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Vertex Minerals Acquires Boart Longyear LM90 Underground Drill Rig for Reward Gold Mine Exploration

Strategic Insights

— 1 min read

Vertex Minerals Limited (ASX:VTX) has acquired a Boart Longyear LM90 underground drill rig to advance exploration at the high-grade Reward gold mine in Sydney, Australia. The drill rig will enable the company to drill below the existing resource, expanding upon the existing resource and targeting the high-grade Fosters Exploration Target.

Key Takeaways:

  • Vertex has acquired the Boart Longyear LM90 underground drill rig, a safe and reliable underground drill rig suitable for drilling at surface and underground.
  • The drill rig will be used to target the high-grade Fosters Exploration Target and expand upon the existing resource below the Amalgamated Adit.
  • The LM90 has advantages including reversible feed cylinder, semi-automated rod handling, high torque breakout, and load sensing hydraulics.
  • The acquisition of the drill rig will result in significant cost savings, increased control and accuracy, and reduced pressure on the mining crew.
  • The drill rig will be accounted for as an asset on the Vertex balance sheet.
  • Vertex will undertake eight drill holes to target the Fosters Exploration Target using the LM90 drill rig.
  • The company's executive chairman, Roger Jackson, comments that the acquisition was completed on attractive commercial terms and is an important development for Vertex.

Statistics:

  • The Reward gold deposit at Hill End has a combined mineral resource estimate (MRE) of 419,000 tonnes at 16.72g/t Au for 225,200oz Au (VTX Announcement 21 June 2023).
  • The LM90 drill rig will enable Vertex to maintain drill sites with its own underground mining crew.
  • The acquisition of the drill rig will result in significant cost savings, estimated to be lower than hiring an external drill contractor.

Sources:

  • ABN Newswire - Vertex Minerals Limited unveils acquisition of Boart Longyear LM90 underground drill rig
  • Vertex Minerals Limited (ASX:VTX) Announcement - Acquisition of Boart Longyear LM90 underground drill rig
  • Vertex Minerals Limited Contact:

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