Vertex Minerals (ASX:VTX) has identified an additional fully developed two-stope block to be included in the production start-up for the Reward Mine in New South Wales.
Stopes — which are large, excavated spaces where ore is extracted, often in a stepped or layered fashion — are considered suitable for airleg mining which will augment jumbo production.
Vertex, which has a market capitalisation of $41.11 million, plans to exploit the stope block once the mine services have been established and bring it into the initial stages of the production schedule.
The stopes were developed by a previous operator and are accessible from existing development. The additional stope blocks contain an inferred resource of 2,075 tonnes @ 17.8 grams per tonne containing 1,189 ounces of gold with the lower block hosting over 700 tonnes @ 42.5g/t gold.
Executive Chairman Roger Jackson says the new technical team has been established and looking for opportunities to add value to the underground production start-up.
“This really does show the potential this mine has for high-grade expansion,” Jackson says.
“We are in the process of re-opening the underground mine with the establishment of mine services. Dewatering of the declines has commenced and is progressing to schedule.”
As Mining.com.au previously reported, Vertex has been preparing for underground mining at Reward, after the process plant achieved a 60% throughput rate of nameplate capacity.
Vertex Minerals is an Australian gold explorer focused on discovering and developing multi-million-ounce gold deposits within New South Wales and Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Vertex Minerals
