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Highlights
- A Fosters Exploration Target has been calculated, within ground covered by the VTX’s mining licences and current development consent.
- MRE for the Reward Gold Mine has reached 419,000 tonnes at 16.72g/t or 225,200oz Au.
- The company is currently focused on finalising Reward PFS.
Gold exploration company Vertex Minerals Limited (ASX: VTX) advanced the development of its 100% owned Hill End Gold Project (NSW) during the September quarter.
The project includes 3 Exploration Licences and10 Mining Leases at the Hill End Trough on the eastern Lachlan Fold Belt, with a 24km of continuous gold lode having a +90% gold recovery rate to gravity.
Let’s look at the key activities undertaken by VTX during the three-month period.
Completion of Fosters Exploration Target
In September quarter, the company completed an exploration target for the Fosters gold deposits at Hill End. The exploration target was conducted by HGS Australia as per the 2012 JORC Code. The target is within ground covered by the VTX’s Mining Licences and current Development Consent. The deposit is accessed by present adit and development drive and is near the Hill End Gravity Gold plant.
Moreover, the target complements the MRE (mineral resource estimate) for the Reward gold deposit.
Data source: Company update
After the end of the latest quarter, the company shared that operations have started at Hill End and the first dore bar has been delivered to ABC Refinery based in Sydney. To know details, click here.
Strategy for Hill End
Currently, the company is focused on completing Reward pre-feasibility study (PFS). Ground Control Engineering has been engaged to conduct the PFS, while Gekko Systems has been engaged to conduct the metallurgical component of PFS. It includes design and engineering of the gravity gold plant.
Future course of action
The company is looking forward to begin gold production from present stockpiles at its Hill End gold project in the current year itself. Also, it is expecting the Reward Pre-Feasibility Study (PFS) to be concluded by the end of 2023.
VTX plans to explore and resource gold systems within the Hill End corridor and to convert the current near surface and resource mineralisation to production by employing gravity gold recovery methods.
