VERTEX MINERALS UNVEILS REWARD GOLD MINE PRE-FEASIBILITY STUDY

Outlined Pathway to Enhance Project Financials Through Resource Conversion

Vertex Minerals Limited (ASX:VTX) has released a Pre-Feasibility Study (PFS) for the high-grade gold operation at the Reward Gold Mine, revealing a robust Mineral Resource Estimate.

Key Takeaways from the Study:

  • The MRE for the Reward gold deposit shows a promising 419,000 tonnes at 16.72g/t for 225,000 Au ounces, plus 154,700 ounces categorized as Inferred Mineral Resource.
  • An updated underground (<260m RL) Mineral Resource Estimate is compiled by the Company and stands at 429kt grading 4.57 g/t Au for 63,000 oz at a 1.5g/t Au lower grade cut-off.
  • Over 80% of the resource is now in the Indicated Resource category, pivotal for the mine’s upcoming optimization and design work.

The Board has expressed that converting Inferred Resources to an Indicated status could significantly enhance the project’s financial metrics, and the PFS supports a strategic pathway to maximize the extraction of the Indicated Mineral Resource.

Executive Chairman, Roger Jackson, commented on the study’s completion: “We are pleased to have completed a comprehensive Pre-Feasibility Study for the Reward gold mine, which continues to represent a highly attractive mine development opportunity in the NSW region. In determining the parameters for this study, the decision was taken to base the projected figures on the Indicated resource achieved to-date. The Board remains firmly of the view that this is the most commercially prudent way to develop the mine, given the cost and logistical benefits that can be achieved by carrying out further drilling from underground alongside mining activities. Pleasingly, the numbers outlined in our PFS already demonstrate the strong projected economics of the Reward gold mine based on the existing Indicated resource, notwithstanding the clear potential for further significant resource upgrades as mining operations get underway, as we have high grade exploration targets sitting alongside and below the mining envelope. Further we are confident of growing the global resource, building on recent successes at Red Hill and Hargraves.”

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