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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: Â
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
Contact:
Roger Jackson
Executive Chairman
Tully Richards
Technical Director
tully@vertexminerals.com.au
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