Vertex Minerals Achieves Major Breakthrough with Ore Sorting at Reward Gold Mine
VTX (VTX) Share Update July 2024 Wednesday 24th
Vertex Minerals Reports Significant Ore Sorting Results at Reward Gold Mine
Vertex Minerals Limited (ASX: VTX) has announced compelling results from their ore sorting testwork at the Reward Gold Mine, showcasing a significant improvement in gold grade and mass reduction.
Instant Summary:
- Ore sorting testwork completed at TOMRA facility.
- 337.20% increase in gold grade after sorting.
- 79% reduction in mass, separating 19.31kg of ore from 94kg of sample.
- Over 90% efficiency in gold recovery with minimal gold lost to waste.
- Potential for reduced energy and water consumption, lower operating costs, and reduced carbon footprint.
Ore Sorting Testwork Details
Vertex Minerals conducted an ore sorting program at the TOMRA facility to assess the potential of upgrading ore from the Reward Gold Mine before processing it through the Hill End Gravity Gold Mill. The test utilized TOMRA's LASER sorting technology to separate gold-bearing quartz from waste materials like slate and greywacke.
A 94kg sample from the low-grade stockpile at Reward was sorted, resulting in a weighted average grade (WAG) of 3.70 g/t gold before sorting. Post-sorting, the ore grade increased to 16.22 g/t gold, representing a 337.20% improvement. The sorting process also achieved a 79% mass reduction, with 19.31kg of ore separated from the total sample.
Efficiency and Sustainability Benefits
The sorting results demonstrated over 90% efficiency, with only 0.03 grams of gold lost to the waste fraction. This high efficiency underscores the effectiveness of TOMRA's LASER sorter in processing material from Reward.
Vertex Minerals believes that incorporating ore sorting technology can enhance the sustainability and profitability of their operations. By processing high-grade ore post-sorting, the company can reduce energy and water consumption, lower operating costs, and minimize their carbon footprint. Additionally, the volume of tailings material can be significantly reduced, offering further environmental and cost benefits.
Future Plans and Potential
Vertex Minerals is considering the inclusion of a TOMRA LASER sorter in the plant currently being refurbished and modified by Gekko. This integration could provide the opportunity to economically process stockpiles while developing underground mining operations.
Commenting on the results, Executive Chairman Roger Jackson stated, 'The ore sorting results are compelling and confirm that the Reward Gold ore is perfectly suited for this technology. By upgrading the high-grade ore material to an even higher grade, we can significantly enhance the potential of Reward by reducing processing costs and increasing returns per tonne.'
The positive ore sorting results are likely to have a favorable impact on Vertex Minerals' stock. The significant increase in gold grade and reduction in processing mass can lead to lower operational costs and higher profitability, which should attract investor interest. Additionally, the environmental benefits align with growing ESG (Environmental, Social, and Governance) considerations, potentially boosting the company's reputation and appeal to sustainability-focused investors.
Investor Reaction:
Analysts and investors have responded positively to the announcement, highlighting the impressive efficiency and potential cost savings. The substantial increase in gold grade is seen as a strong indicator of the project's viability and future profitability.
Conclusion:
Investors should keep an eye on Vertex Minerals as they continue to develop and integrate ore sorting technology into their operations. The promising results from the Reward Gold Mine testwork suggest significant upside potential for the company's stock. Stay tuned for further updates on the integration of the TOMRA LASER sorter and its impact on Vertex's overall performance.