Vertex (ASX:VTX) announces drill results for Red Hill and Hargraves - Kalkine Media

Highlights

• Vertex Minerals has received drill results from its first infill drilling at Hargraves and last holes drilled at Red Hill.
• 2012 JORC Resource Estimate for Hargraves reported as 2.3 million tonnes at 2.4 g/t Au for 177,000 ozs Au.
• Hargraves Hole VHRGD001 Gold Intercepts include:
  • 1m @ 4.58 g/t from 48m
  • 1m @ 1.06 g/t from 78m
  • 1m @ 1.51 g/t from 126m
  • 7m @ 1.72 g/t from 180m including 3m @ 3.60 g/t from 180m including 1m @ 7.33 g/t from 181m
  • 7m @ 1.90 g/t from 192m including 1m @ 9.29 g/t from 192m
  • 5m @ 1.34 from 203m
• The Red Hill Hole VRHD009 Gold Intercept includes 5m @ 1.13 g/t from 25m including 1m @ 2.41 g/t from 25m.

In the latest announcement, Vertex Minerals Limited (ASX:VTX) reported the drilling results from the first hole at Hargraves and the last of the Red Hill program.

As per results, Red Hill holes 10 and 11 targeted an area to the north-east of the known Red Hill mineralisation with no significant intersections. These holes render crucial details about structural/future targeting.

Hargraves 2012 JORC Resource Estimate has been calculated to be 2.3 million tonnes at 2.4 g/t Au for 177,000 ozs Au. It has been undertaken by SRK Consulting (Australasia) Pty Ltd – in accordance with JORC 2012 Code.

Drill results for Red Hill and Hargraves

Image: © 2023 Krish Capital Pty. Ltd.

Hargraves Hole VHRGD001 Gold Intercepts include:

• 1m @ 4.58 g/t from 48m
• 1m @ 1.06 g/t from 78m
• 1m @ 1.51 g/t from 126m
• 7m @ 1.72 g/t from 180m including 3m @ 3.60 g/t from 180m including 1m @ 7.33 g/t from 181m
• 7m @ 1.90 g/t from 192m including 1m @ 9.29 g/t from 192m
• 5m @ 1.34 from 203m

Red Hill Hole VRHD009 Gold Intercept includes:

• 5m @ 1.13 g/t from 25m including 1m @ 2.41 g/t from 25m

An overview of EL 9485

 
Plan view of EL9485

EL 9485 refers to the area that previously divided the Hargraves Mineral Resource. The area constitutes more than 10% of the strike length of the Hargraves Mineral Resource. The Company anticipates to quickly add to the mineral inventory and is confident of joining the two resources previously considered two separate mines.

For many decades, systematic exploration has not taken place on EL9485. According to Vertex, it is highly prospective for continuation of quartz veins with very high gold grades.

The down plunge extension of quartz veins is well founded at Hargraves, with an extensive drill database that supports the southerly plunge of the vein system. This trend as depicted in the image below, shows the upper exploration target where some depletion from historic mining is to be expected, and two deeper exploration targets. The middle target is supported by drill data on either side of EL9485.

Long section looking west of Hargraves Resource showing exploration potential

Hargraves Gold Project

Located ~25 km south of the town of Mudgee, Hargraves goldfield is 4 x 10 km in size including several mineralised structures with little modern exploration. As per VTX, Hargraves has great potential for major resource growth because of the compelling evidence that the Hargraves deposit is a robust deep plunging deposit, and the gold inventory will benefit from additional drilling.

Hill End Gold Project

Hill End Gold Project includes ten mining leases and three Exploration Licences in the core of the Hill End Trough on the eastern Lachlan Fold Belt. The project features 14km of continuous gold lode with gold recovery rate to gravity at +90%. Work taken up in 2015 by Hill End Gold Limited (HEG) culminated in a JORC 2012 resource estimate of 80,000 oz Au @ 1.7 g/t to 150m depth.

NSW mines and Vertex project locations

Management Commentary

Image: © 2023 Krish Capital Pty. Ltd.