Vertex Minerals (ASX:VTX) has been granted renewals for the full term of 21 years for six key mining leases at the Reward Gold Mine in New South Wales.
One lease — GL 5846 — was renewed for a 20-year term.
Executive Chairman Roger Jackson says the grant of the maximum permissible renewal terms provide the “strongest security” of tenure under the Mining Act 1992 (NSW) for Reward and the broader Hill End gold projects.
“This security of tenure is critical in providing Vertex Minerals with the confidence to justify the resources required for the commencement of operations at the Reward Gold Mine,” he says.
“It also ensures the company’s resources are focused on the responsible and sustainable development of the underlying mineral resources at Hill End, as opposed to the administrative expenditures required in preparing renewal applications.”
Vertex says work is advanced on the Hill End plant component of the refurbishment with the Morningstar plant to be removed in the coming weeks.
Further, the Reward Gold Mine is well-placed for a simple start-up, including the purchase of the Gekko to upgrade and expand the existing Hill End gravity plant, which lies adjacent to the Reward Gold Mine portal.
Vertex says the existing mine development extends into the resource, so only stripping and refurbishment of the access is required.
The company adds some of the underground fleet and utility services are in place, while permitting mining licences are in place for plant, stockpiles, and the Reward mine.
Vertex Minerals is an Australian-based gold miner, explorer, and developer focused on its assets in New South Wales. The company has other assets in Western Australia.
Write to Aaliyah Rogan at Mining.com.au
Images: Vertex Minerals
