Vertex Minerals (ASX:VTX) has completed an updated mineral resource estimate for the Reward Gold Mine in New South Wales, reporting 146,900 ounces @ 16.68 grams per tonne gold (Au) with significantly improved geological confidence.
The company engaged independent consultants HGS Australia to reassess the June 2023 estimate following extensive underground mapping, mine reconciliation, and development work completed since operations recommenced.
The updated estimate shows 274,000 tonnes @ 16.68g/t Au for 146,900 ounces at a 4g/t cut-off. This represents a 35% reduction in total ounces from the 225,200 ounces reported in 2023. However, the indicated resource grade increased 36% to 21.17g/t Au, with the proportion of indicated ounces rising from 31% to 37%.
“The result is a smaller but better-defined and higher-confidence domained resource, with a significantly higher indicated grade and a clearer structural framework from which to target future drilling,” Vertex Minerals says.
The reduction in total ounces stems from applying a 200g/t gold top-cut to extreme outlier assays. It also reflects the removal of lodes that, following mine reconciliation work, no longer meet JORC requirements for reasonable prospects of eventual economic extraction.
Executive Chairman Bruce McInnes says the updated estimate reflects ‘improved geological understanding’ rather than any change in the underlying gold endowment of the Hill End field.
The updated estimate identifies three priority underground drilling targets: depth extensions below the existing resource, remnant ‘ultra-high-grade’ material around the historic Hawkins Hill mine, and the Fosters corridor 400m south along strike.
Vertex plans to commence underground diamond drilling in Q1 2027, enabled by the 24-hour underground operations approval granted in August. The expanded operating hours allow dedicated drill platforms without displacing ore development from the production schedule.
The company will test the Fosters exploration target of 524,000 tonnes @ 12.5–19g/t gold for 211,000–321,000 ounces via the existing Fosters adit, requiring no new approvals.
Vertex Minerals reports no material change to the current mine plan or underground development schedule. The company’s total Hill End and Hargraves project resource now stands at 4.07 million tonnes at 3.1g/t gold for 404,000 ounces.
Write to JC Villarba at Mining.com.au
Images: Vertex Minerals
