VTX - Vertex Minerals

[System]

Vertex Minerals Limited was incorporated on 1 June 2021 by its current parent company, Peak Minerals Limited (PUA). Following a strategic review by Peak Minerals of its assets, the company decided to demerge a number of its projects.

As a result, Vertex Minerals has entered into agreements to acquire:

(a) the Hill End Project, which is located in the region where the "Beyers and Holtermann nugget", the largest single piece of reef gold ever discovered, was found and situated in the eastern Lachlan Fold Belt in New South Wales;
(b) the Hargraves Project, located approximately 30km north of Hill End, consisting of a 4km x 10km goldfield with numerous mineralised structures;
(c) the Pride of Elvire Project, located approximately 210km north of Southern Cross in Western Australia (by way of acquiring 100% of the issue capital of Spartacus Exploration Pty Ltd); and
(d) the Taylors Rock Project, located approximately 80km southwest of Norseman in the Southern Goldfields region of Western Australia.

The Company's main objectives on completion of its ASX listing are:

(a) advance resource development and mining studies related to the Company's Projects;
(b) focus on mineral exploration and other resource opportunities that have the potential to deliver growth for Shareholders;
(c) continue to pursue other acquisitions that have a strategic fit for the Company;
(d) systematically explore the Company’s Projects; and
(e) provide working capital for the Company.

It is anticipated that VTX will list on the ASX during January 2022.

Vertex Minerals Limited | ASX Code:VTX

vertexminerals.com

 

[Dona Ferentes]

Listing date	TBA
Company contact details	https://vertexminerals.com/ Ph: +61 8 6383 7828
Principal Activities	Mining exploration
GICS industry group	TBA
Issue Price	AUD 0.20
Issue Type	Ordinary Fully Paid Shares
Security code	VTX
Capital to be Raised	$5,500,000
Expected offer close date	26 November 2021
Underwriter	Not underwritten. CPS Capital Group Pty Ltd (Lead Manager).

 

[Dona Ferentes]

not much on VTX since listing ... having a good run over last few months.
.

About Vertex Minerals Limited

STRATEGIC FOCUS
• Clear Strategy set for Hill End
1. To install a circa 110ktpa Gravity Gold plant in 2024
2. To commence gold production from existing stockpiles
3. Commence mining development in the high-grade Reward Mine in late 2024
4. To commence at a reduced throughput, but with ore sorting, with a build up of throughput through 2025
5. To be Australia’s most prominent high grade gold miner
6. To drill and add high grade gold to the global Hill End gold inventory, from the large-scale gold system/s within the Hill End Corridor.
7. To take the existing resources and near surface mineralisation to production utilising gravity gold recovery methods.
8. Earn a robust Safety, Environmental, Social and Governance (ESG) reputation.
9. Build shareholder value

Vertex Minerals Limited (ASX: VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/ nickel/ lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach:
- Gravity Recoverable Gold
- Low Capex and Low Operating cost
- Minimal grind 200 to 500 micron
- Benign tails – potential commercial sand
- Benign waste
- Low water usage
- Re usable water
- No chemicals – no cyanide
- 23 fine gold
- Minimum tails to productivity

14th October 2024
HIGHLIGHTS
• Chris Hamilton appointed General Manager Operations for the Hill End Reward Gold Mine.
• Mr Hamilton has more than 24 years of underground mine operational and technical experience including key roles in NSW gold Mines; and
• brings significant underground mining and management experience through CSA, Peak, Hera, and Tritton mines; and
• will lead the Operational Readiness phase for the Reward Gold Mine and the transition from development to mining operations.

 

[houtman]

not much on VTX since listing ... having a good run over last few months.
.
View attachment 187008


About Vertex Minerals Limited

STRATEGIC FOCUS
• Clear Strategy set for Hill End
1. To install a circa 110ktpa Gravity Gold plant in 2024
2. To commence gold production from existing stockpiles
3. Commence mining development in the high-grade Reward Mine in late 2024
4. To commence at a reduced throughput, but with ore sorting, with a build up of throughput through 2025
5. To be Australia’s most prominent high grade gold miner
6. To drill and add high grade gold to the global Hill End gold inventory, from the large-scale gold system/s within the Hill End Corridor.
7. To take the existing resources and near surface mineralisation to production utilising gravity gold recovery methods.
8. Earn a robust Safety, Environmental, Social and Governance (ESG) reputation.
9. Build shareholder value

Vertex Minerals Limited (ASX: VTX) is an Australian based gold exploration company developing its advanced Hargraves and Hill End gold projects located in the highly prospective Eastern Lachlan Fold Belt of Central West NSW. Other Company assets include the Pride of Elvire gold project and Taylors Rock gold/ nickel/ lithium project both located in the Eastern Goldfields of WA. The focus of Vertex Minerals is to advance the commercial production of gold from its NSW projects embracing an ethical and environmentally sustainable approach:
- Gravity Recoverable Gold
- Low Capex and Low Operating cost
- Minimal grind 200 to 500 micron
- Benign tails – potential commercial sand
- Benign waste
- Low water usage
- Re usable water
- No chemicals – no cyanide
- 23 fine gold
- Minimum tails to productivity

14th October 2024
HIGHLIGHTS
• Chris Hamilton appointed General Manager Operations for the Hill End Reward Gold Mine.
• Mr Hamilton has more than 24 years of underground mine operational and technical experience including key roles in NSW gold Mines; and
• brings significant underground mining and management experience through CSA, Peak, Hera, and Tritton mines; and
• will lead the Operational Readiness phase for the Reward Gold Mine and the transition from development to mining operations.

I wondered what had happened to this project, previously owned by HEG (now PUA).

HEG couldn't make it work back about 10/15 yrs, it appeared poorly managed and there were rumours of a few ounces walking out the front gate.

I've got a weakness for this type of project, here's their latest presentation for those similarly afflicted.

 

[Dona Ferentes]

Production Poised to Commence at Reward Gold Mine

HIGHLIGHTS:
• Firm commitments have been received for loan funding of $5.1M, under a convertible facility agreed with institutional / sophisticated investors.
• Loan funds convertible to fully paid ordinary shares at an issue price of $0.17 per share.
• Proceeds are intended to be applied towards completion of gold plant, infrastructure, underground mine development, sustaining costs and working capital
.
18.5c n back trading

 

[houtman]

@mullokintyre

The dreaded 4th pick.

VTX is restarting the Reward gold mine in the historical Hill End area.

It's a low ton/high grade operation with a simple process stream.

This type of operation often has trouble maintaining mined grade due to narrow veins.

It is 95% recoverable by gravity alone which means no cyanide or other chemicals in the process.

Has about 180m shares on issue along with 110m options.

I'll be trying to get free carried or partly free carried with this one given the HEG experience from the previous attempt to mine Reward.

The MD is a Driller and they have their own rig which should mean ongoing announcements to keep in the news.

 

[finicky]

Yeah I lost money on HEG too.
Rejain grateful the free hat they sent to me as a shareholder.
M.D was full of it (another one)

 

[houtman]

Damn, I didn’t even get a hat.

Which ever way it goes it should be easy to come up with content for each month’s post.

 

[Dona Ferentes]

getting things done
.

.
Commissioning of the Reward Gold Mine has commenced with the processing of gold ore through the gravity gold plant.

The processing facility rebuild, refurbishment and installation has progressed safely, efficiently and to plan, with the focus now turning from electrical, mechanical, automation and wet commissioning to running the first ore through the plant.

HIGHLIGHTS
• Vertex has processed the first ore with the newly installed gravity gold plant.
• The plant processed ore to a gold concentrate with visible gold evident in concentrate
• Installation of the Ore Sorter Module is well underway with completion anticipated early February.
• Plant commissioning is utilising the stockpiled gold ore located adjacent to the plant. This material will be the focus of initial production.
• Sale of first commercial gold anticipated in February.
• Vertex plant operators are working alongside the Gekko technical team to ensure a smooth handover from commissioning to full production.
• Key personnel and plant operators now onboarded.
• Gold refining agreement in place with ABC bullion who are located in Sydney, which is a 4 hour drive from site.
• Tails line and dry stack sand operation installed.

 

[houtman]

@mullokintyre
Feb update

The junior end of the market rarely fails to surprise.

VTX was having a stellar run through January, from about 20c to 33c.

They arranged convertible loan financing back in December, convertible @ 17c plus some options and fees, all reasonable given the share price was at about 19c at the time.

Then on 30th January, with the share price about 33c, and on the day of a jump in the gold price, they announce that a further $1.7m has been raised with the same terms, basically a 50% discount.

Anyway, not angry, just disappointed.

The rubber hits the road in 3/4 months when they start to feed ore from the mine. Thats when the spreadsheet meets reality, hope for the best, prepare for the worst.

Being a project with a checkered history, I'll be looking to have 75% of initial capital out by then, already have 25% out.

 

[Dona Ferentes]

$0.255

VTX PREPARES FIRST GOLD FROM PLANT COMMISSIONING FOR SALE

HIGHLIGHTS:
• Vertex’s first gold concentrate has been run over the Wilfley table to undergo final concentration with coarse and fine gold evident. This concentrate was produced from material processed during commissioning of the plant. Final weights and grades will be announced once the gold has been sold.
• Vertex have the option to sell gold in concentrate or doré bars, by nature of the gravity process at this plant.
• Commissioning of the gravity plant is ongoing with some further components being introduce to the plant to improve performance, they are:
o A pre-screening scalper has been installed to reduce fines in the system, and
o A centrifuge is being installed to extract slimes /fines from the process water.
• Fines are a consequence of surface stockpile weathering over time. This issue is only isolated to the surface stockpile material which is in the weathered zone. The Reward underground material will be fresh and have far less weathered material.
• Samples of the stockpile material have averaged 2.40g/t

 

[houtman]

@mullokintyre

March update

It has been quiet on the production front for VTX.

From @Dona Ferentes post above, the headline on 28/2 was VTX PREPARES FIRST GOLD FROM PLANT COMMISSIONING FOR SALE.
4 weeks later no announcement of a sale.

Earlier presentations indicated 3gpt for the stockpiled material but average is grading 2.40gpt.

A few outgoings, purchased a drill rig and underground loader, added 7 x "key operational personnel".

Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.

 

[houtman]

@mullokintyre

April update.

Ramp up not going as well as previously advertised.

The stockpiled material was presented as 3gpt, then 2.4gpt, now "historical low grade stockpiles".

We've also gone from "Final weights and grades will be announced once the gold has been sold." to "Modest concentrates produced".

Wonder if there will be a raise before the 1/4ly comes out?