Verity Resources Launches Drilling to Upgrade Monument Gold Resource

Resource Upgrade Campaign Kicks Off

Verity Resources Limited (ASX – VRL) has announced the imminent start of a significant drilling campaign at its 100%-owned Monument Gold Project, located in Western Australia's prolific Laverton Goldfields. The initial phase involves a 3,600-metre reverse circulation (RC) drilling program focused on upgrading the Korong deposit’s resource classification from JORC (2012) Inferred to Indicated status. This upgrade is a critical step toward advancing the project’s economic evaluation and mining licence application.

The Korong deposit currently holds approximately 139,000 ounces of gold at an average grade of 1.4 grams per tonne. Alongside Korong, the nearby Waihi deposit contributes an additional 15,000 ounces, bringing the total resource at Monument to 154,000 ounces. The drilling campaign aims not only to increase geological confidence but also to explore potential resource expansion through step-out holes.

Strategic Location and Exploration Upside

Monument Gold Project’s location is a standout feature, situated adjacent to Genesis Minerals’ 3.3 million ounce Laverton Gold Project, which includes a 3.1 million tonnes per annum operating mill. The project tenure covers approximately 195 square kilometres along a 20-kilometre strike of relatively underexplored banded iron formation (BIF), a geological setting known to host significant gold deposits such as the nearby 1.4 million ounce Westralia deposit.

Verity’s exploration team highlights the considerable upside potential, with over 60 additional targets identified across the project area, including BIF, basalt, and intrusion-hosted gold prospects. To date, only about 10% of the prospective strike has been drilled in detail, underscoring the scope for future discoveries.

Drilling Details and Next Steps

The initial drilling phase will comprise 54 holes targeting infill and twin drilling to confirm historical results and improve resource confidence. Notable historical intercepts at Korong include high-grade zones such as 7 metres at 13.15 grams per tonne and 6 metres at 7.24 grams per tonne gold. These results underpin the optimism for resource growth and quality enhancement.

In addition to resource definition, the drilling program will collect samples for early-stage metallurgical testing to better understand the gold mineralisation’s processing characteristics. Following this RC drilling phase, Verity plans to conduct diamond drilling and further step-out drilling to extend the mineralisation footprint both along strike and at depth.

Management Perspective and Outlook

Verity’s Managing Director, Patrick Volpe, described the campaign as a milestone for the company, emphasizing the systematic approach to upgrading resources and progressing towards economic studies and mining approvals. The board and exploration team are confident in the project’s potential, particularly given the highly prospective geological setting and the proximity to established gold operations.

With drilling expected to be completed within three weeks, weather permitting, the market will be watching closely for assay results that could validate the resource upgrade and support the next phase of development.