Vertex Minerals reports 12‑hour mining days at Reward gold mine
The mine produced 39 ounces in September and forecasts about 500 ounces in December as equipment and processing changes take effect.
Mara Quinlan
Vertex Minerals Limited ASXVTX OTCMKTSVTXXF said in an Oct. 19 update that its Reward gold mine is now mining 12 hours a day, seven days a week. The Australian producer forecasts about 100 ounces in October and 500 ounces in December, compared with 39 ounces produced in September.
Shares fell 9.09 per cent to A$0.10 on the Australian Securities Exchange at 10:06 a.m. AEDT on Monday, according to the ASXVTX quote page.
The New South Wales operation has its development consent modification and varied environment protection licence in place, permitting blasting at any hour within licensed limits. Vertex's next planned step is 24-hour mining and 12-hour processing.
Vertex sold 44 ounces in September, with another 22 ounces at the refinery and 60 ounces awaiting sale as low-grade concentrate. The company is negotiating an offtake agreement with third parties.
A spiral wheel now upgrades concentrate from the processing tables, enabling Vertex to pour gold bars. Its first bar weighed close to one kilogram, and two bars have been poured in October.
Vertex says smelting requires more than 50 per cent gold, compared with the tables' historical concentrate purity of about 30 per cent. Previously, concentrate was sold to a third-party refinery.
Smaller development drives are reducing dilution by more than 20 per cent and improving the grade sent to the plant, according to the update. Vertex called its completed trial long-hole stope a technical success, although grades were below expectations.
The completed trial stope is being filled before the next lift is prepared for the dedicated production drill. North Paxtons stoping-block development is also complete and ready for stoping.
A second underground truck has been commissioned and is operating. The smaller drive profiles also cut ground support, drilling, explosives and bogging time, shortening the development cycle, Vertex said.
"Whilst there have been significant delays, we are still in a position to ramp up operations from October 2026 onwards," executive director of operations Jim Simpson said in the announcement.
The mine plan forecasts about 150 ounces in November, between the October and December estimates. Those forecasts depend on the current mine plan and operating assumptions.
September development advanced 68 metres, with another 13 metres of rehabilitation. Vertex forecasts more than 100 metres of development in October and more than 180 metres in December.
New Found Gold Corp. TSENFGC NYSEAMERICANNFGC reported on Oct. 15 third-quarter production of 4,863 ounces and sales of 6,035 ounces. Its Hammerdown mine in Newfoundland and Labrador entered commercial production on Aug. 19.
Read more: New Found Gold reports 6,035 oz of third-quarter gold sales
The next equipment milestone is the long-hole drill's arrival: the update gives mid-November for arrival in Australia but also lists commissioning on site in early November.
