Vertex Minerals : VTX Identifies Multiple New Drill Targets at Red Hill

onlyASX Code: VTX

Advanced Hill End Gold Project (NSW) 14km strike high grade gold system - to be developed on a large scale 1.6m ozs historically mined

useAdvanced Hargraves Gold Project (NSW) moving to a PFS

Combined existing 2012 JORC 257K oz @ 2.11 g/t & significant exploration upside likely to be amenable to gravity recovery, with recoveries potentially as high as 95%

Highly prospective Pride of Elvire Gold

personalProject (WA) & Taylors Rock Nickel Gold Project (WA)

Hill End is home to the largest gold reef ugget ever to be found - Globally

W. www.Vertexminerals.com

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VERTEX IDENTIFIES MULTIPLE NEW

DRILL TARGETS AT RED HILL

ASX ANNOUCEMENT 8TH MARCH 2022

RED HILL HIGHLIGHTS:

• Red Hill Resource forms 1km of the 14km strike length of the Hill End - Gold field.
• Red Hill has an existing resource of 80,000 ozs Au grading 1.7 g/t to 150m depth.
• Red Hill metallurgy is believed amenable to gravity recovery with previous test work reporting recoveries greater than 90%.
• Existing permitted gravity plant owned by Vertex at Hill End (to be relocated and enlarged).
• Red Hill will complement the Hargraves resource as feed to the gravity plant - 177,652 ozs @2.4 g/t Au.
• Multiple drilling targets to form part of this drilling campaign:

• • Infill drilling - adding resource confidence.
  • At depth and along strike - adding to high grade resource.
  • Vertical stockwork zones & halo zones - adding to resource tonnage and improving amenability to bulk mining methods.
• Deeper targets include the Frasers zone where a previous hole intersected 10.7 m @ 13 g/t from 208m

RED HILL BACKGROUND

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The Red Hill line of lode (shown in Figure 1) lies on the east limb of the Hill End Anticline and is contiguous with the Hawkins Hill deposit as illustrated in Figure 2, which is approximately 10km to the south.

Figure 2 - Line of Lode from Hawkins Hill to Red Hill (Note the limited shallow historical mining along the

14km strike)

For personal use only

The Red Hill area was extensively mined historically, but most of the old workings were hampered by a high-water table. The Red Hill shaft at 131 metres was the deepest in the area, although most of the shafts were limited to a maximum depth of 59 metres below surface as a result of water inflows.

A comprehensive data review by Vertex has highlighted the near surface potential of the Red Hill area. Vertex plans to drill Red Hill in an upcoming exploration program with the aim of adding significant value to the Project.

EXISTING RED HILL RESOURCE ESTIMATE

On 15 November 2015 Hill End Gold Limited (HEG) announced the resource estimate for the Red Hill Deposit. For completeness, the Table 1 relating to this resource is found in Appendix A and summarised below.

Preliminary studies indicated that development of the Red Hill Project may be viable as a stand-alone operation or could add significant value to any development of the Hargraves Gold Project. Work completed by HEG included comprehensive re-logging and re-interpretation of selected drill core. Detailed re-interpretation of the controls of the high-grade gold mineralisation for the Red Hill deposit confirmed the kilometre-scale continuity of the mineralised vein sets and stockworks along the intersection of the host horizons with feeder structures.

The work culminated in a new JORC 2012 resource estimate for the Red Hill deposit which incorporated all the drilling above 700 mRL (approximately 150m below surface). The resource is summarised in Table 1. More detail on the data and method of resource estimation is provided in Appendix 4.

Table 1 Red Hill Resource Table as announced by HEG in November 2015

Category (0.5 g/t Cut Off)	Oxidation	Tonnes	Gold Grade	Contained Gold
			(g/t)	(oz)
Indicated	Oxide	228,000	1.3	9,300
	Transition	77,000	1.3	3,300
	Fresh	107,000	1.8	6,000
Total Indicated		413,000	1.4	18,600
Inferred	Oxide	180,000	1.6	9,200
	Transition	212,000	1.7	11,400
	Fresh	671,000	1.9	40,700
Total Inferred		1,063,000	1.8	61,400
Total Indicated & Inferred		1,475,000	1.7	80,000

DRILL TARGETS

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Figure 3 shows the areas that Vertex plans to target with exploration drilling. The plan is to focus this work on the stockwork and halo zones that have the greatest potential to add significant tonnage to the resource whilst improving amenability to bulk mining methods.

Figure 3 Locations of proposed drilling at Red Hill (outlined in green)

Figure 4 - Red Hill stockwork zones

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personalExecutive Chairman Roger Jackson commented:

"Red Hill provides Vertex an excellent project to kick start the larger Hill End gold field development. Red Hill is a shallow resource that is potentially expandable along strike. We also know there is potential at depth for high grade zones from previous drilling, which has not made the resource. The project is also complementary to the Hargraves resource which is only 35 km away. Further we know this is a low-cost mining and processing project

Forwith gravity recoverable gold."