Vertex Minerals secures $4.2 million loan as Reward gold grade rises 36%
Vertex Minerals secured a new $4.2 million financing package while its independent resource update shows the indicated gold grade at Reward mine jumping to 21.17g/t.
Vertex Minerals confirmed it obtained an additional convertible loan facility valued at $4.2 million. Executive chairman Bruce McInnes stated he invested $0.6 million of that funding directly. The company plans to use the capital for further development of gold processing at its Reward Mine in New South Wales and working capital requirements for exploration below the mine at Fosters. Vertex said the mining operation is on track to reach full production starting in October.
Independent consultants HGS Australia updated the mineral resource estimate for the site. The revised report lists 274,000 tonnes of indicated material containing 146,900 ounces of gold. Under this model, the indicated gold grade increased from previous estimates to 21.17g/t Au. This represents a jump of 36% compared to earlier figures used in planning.
The company affirmed its existing mine plan and underground development schedule remains unchanged. Vertex noted recent approvals for continuous 24/7 underground operations support this progress.
