Sport Investors League
  • Politics
  • Stocks
  • Investing
  • Business

Sport Investors League

  • Politics
  • Stocks
  • Investing
  • Business
Investing

Vertex Acquires Drill Rig to Advance Exploration, at the High-Grade Reward Gold Mine, Below the Existing Resource

by admin October 3, 2024
October 3, 2024
Vertex Acquires Drill Rig to Advance Exploration, at the High-Grade Reward Gold Mine, Below the Existing Resource

Vertex Minerals (ASX:VTX) (Vertex or the Company) is pleased to report the acquisition of a Boart Longyear LM90 underground drill rig, in line with its stated strategy to advance exploration drill works at the high-grade Reward gold mine.

HIGHLIGHTS

Vertex has acquired a Boart Longyear LM90 underground drill rig to advance exploration at the Reward gold mine below the existing resourceThe Vertex team are planning diamond drill programs for the following:Below the current JORC-2012 Reward Resource (see drill collar locations on Figure 1), with the aim of expanding upon the existing resourceFosters Exploration Target, and the South Star prospect areaAcquisition of the LM90 follows an extensive review of the mineralisation potential below the Reward resource, which has only been drilled up to 50m below the Amalgamated Adit. This area targeted is referred to as the ‘Reward mid depths’ as it is located just 80m to ~200m below the Amalgamated Adit. Refer to figure 1Upon commissioning of the LM90 drill rig, Vertex have planned eight drill holes to target the high-grade Fosters Exploration targetThe LM90 has several advantages well-suited to Vertex’s requirements, including:The ability to work on surface and undergroundSafe, Semi-automated, with a rod-handler system which allows for less manual handlingAllows greater flexibility in drilling over a number of resource and exploration areasLM 90 rigs are well-established in the industry as safe and reliable underground drill rigsVertex acquiring its own rig has many advantagesPer-metre drill costs will be significantly less than hiring an external drill contractorMore control and accuracy over precision of drilling.Works well with Job sharingReduces pressure on Mining crew to have drill cuddy availabilityThe LM90 rig will be accounted for as an asset on the Vertex balance sheet

Executive Chairman, Roger Jackson, commented: “The acquisition of the LM90 was completed on attractive commercial terms, and followed an extensive review process by the field operations team to acquire a rig that was fit-for-purpose to advance our broader exploration strategy. This is an important development for Vertex and we’re excited to get started with targeted drill works that have the potential to unlock significant value from the project. Our analysis has shown that it is significantly cheaper, safer and more practical to drill the Reward mine from underground, which is exactly what the LM 90 allows us to do. With an extensive framework of priority drill targets already set out, we look forward to advancing exploration and building on what is already an exciting resource at the Reward mine.”

Click here for the full ASX Release

This post appeared first on investingnews.com

0
FacebookTwitterGoogle +Pinterest
previous post
Supply Chain Disrupted as US East and Gulf Coast Ports Face Worker Strike
next post
Company Activity Update

Related Posts

True North Copper Limited (ASX: TNC) – Trading...

May 23, 2024

RETRANSMISSION: Group Eleven to be Featured on Radius...

May 9, 2025

Silver Crown Royalties Engages Investor Cubedfor Investor Relations...

February 24, 2025

Gold and Silver Prices Gain as Fed Holds...

August 1, 2024

Nuclear Fuels Acquires TenSleep Uranium Project with Athabasca...

March 4, 2025

Cleantech Market Forecast: Top Trends for Cleantech in...

January 1, 2025

Wyloo to Build Canada’s First Battery Materials Processing...

June 4, 2024

Forum Energy Metals to Present at Red Cloud’s...

October 11, 2024

Energy Fuels Announces Q3-2024 Results, Including Active Uranium...

November 8, 2024

Blue Sky Uranium Schedules Start of Drill Program...

May 23, 2025

    Get free access to all of the retirement secrets and income strategies from our experts! or Join The Exclusive Subscription Today And Get the Premium Articles Acess for Free


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent

    • How I Find Up-trending Stocks Every Week (Step-by-Step Scan Tutorial)

      June 4, 2025
    • S&P 500 Bullish Patterns: Are Higher Highs Ahead?

      June 4, 2025
    • White House stands by tax bill after Musk calls it a ‘disgusting abomination’

      June 4, 2025
    • South Korea flips left in presidential race; Lee secures victory after conservative opponent concedes

      June 4, 2025
    • Trump and Melania to headline power-player packed Kennedy Center opening night

      June 4, 2025

    Categories

    • Business (964)
    • Investing (2,310)
    • Politics (2,863)
    • Stocks (1,051)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sportinvestorsleague.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 sportinvestorsleague.com | All Rights Reserved