Vertex Minerals Limited has completed an updated Mineral Resource Estimate for the Reward Gold Mine at its 100%-owned Hill End project in New South Wales, reducing total contained ounces by 35% while upgrading the Indicated grade following underground mine reconciliation and tighter geological modeling.

The updated estimate stands at 274,000 tonnes at 16.68 g/t gold for 146,900 ounces at a 4.0 g/t lower cut-off. That compares with the previous June 2023 estimate of 225,200 ounces across 419,000 tonnes at 16.72 g/t gold.

Within the updated total, the Indicated Mineral Resource is 80,000 tonnes at 21.17 g/t gold for 54,700 ounces. That represents a 36% increase in Indicated grade compared to the 15.54 g/t gold reported in June 2023, while the proportion of contained ounces classified as Indicated has risen from 31% to 37%. Inferred resources now total 194,000 tonnes at 14.76 g/t gold for 92,200 ounces.

The reduction in total contained ounces stems from two main factors. Independent consultants HGS Australia applied a 200 g/t gold top-cut to account for a small number of extreme outlier assays in the coarse-gold system, and underground mapping and mine reconciliation led to a reduction in the size and number of interpreted lodes that no longer met the criteria for eventual economic extraction. An uncut version of the estimate yielded 192,000 ounces at 21.57 g/t gold.

Vertex owns 100% of the Hill End Gold Project, which includes the Reward Gold Mine and features an inherited AU$25 million of underground development.

The resource revision causes no material change to the company's current mine plan or underground development schedule. Vertex continues to plan bringing the Reward Gold Mine to full production in October 2026.

The updated geological framework has also defined three priority underground drill targets: depth extensions beneath the existing resource, remnant high-grade material around the historic Hawkins Hill mine above Reward, and southern strike extensions at Fosters. Vertex plans to commence underground diamond drilling at Reward and Fosters in the first quarter of 2027.

Read the full announcement: Updated Mineral Resource Estimate Reward Gold Mine