), with the potential for very attractive margins at a time of a strong gold price.

Capital Raising details

Vertex Minerals conducted a capital raising of approximately A$11 million (before costs), comprising of a:

- Conditional placement to raise A$7.5 million via the issue of 35.7 million fully paid ordinary shares ("New Shares"), subject to shareholder approval at an upcoming shareholders meeting ("EGM") expected in mid-June 2025 ("Placement");

- Share Purchase Plan to raise up to a maximum of A$1 million on the same terms as the Placement ("SPP") The Record Date for the SPP is Friday 9 May and further details regarding the SPP will be provided shortly; and

- Convertible Loan issuance raising to raise A$3.5 million ("Convertible Loans"). The Convertible Loans (including interest accrued prior to maturity of the Convertible Loans) will be converted into shares at the same price as the Offer Price, five business days after obtaining shareholder approval at the EGM in mid-June. The Convertible Loans will have an interest rate of 10% p.a. with interest to be calculated and accrued monthly, on a compounding basis ("Interest Rate"). Settlement of the A$3.5 million of Convertible Loans in mid-May will provide the Company with near-term liquidity as Vertex completes the small amount of capital works required for commencement of high-margin underground mining at the Hill End mine.

- Participants in the Placement, Convertible Loan and SPP will be issued with 1 free listed attaching option per 3 New Shares subscribed ("Options"). The Options will be on the same terms as the existing listed VTXOA options (25c strike / 17 July 2026 expiry).

- The pricing of the New Shares represents discounts of

o 12.5% to last close of $0.240
o 13.4% to 5-day VWAP of $0.243
o 11.1% to 15-day VWAP of $0.236

Blue Ocean Equities Pty Ltd and CPS Capital Group Pty Ltd acted as Joint Lead Managers.

Vertex's Executive Chairman, Roger Jackson commented: "The past few months has seen a tremendous transformation of our Hill End site with the successful installation and commissioning of both our Tomra ore sorter and gravity gold plant.

With the processing circuit already operating on historic stockpiles, it's now only months before we commence underground mining. The team at Hill End is excited at the prospect of mining one of Australia's highest grade gold mines, with our resource at a very high 16.7g/t Au in situ. The Tomra ore sorter is very effectively at separating our quartz-hosted gold ore from other rocks.

It's a compact, but critically fully approved, site. And given our high-grade resource and the adoption of mechanised underground mining as well as the Tomra ore sorting technology, we are targeting production of gold for less than A$2,000/oz. Finally, we believe Hill End will have one of the best ESG footprints of an Australian gold mine on account of our minimal grind requirements, low water usage, gravity plant with no chemicals or cyanide and the resultant production of benign tails.

This capital raising provides our remaining capital expenditure (less than A$1 million) and working capital over May / June ahead of underground mining in July. With over $25 million spent by previous owners on underground development and the ore sorter and processing plant in place and operating successfully, we believe Vertex is on the cusp of a period of significant cash generation from our uniquely high-grade gold operation."

*To view the timetable, please visit:
https://abnnewswire.net/lnk/T1CL2GPD

About Vertex Minerals Limited:  

Vertex Minerals Limited (ASX:VTX) 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