Korong Drilling Yields 6.8m at 4.84g/t Gold, Boosting 154koz Resource Confidence

Phase 2 Drilling Validates Korong Gold Resource

Verity Resources Limited (ASX – VRL) has released encouraging assay results from the first nine holes of its Phase 2 drilling program at the Korong deposit, part of the Monument Gold Project in Western Australia's prolific Laverton Goldfields. These results continue to confirm the geological model and grade continuity of the main banded iron formation (BIF) lode, reinforcing confidence in the existing 154,000-ounce inferred gold resource.

Among the standout intercepts are 6.8 metres at 4.84 grams per tonne gold from 114 metres, including a higher-grade 3 metres at 9.89 grams per tonne. Other notable results include multiple thick zones exceeding 1 gram per tonne, demonstrating consistent mineralisation across the deposit.

Depth Extension and Resource Growth Potential

Importantly, a deep diamond drill hole intersected the Korong BIF lode at approximately 319 metres downhole, returning 2.4 metres at 0.74 grams per tonne gold. This confirms that the mineralised system extends at depth, providing a clear target for future drilling to test for higher-grade shoots along structural corridors.

The Phase 2 program, which has now completed approximately 11,000 metres of combined reverse circulation and diamond drilling, aims to upgrade portions of the Korong and Waihi inferred resources to the higher confidence Indicated category. The current drill spacing of 25 by 25 metres supports this objective, with further assay results from the remaining 78 holes awaited.

Strategic Position in a World-Class Gold District

The Monument Gold Project is strategically located near Laverton, adjacent to Genesis Minerals’ Mt Morgan Project, which hosts over 3 million ounces of gold. The Korong and Waihi deposits lie along a 20-kilometre strike of banded iron formation, a geological setting known to host significant gold deposits in the region.

Verity’s ongoing exploration and resource upgrade efforts at Korong are part of a broader strategy to unlock value in this underexplored district. With only around 10% of the potential strike length drilled to date, the project holds considerable upside for resource expansion and discovery of new targets.

Looking Ahead

Verity’s Managing Director Patrick Volpe highlighted the strong performance of the drilling program, noting that the results have exceeded expectations and validate the company’s confidence in the deposit. The company plans to incorporate the new data into an updated mineral resource estimate, which will underpin future scoping studies and development planning.

As assay results from the remaining holes are released, the market will be watching closely for signs of resource growth and potential upgrades that could enhance the project’s valuation and development prospects.