Verity Resources reports strong and consistent gold assay results from its Phase 2 drilling at the Monument Gold Project, bolstering confidence in the Korong deposit and underpinning plans to upgrade the resource.
- Phase 2 drilling confirms consistent gold mineralisation at Korong
- Strong assay results support upgrading 154koz inferred resource
- 11 new drill holes returned significant gold intercepts
- Over 4,700m of assays pending from ongoing drilling program
- Only 10% of 20km BIF trend drilled; multiple targets remain
Strong Phase 2 Drilling Results at Korong
Verity Resources Limited (ASX – VRL) has released encouraging assay results from its Phase 2 resource upgrade drilling at the 100%-owned Monument Gold Project in Western Australia's Laverton Goldfields. The latest batch of assays, covering 11 reverse circulation (RC) infill drill holes totalling 984 metres, continues to demonstrate strong and consistent gold mineralisation within the Korong deposit.
These results reinforce the banded iron formation (BIF)-hosted lode model and confirm grade continuity on tighter drill spacing. Highlights include intercepts such as 3.9 metres at 5.76 grams per tonne (g/t) gold from 43 metres, including 2 metres at 9.55 g/t, and other significant zones ranging from 1.28 g/t to 2.25 g/t over several metres. This consistency supports Verity’s strategy to upgrade select portions of the current 154,000-ounce inferred resource to higher confidence categories in an upcoming Mineral Resource Estimate (MRE) update.
Resource Growth and Exploration Upside
To date, Verity has reported assays from 20 holes (2,500 metres) in Phase 2, with a substantial pipeline of 67 holes (over 4,725 metres) pending. These include infill and step-out drilling at Korong and Waihi deposits, as well as regional prospect drilling along the broader Monument trend. Notably, only about 10% of the approximately 20-kilometre BIF structural trend has been systematically drilled, leaving significant exploration upside with multiple untested structural and syenite-associated targets.
Verity’s Director, Patrick Volpe, emphasised the ongoing success of the drilling campaign, noting that each successive batch of results adds weight to the company’s confidence upgrade strategy and the broader growth story at Monument. The project’s proximity to Genesis Minerals’ 3.3 million-ounce Mt Morgan Project further highlights its potential within this prolific gold district.
Geological Context and Future Work
The Korong and Waihi deposits are hosted within relatively weakly deformed BIF packages with quartz veining and fine sulphides, interpreted as chemical replacement of magnetite by sulphides in the presence of gold-bearing fluids. The mineralisation remains open at depth, as confirmed by a deep diamond hole intersecting the main Korong BIF lode at around 319 metres downhole with 2.4 metres at 0.74 g/t gold.
Metallurgical and geotechnical studies have commenced but results are pending. Verity plans to continue reporting assay results progressively as they are received, with the MRE update expected to reflect the improved confidence and potential resource growth. The company also intends to test numerous additional targets along the 20-kilometre BIF trend, which could further enhance the project’s scale and value.
Bottom Line?
As assay results continue to flow, Verity Resources is poised to redefine the scale and confidence of its Monument Gold Project resource, with exploration upside still largely untapped.
Questions in the middle?
- How will the pending assays impact the updated Mineral Resource Estimate?
- What are the timelines and expected outcomes for metallurgical and geotechnical studies?
- Which untested targets along the 20km BIF trend hold the most promise for resource expansion?