Verity Resources has wrapped up a major 10,860-metre drilling program at its Monument Gold Project, aiming to upgrade and expand its gold resource in Western Australia’s Laverton Goldfields.
- Completion of 10,860m Phase 1 and Phase 2 drilling campaign
- High-grade gold intercepts up to 38g/t confirmed at Korong
- Diamond drilling intersected mineralisation beyond current resource boundaries
- Data supports upgrade of resource classification from Inferred to Indicated
- Additional drilling at multiple strike extension targets underway
A Milestone in Resource Development
Verity Resources Limited (ASX – VRL) has announced the completion of a comprehensive 10,860-metre drilling campaign at its 100%-owned Monument Gold Project, located in the prolific Laverton Goldfields of Western Australia. This integrated Phase 1 and Phase 2 program was designed to upgrade part of the existing 154,000-ounce gold resource and explore potential for expansion both at depth and along strike.
The Monument Gold Project currently hosts an inferred resource of 3.26 million tonnes at 1.4 grams per tonne gold, primarily concentrated in the Korong and Waihi deposits. The recent drilling campaign focused on upgrading portions of this resource to the higher-confidence Indicated category through infill drilling, while also testing for new mineralisation zones beyond the current resource envelope.
Encouraging High-Grade Results and New Targets
Phase 1 drilling at Korong delivered numerous high-grade gold intercepts, including intervals grading as high as 38 grams per tonne. These results validated the geological model centred on banded iron formation (BIF)-hosted lodes and confirmed the continuity of mineralisation. Phase 2 diamond drilling further intersected BIF with quartz veining and sulphides outside the current resource boundaries at both Korong and Waihi, suggesting potential for resource growth at depth.
In addition to infill drilling, the program included step-out holes targeting down-plunge and along-strike extensions of high-grade shoots. The company also completed drilling at four additional prospective targets; Perseverance, A1, Korong Extension, and Waihi Extension; along the broader 20-kilometre BIF trend, which remains largely untested.
Building a Stronger Dataset for Resource Upgrade
Combined with the validation of approximately 16,000 metres of historical drilling data, the new drilling results provide a significantly strengthened dataset. This foundation supports an updated Mineral Resource Estimate (MRE) and underpins ongoing scoping-level studies aimed at advancing the project’s development.
Verity’s Managing Director, Patrick Volpe, highlighted the importance of this milestone, noting that the campaign not only confirmed the robustness of the existing resource model but also opened up new avenues for growth. He emphasized that the drilling program represents just the first step in a larger growth story for Monument, given the extensive untested strike length and multiple prospective targets.
Strategic Positioning in a Premier Gold District
The Monument Gold Project benefits from its location within the world-class Laverton Gold District, adjacent to Genesis Minerals’ Mt Morgan Project, which hosts over 3 million ounces of gold. The project’s banded iron formation is interpreted to be the same geological unit that hosts the nearby 1.4 million-ounce Westralia gold deposit, underscoring its exploration potential.
With only about 10% of the 20-kilometre strike length thoroughly drilled to date, Verity Resources is well positioned to unlock further value through ongoing exploration and resource definition. The company’s broader portfolio, including critical metals projects in Brazil and base and precious metals assets in Botswana, complements its gold-focused growth strategy.
Bottom Line?
Verity’s drilling campaign lays a solid foundation for resource upgrades and expansion, setting the stage for a pivotal Mineral Resource update and future development milestones.
Questions in the middle?
- How will the pending assay results from Phase 2 and additional targets impact the overall resource size and grade?
- What timeline does Verity Resources envision for releasing the updated Mineral Resource Estimate and advancing scoping studies?
- Could the broader 20km BIF trend at Monument host multiple new deposits, and how aggressively will Verity pursue these targets?