How is Vertex Minerals (ASX:VTX) progressing on its plans to advance its land assets?

Highlights

• Vertex Minerals (ASX:VTX) intends to execute ground exploration and resource development across its project portfolio.
• The initial focus of the company remains on the Hargraves Project and the Red Hill area of the Hill End Project.
• VTX has commenced drilling at the Red Hill project and recently renewed EL 6996, encompassing the Hargraves gold resource.

Incorporated around mid-2021, Vertex Minerals Limited (ASX:VTX) is a wholly owned subsidiary of Peak Minerals Limited.

In August 2021, Peak Minerals Limited declared that it would demerge its interest in the Hill End and Hargraves Projects via VTX, subsequent to a strategic review and securing approval from shareholders.

Currently, tenements comprising VTX’s projects are at various stages of exploration and the company intends to undertake ground exploration and resource development at the Hargraves Project and the Red Hill area of the Hill End Project.

VTX’s plans for advancing projects

VTX intends to undertake further exploration and develop deposits located within the projects, wherever possible, in proximity to established mining operations and infrastructure, which demonstrates the ability to be developed into early production opportunities.

The company looks to build on previous drilling at the Hargraves and Hill End Projects to advance updated mineral resource models.

Source: VTX

Besides this, the collected exploration data supports the identification and ranking of development priorities for VTX.

VTX kicks off drilling at the Red Hill Project

Several targets have been identified where VTX plans to undertake exploration work. The company has already kicked off drilling at the Red Hill Gold Project in Hill End, New South Wales.

Notably, the project has an existing fully owned and permitted processing plant to which, VTX has easy access. This coupled with high metallurgical recovery indicates an opportunity for VTX to develop a gold mine with a minimal environmental footprint.  

Source: VTX

The proposed 1,500m RC drill program drilling is VTX’s maiden drill program at the Hill End Project.

VTX remains optimistic about the Red Hill project suggesting a substantial potential for exploration and resource growth. This is attributed to the location of the project in a neglected mining district of substantial size, gold grade and distinct amenability to gravity-processing techniques.

Renewal of exploration licence 6996

Recently, VTX has also renewed exploration licence (EL) 6996, which encompasses VTX’s Hargraves gold resource, located 25 Km north of Hill End.

It has been proposed by the Department of Regional NSW that the EL be renewed for a period of 2 years for the full area of six units, as per VTX’s application.

At present, the resource for Hargraves stands at 2.3Mt at 2.38g/t Au for 177koz Au and forms a possible satellite feed to the Hill End Gravity Gold plant.

The Board of VTX boasts significant experience in exploration, resources development as well as mine development to advance projects ahead.

VTX stock closed at AU$0.130, up by 8.333 on 25 July 2022.