Here’s how Vertex Minerals (ASX:VTX) fared in the June quarter

Highlights

• Vertex Minerals (ASX:VTX) has been focusing on undertaking drilling at the Red Hill project, following approval to drill.
• VTX also initiated the refurbishment of the Gravity Gold plant along with various works to accelerate the permitting of the Red Hill Mining Lease.
• Recently, VTX was awarded an Exploration Licence covering 30 units to the south of Hill End.

Australia-based gold explorer Vertex Minerals Limited (ASX:VTX) has been focused on the commencement of drilling at Red Hill and kicking off the process of a Mining lease application. The company has made notable progress during the June quarter ended 30 June 2022.

In the current September quarter, VTX looks forward to initiating its gold mining in earnest at Red Hill and has begun the refurbishment of the gravity gold processing plant.

Let us look at VTX’s progress during the 2022 June quarter.

Gold production strategy and establishing a resource in the Hawkins Hill

VTX aims to establish gold production from the Red Hill Project to finance near-mine exploration activities. Moreover, VTX has navigated decisively to extend the resource base at Red Hill with a view to establish a mining plan to help the application for the award of a Mining License and related development approvals.

This includes:

Image Source: © 2022 Kalkine Media® | Data Source: VTX Announcement 29/07/22

VTX aims to establish a resource in the Hawkins Hill area and has commissioned a consulting resource geologist for this purpose who will review the data for the area.

VTX believes that there exist multiple targets near current development, including Bonanza grades beneath the Amalgamated Adit. Moreover, the Amalgamated drive is situated approximately 100 metres beneath the historical Hawkins Hill workings, which delivered around 425,000 ounces at roughly 300g/t Au during the 19th century.

Source: © 2022 Kalkine Media® | Data Source: VTX Announcement 29/07/22

Gravity plant refurbishment

VTX has also advanced the refurbishment of the 100% owned gold processing plant at Hill End. The plant is fully permitted and is located west side of Hawkins Hill, just south of the town of Hill End.

Source: VTX Announcement 29/07/22

Historical gold recoveries are reported to be as high as 90%, and the company has undertaken the following works under the ongoing refurbishment:

• Generators serviced and recommissioned
• All electric motors tested – only two require replacement
• Electrical circuitry tested and serviced
• Some switching replaced
• Some bearings on conveyors replaced
• All components dry run and tested
• Full refurbishment and recommissioning to continue.

Drilling postponed due to unfavourable weather

During the June quarter, VTX kicked off the drilling program at the Red Hill Project but was suspended due to prolonged rain. The company had initially proposed 1,500m of RC drilling but now believes that diamond drilling will replace some of this as it is needed for the core to complete geotechnical work and waste characterisation.

Source: VTX Announcement 29/07/22

VTX looks to advance its Red Hill Project and has engaged with several departments within the NSW Government and Regional Councils in relation to the required approval and Mining Licence application. Frasers zone is among the deeper targets identified at the prospect that will be examined during the program.

Exploration Licence granted

VTX’s Hill End South Exploration Licence has been granted, which is 30 units south of Hill End and forms the southern extent of the Hill End Anticline. The area is underexplored and indicates potential feed for the gravity plant. Moreover, the company believes that the area indicates several shallow old-time workings.

VTX’s cash stood at AU$3.45 million, as at 30 June 2022.