Vertex Minerals (ASX: VTX) initiates Pre-Feasibility Study at Reward Gold Mine, Hill End

Highlights

• Vertex Minerals has begun work on Pre-Feasibility Study (PFS) for a high-grade gold operation at the Reward Gold Mine.
• The company has hired Ground Control Engineering (GCE) to conduct the PFS.
• Vertex is expecting the PFS to be completed in the third quarter of the year 2023.
• The MRE for the Reward Gold Mine has been updated to 419,000 tonnes at 16.72g/t gold for 225,200oz gold.

ASX-listed gold explorer Vertex Minerals Limited (ASX: VTX) today announced the beginning of work on a Pre-Feasibility Study (PFS) for a high-grade gold operation at the Reward Gold Mine, Hill End NSW. This comes after the successful completion of Reward Underground Gold Mine Internal Studies. The result of the studies has strongly supported undertaking a Pre-Feasibility Study (PFS).

The company has hired Ground Control Engineering (GCE) to conduct the study. The team is visiting the project location this week. Vertex is expecting the PFS to be completed in the third quarter of the year 2023.

Updated MRE for Reward Mine

It must also be noted that independent consultants HGS Australia recently conducted an updated Mineral Resource Estimate (MRE) for the Reward Gold Mine, following the guidelines set in the 2012 JORC Code. The updated MRE is of 419,000 tonnes at 16.72g/t gold for 225,200oz gold.

More about the Reward Gold Mine

The mine is in a good position for a simple start-up, as per the company. The refurbishment of Vertex Gravity Plant situated next to the underground mine access point is about to be completed. Also, the Amalgamated Adit extends to the resource areas, so only stripping and refurbishment development is expected to be required.

For Plant, Stockpiles, Tails Storage Facility (TSF) and the Reward Gold Mine, the Mining Licence and Development Approval (DA) has already been granted. With permitted TSF, there is capacity for restarting the operations. Moreover, the stockpile processing is scheduled to begin this month.

Remarks by VTX Executive Chairman

VTX’s ASX-listed shares traded at AU$0.098 (market cap of over AU$5 million) at the time of writing on 06 July 2023.