Monument Gold Project Faces Critical Test as Resource Upgrade Drilling Begins

Strategic Resource Upgrade Underway

Verity Resources Limited (ASX – VRL) has announced the imminent start of a significant drilling campaign at its wholly owned Monument Gold Project in Western Australia’s prolific Laverton Goldfields. The initial phase involves approximately 3,600 metres of reverse circulation drilling focused on the Korong deposit, which currently hosts an inferred resource of 139,000 ounces of gold at 1.4 grams per tonne.

The primary objective of this drilling is to upgrade the Korong resource classification from JORC Inferred to Indicated status, a critical step towards advancing the project’s economic evaluation and mining licence application. By increasing geological confidence, Verity aims to lay the groundwork for future scoping studies and potential development.

Encouraging Historical Data and Expansion Potential

Supporting this resource upgrade are historical drill intercepts at Korong that include impressive high-grade gold zones such as 7 metres at 13.15 grams per tonne and 6 metres at 7.24 grams per tonne. These results underscore the deposit’s potential to deliver additional ounces beyond the current resource estimate.

The drilling program will not only focus on infill and twinning of previous holes but also include step-out drilling designed to expand the mineralisation footprint. This multi-stage approach reflects Verity’s broader strategy to grow the Monument resource base, which currently totals 154,000 ounces across Korong and the smaller Waihi deposit.

Project Context and Future Plans

Located adjacent to Genesis Minerals’ 3.3 million ounce Laverton Gold Project, Monument benefits from its proximity to established infrastructure, including a 3.1 million tonnes per annum operating mill. The project’s geology is promising, featuring approximately 20 kilometres of relatively untested banded iron formation, a known host for significant gold deposits in the region.

Following the initial drilling phase, Verity plans to undertake diamond drilling and further reverse circulation drilling to extend mineralisation both along strike and at depth. Early-stage metallurgical testing will also be conducted to assess the processing characteristics of the gold mineralisation.

Verity’s Managing Director, Patrick Volpe, expressed optimism about the campaign, highlighting the systematic approach to resource development and the potential for uncovering additional targets within the project tenure. The company remains committed to progressing the Monument Gold Project towards economic viability and regulatory approvals.