Vertex Updates Reward Gold Mine Resource to 146,900oz with Higher Grade and New Drill Targets
Vertex Minerals has revised the Reward Gold Mine resource to 146,900 ounces at 16.68 g/t gold, boosting the Indicated grade by 36% to 21.17 g/t. The update refines geological confidence and outlines three priority underground drilling targets ahead of planned 2027 operations.
- Updated Resource totals 146,900oz at 16.68 g/t Au
- Indicated grade rises 36% to 21.17 g/t Au
- Total contained ounces down 35% after top-cut and lode re-interpretation
- No material change to mine plan or production schedule
- Three priority underground drill targets identified
Resource Update Reflects Improved Geological Confidence
Vertex Minerals Limited (ASX:VTX) has delivered a significant update to the Mineral Resource Estimate (MRE) for its Reward Gold Mine at Hill End, NSW, reporting 146,900 ounces of gold at an average grade of 16.68 grams per tonne (g/t). Notably, the Indicated portion of the resource now boasts a 36% increase in grade to 21.17 g/t Au, underscoring enhanced geological confidence driven by extensive underground mapping, mine reconciliation, and development exposure since mining resumed.
The total contained gold ounces have decreased by 35% compared to the June 2023 estimate, falling from 225,200 ounces. This reduction is largely attributed to the application of a 200 g/t top-cut to extreme assay outliers and a re-interpretation of the lode structures, which saw some previously modelled veins narrowed or removed after reconciliation with actual mined material. Despite the drop in ounces, the overall grade remains effectively unchanged, confirming the deposit’s high-grade character.
Mine Plan and Production Schedule Remain Unaffected
Crucially for investors and operators, the updated resource estimate does not materially alter the current mine plan or underground development schedule. The lodes currently under development and stoping, including the Mica Lens mined by mechanised longhole open stoping, remain intact and unaffected by the re-interpretation. Vertex continues to target full production at Reward from October 2026, consistent with prior guidance.
This continuity comes as the company transitions to 24-hour underground operations, recently approved by Bathurst Regional Council, which expands available working hours from approximately 9 to up to 22 hours daily. This operational shift will enable dedicated underground diamond drilling teams to be established without disrupting production schedules.
Three Priority Underground Drill Targets Defined
The refined geological model has crystallised three key areas for upcoming underground drilling planned to start in the first quarter of 2027. These include depth extensions below the existing resource where lodes remain open, remnant ultra-high-grade material in and around the historic Hawkins Hill mine directly above Reward, and the Fosters corridor located approximately 400 metres down strike to the south.
Fosters, accessed via an existing adit only a few hundred metres from the Hill End gravity gold plant, represents a strategic target with an unchanged Exploration Target of 211,000 to 321,000 ounces at grades ranging from 12.5 to 19.0 g/t Au. Vertex aims to convert some or all of this target into a Mineral Resource through underground diamond drilling, leveraging existing mining licences and development consents to avoid new approvals or surface disturbance.
Resource Model Grounded in Physical Mining Data
The updated MRE reflects a step-change in geological understanding driven by physical reconciliation between mined and processed material and the prior resource model. This direct comparison is a robust test of model accuracy, revealing which lodes and areas are economically viable and which are not. The Competent Person’s classification of Indicated and Inferred Mineral Resources now better mirrors the deposit’s continuity, supported by detailed underground face sampling and development exposure.
The company has also acknowledged that a full re-interpretation incorporating recent underground face sampling data is underway and may lead to further changes in the resource estimate in either direction. This highlights the evolving geological picture and the importance of ongoing drilling and mapping.
Broader Project Resource Base and Next Steps
Incorporating the updated Reward estimate, the Hill End & Hargraves Gold Project now holds a combined Mineral Resource of approximately 404,000 ounces across 4.07 million tonnes at an average grade of 3.1 g/t Au, with Hargraves and Red Hill projects unchanged from previous reports.
Vertex’s near-term focus will be on executing the underground diamond drilling programme targeting the three priority areas, including the Fosters corridor. The move to 24-hour underground operations not only facilitates this but also signals the company’s commitment to advancing Reward towards sustained commercial production.
Bottom Line?
Vertex’s refined resource and structural model set the stage for targeted underground drilling in 2027, but pending re-interpretations and exploration outcomes at Fosters inject a degree of uncertainty into the near-term resource growth story.
Questions in the middle?
- How will the pending re-interpretation of lode geometry impact the overall resource estimate?
- Can underground drilling at Fosters convert the Exploration Target into a defined Mineral Resource?
- What operational challenges might arise from the transition to 24-hour underground mining?
