Vertex Minerals (ASX:VTX) has announced the identification of a fully developed two-stope block at its Reward Mine in New South Wales, set to enhance the mine’s production start-up. These stopes, excavated spaces for ore extraction, are suited for airleg mining, complementing existing jumbo production methods. The company, with a market capitalization of $41.11 million, intends to integrate this stope block into its initial production schedule once essential mine services are established.
Developed by a previous operator, the additional stope blocks feature an inferred resource of 2,075 tonnes at 17.8 grams per tonne, containing 1,189 ounces of gold. Notably, the lower block alone holds over 700 tonnes at a significantly higher grade of 42.5g/t gold. Executive Chairman Roger Jackson emphasized the potential for high-grade expansion, highlighting the new technical team’s focus on adding value to the underground production start-up. Vertex is currently re-opening the underground mine, establishing necessary mine services, and dewatering the declines, with progress on schedule. The Reward process plant has already achieved a 60% throughput rate of nameplate capacity.