Vertex Minerals (ASX:VTX) is set to begin exploration within the Hill End Project in New South Wales, with the aim of adding to the mineral resource and ore reserves.
Hill End’s mineral resource currently contains 485,000 ounces of gold.
This news comes after Vertex revealed its first stoping ore produced $160,000 worth of gold, with further gold to be sold on a weekly basis. To date, $864,000 worth of gold has been sold.
Vertex, which has a market capitalisation of $80.13 million, has also completed refurbishment of the processing plant and Reward Gold Mine for expenditure of $20.7 million.
The company says the plant is now better equipped to handle the low-grade variable ore stockpiles which caused issues in the past. Other improvements have allowed the processing of previously screened fine material, which was unable to be processed in previous months.
General Manager Chris Hamilton says after overcoming commissioning issues, the company now has the equipment on hand a clear path forward.
Last week, the company also received an exploration licence for the Dun Dun prospect, adjoining the Hill End and Hargraves licences. The new licence provides Vertex with access to an additional 50km of contiguous geology along the Hill End – Hargreaves trend, as reported.
The Hill End Project covers 155km2 in the Eastern Lachlan Fold Belt in New South Wales.
Vertex Minerals is an Australian gold explorer focused on the discovery, development, and production of precious metals.
Write to Aaliyah Rogan at Mining.com.au
Images: Vertex Minerals
