Vertex Minerals (ASX:VTX) (Vertex or the Company) is pleased to report the acquisition of a Boart Longyear LM90 underground drill rig, in line with its stated strategy to advance exploration drill works at the high-grade Reward gold mine.

HIGHLIGHTS

Vertex has acquired a Boart Longyear LM90 underground drill rig to advance exploration at the Reward gold mine below the existing resourceThe Vertex team are planning diamond drill programs for the following:Below the current JORC-2012 Reward Resource (see drill collar locations on Figure 1), with the aim of expanding upon the existing resourceFosters Exploration Target, and the South Star prospect areaAcquisition of the LM90 follows an extensive review of the mineralisation potential below the Reward resource, which has only been drilled up to 50m below the Amalgamated Adit. This area targeted is referred to as the ‘Reward mid depths’ as it is located just 80m to ~200m below the Amalgamated Adit. Refer to figure 1Upon commissioning of the LM90 drill rig, Vertex have planned eight drill holes to target the high-grade Fosters Exploration targetThe LM90 has several advantages well-suited to Vertex’s requirements, including:The ability to work on surface and undergroundSafe, Semi-automated, with a rod-handler system which allows for less manual handlingAllows greater flexibility in drilling over a number of resource and exploration areasLM 90 rigs are well-established in the industry as safe and reliable underground drill rigsVertex acquiring its own rig has many advantagesPer-metre drill costs will be significantly less than hiring an external drill contractorMore control and accuracy over precision of drilling.Works well with Job sharingReduces pressure on Mining crew to have drill cuddy availabilityThe LM90 rig will be accounted for as an asset on the Vertex balance sheet

Executive Chairman, Roger Jackson, commented: “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.”

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A large-scale dockworkers’ strike has commenced at major ports along the East and Gulf coasts in the US, halting container traffic and disrupting a significant portion of the nation’s trade.

The walkout, initiated by members of the International Longshoremen’s Association (ILA) early on Tuesday (October 1), is expected to impact US imports and exports, and could send ripple effects through global supply chains.

According to Bloomberg, ports from Maine to Texas have effectively ceased operations as a result of stalled negotiations between the ILA and the US Maritime Alliance (USMX) after months of discussions.

The ILA, which represents approximately 45,000 dockworkers, is demanding better wages and a rollback of provisions on port automation. Primary points of contention between the parties center around the automation of port terminals, which the union argues threatens job security for its members.

ILA President Harold Daggett has been vocal in opposing automation, stating that workers should not bear the burden of technological advancements that could lead to job losses.

“We are prepared to fight as long as necessary, to stay out on strike for whatever period of time it takes,” he said.

The union is also seeking higher wages and better working conditions in the face of inflation and rising living costs.

The strike affects 14 major ports that handle roughly half of all US containerized trade, making it one of the largest recent disruptions to US port operations. Additionally, it’s the first major strike of its kind in almost five decades.

While the USMX has proposed wage increases and enhancements to worker benefits, including contributions to pension plans and healthcare options, the union has rejected these offers, calling for more substantial increases in pay and greater protections against the introduction of automated technologies in port operations.

The strike follows months of warnings from the union, which had threatened to take action if no deal was reached by the Monday (September 30) deadline.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.

As efforts to decarbonize accelerate globally, hydrogen is emerging as a key energy source and is driving new demand for platinum, according to a recent infographic released by the World Platinum Investment Council.

Hydrogen fuel cell technologies, which rely heavily on platinum, are becoming central to energy transition strategies as industries move toward cleaner alternatives to fossil fuels.

Securities Disclosure: I, Giann Liguid, hold no direct investment interest in any company mentioned in this article.