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Vertex Minerals (ASX:VTX) awarded new tenement within Hargraves Gold project area; drilling to follow - Kalkine Media

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 Vertex Minerals (ASX:VTX) awarded new tenement within Hargraves Gold project area; drilling to follow
Image source: Company report

Highlights:

  • Recently Vertex was granted EL 9485 over an area, which previously divided the Hargraves Mineral Resource.
  • In the past, EL 9485 was a Mining Licence (ML) owned by others. However, the Resource Regulator recently cancelled the ML, following which Vertex immediately secured the available ground.
  • Over the Hargraves Resource, VTX had lodged a surface diamond drilling approval and the same was recently approved by the Resource Regulator.
  • The regulator has approved drilling for an initial 500m diamond drill program and the associated preparation works.
  • A drill rig will be mobilised to Hargraves and drilling will start this week.
  • Hargraves 2012 JORC Resource Estimate is 2.3 million tonnes at 2.4 g/t Au for 177,000 ozs Au.

Australian gold explorer Vertex Minerals Limited (ASX:VTX) has been granted the tenement EL 9485. The tenement was an island’ ML previously that was owned by others. It divided the Hargraves Resource. The Department of Regional NSW cancelled the ML. Vertex has now been granted a permit to drill this prospective target. The rig will be mobilised this week to Hargraves from Red Hill.

VTX believes that Hargraves presents great potential for significant resource growth.  The area chosen to be drilled lies in the middle of the existing resource area (and not included within the existing resource). The Hargraves deposit is a robust deep plunging deposit, and the gold inventory will benefit from additional drilling, as per the company.

Management comment:

 Image: © 2022, Kalkine Media®

An overview – Hargraves

Hargraves Gold project is situated some 25 km south of the town of Mudgee. The Company says the gold field has many mineralised structures with little modern exploration.

This is the Hargraves 2012 JORC Resource:

Source: Company update dated 21 November 2022

This will be the Vertex’s second drill program at the greater Hill End Project. The Company says Hargraves has great potential for considerable resource growth. The area that is to be drilled lies in the middle of the current resource area, and has not yet been included within the existing resource.

The Company says that there is evidence the Hargraves deposit is a robust, deep-plunging deposit, and that its gold inventory will derive benefit from additional drilling.

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