- Vertex Minerals (VTX) signs a contract with drilling company BG Drilling for its initial reverse circulation (RC) drilling program at the Red Hill Resource in NSW
- The company will undertake 1500 metres of RC drilling with a focus on the stockwork and halo zones that have the greatest potential to add significant tonnage to the resource
- Vertex’s aim at Hill End is to leverage the high recovery rate to create an ethical and environmentally friendly green gold project
- The drill rig will move to the site in the coming week with drilling scheduled to begin in late May
- Vertex has ended the day down 6.67 per cent with shares closing at 14 cents
Vertex Minerals (VTX) has signed a contract with drilling company BG Drilling for its initial reverse circulation (RC) drilling program at the Red Hill Resource in NSW.
The Red Hill Resource forms one kilometre of the 14-kilometre strike of the Hill End Gold Project that lies in the highly prospective Eastern Lachlan Fold Belt.
While the Hill End Project has seen extensive historical mining, the majority of the previous work was obstructed by a high water table.
Work in 2015 resulted in the release of a JORC 2012 resource estimate of 80,000 ounces of gold at 1.79 g/t.
Vertex will undertake 1500 metres of RC drilling with a focus on the stockwork and halo zones that have the greatest potential to add significant tonnage to the resource while also improving the amenability to bulk mining methods.
Deeper targets identified will be examined during the program to include the Frasers zone where up to 13 g/t gold has been intersected.
Vertex’s aim at Hill End is to leverage the high recovery rate to create an ethical and environmentally friendly gold project.
The drill rig will move to the site in the coming week with drilling scheduled to begin in late May.
“We are very pleased to welcome BG Drilling to the exploration team and look forward to sharing exploration success with them. This drilling program represents the start of the development of the Hill End Gold corridor,” Executive Chairman Roger Jackson said.
“Red Hill like all the Hill End gold is gravity recoverable. We believe this exciting gold precinct to be one of the most environmentally and ethically sustainable potential gold mines in Australia.”
Vertex ended the day down 6.67 per cent on the market with shares trading at 14 cents at market close.