Vertex Minerals (ASX:VTX) has completed the first firing of its trial longhole open stope at the Reward Gold Mine in New South Wales.
The company fired the first rings of the trial stope at decline three, targeting the Mica 1 lens with a mining width of approximately 1.2m.
‘High-grade’ quartz with visible gold was reported from initial production screening of stope ore, with the diluted head grade to the plant expected to be approximately 8 grams per tonne gold (Au) from the 1,200-tonne stope.
Vertex says the trial represents a shift in strategy to selectively mine the narrow veins at 1.2m width, moving away from historically mining the Mica 1 and Mica 2 veins together at a dilutive 4m width.
Development of the stope required an 8m airleg slot rise, 350m of hanging wall cable bolt installation, and 680m of production drilling using a modified jumbo drill rig.
The company notes narrow mining is the ‘key’ to providing ‘high-grade’ ore to the mill. To support this, modified rail sets have been fitted to both jumbo drill rigs, which will reduce dilution by more than 20%.
Executive Director of Operations Jim Simpson says this is a ‘pivotal’ moment in the Reward Mine’s evolution.
“Moving to narrow longhole stoping means we’re mining our very narrow, high-grade veins with the least amount of dilution, providing significantly higher feed grade to the plant,” Simpson says.
“This major step is an important proof of concept for the team and the project as we work towards full mechanised longhole open stoping at Reward.”
Reward hosts a mineral resource estimate of 419,000 tonnes @ 16.72g/t Au for 225,200 ounces. The mine sits within the broader Hill End Project, which holds a total mineral resource of 483,000 ounces at 3.6g/t Au across three deposits.
Vertex plans to transition progressively from airleg to mechanised longhole open stope mining as additional levels are established below decline three, with a dedicated Resemin Muki longhole rig expected to arrive in mid-September 2026.
The company says this transition is expected to increase productivity, lower operating costs, and improve stope delivery times while reducing waste and delivering higher-grade feed with a higher quartz-to-waste ratio.
More than $800,000 raised via share purchase plan
Vertex has also completed its previously announced share purchase plan, raising $858,000 from retail shareholders to fund working capital and debt obligations during its gold production ramp-up.
The plan closed on 27 July, issuing 8.58 million new shares at $0.10 each.
Chairman Bruce McInnes says the capital raise produced a ‘strong’ result, given the current ‘volatile’ market environment.
The new shares rank equally with existing shares and were issued today (3 August), with holding statements to be dispatched on 4 August.
Vertex Minerals is a gold explorer and developer operating the 100%-owned unhedged Reward Mine in NSW, where processing has commenced using a gravity gold plant that is achieving a recovery rate of 95%.
Write to Paula Fabe at Mining.com.au
Images: Vertex Minerals
