Key points
- Updated Mineral Resource Estimate for Reward Gold Mine completed by HGS Australia
- Indicated Mineral Resource increased by 36% to 21.17 g/t Au
- Total contained ounces decreased by 35% to 146,900 ounces
- No material change to current mine plan
- Three priority underground drill target areas identified
Full summary
Vertex Minerals Limited has completed a review of the 2023 Mineral Resource Estimate (MRE) for its Reward Gold Mine, located at the Hill End Gold Project in New South Wales. The updated MRE, prepared by independent consultants HGS Australia in accordance with the JORC Code, shows an increase in the Indicated Mineral Resource grade to 21.17 g/t Au, up 36% from the June 2023 estimate. However, the total contained ounces have decreased by 35% to 146,900 ounces. The updated estimate reflects improved geological understanding from extensive underground mapping, mine reconciliation, and development exposure. Despite the changes, there is no material impact on the current mine plan, underground development schedule, or the company's plan to bring the Reward Gold Mine to full production from October 2026. The re-interpretation has defined three priority underground drill target areas: depth extensions below the existing resource, remnant ultra-high-grade material around the historic Hawkins Hill mine, and along strike to the south at Fosters. Vertex plans to commence underground diamond drilling in the first quarter of 2027.
Guidance
Updated Mineral Resource Estimate: 274,000 tonnes at 16.68 g/t Au for 146,900 ounces
Outlook
Vertex Minerals plans to commence underground diamond drilling in Q1 2027 to explore priority target areas identified in the updated mineral resource estimate.