Vertex Minerals acquisition of Boart Longyear LM90 drill rig

Vertex Minerals Limited (ASX:VTX) has acquired a Boart Longyear LM90 underground drill rig to advance exploration at the high-grade Reward gold mine. The acquisition is in line with the company's strategy to expand upon the existing resource and Foster Exploration Target. The LM90 drill rig will enable Vertex to conduct diamond drill programs below the current JORC-2012 Reward Resource, with the aim of unlocking significant value from the project.

Executive Chairman's perspective on the acquisition

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.

Summary of Vertex Minerals' acquisition and outlook

Vertex Minerals' acquisition of the Boart Longyear LM90 underground drill rig marks a significant step towards advancing exploration at the high-grade Reward gold mine. The company's strategy to expand upon the existing resource and Foster Exploration Target aligns with its ambitions to be Australia's most prominent high-grade gold miner. The LM90 drill rig will provide Vertex with the flexibility to conduct targeted drill works, potentially unlocking significant value from the project. With a clear focus on advancing commercial production of gold from its NSW projects, Vertex aims to build shareholder value and earn a robust Safety, Environmental, Social and Governance (ESG) reputation. The company's emphasis on ethical and environmentally sustainable approaches, such as gravity recoverable gold and minimal water usage, reflects its commitment to responsible mining practices. Looking ahead, Vertex Minerals is poised to leverage the capabilities of the LM90 drill rig to drive its corporate strategy and achieve its production goals.