Verity Resources has completed an 11,000m drilling campaign at its Monument Gold Project, confirming and extending a 154,000oz inferred gold resource with high-grade, consistent intercepts and strong metallurgical recoveries.
- 11,000m drilling campaign completed at Monument Gold Project
- Gold mineralisation confirmed over ~7km of trend, strike extended by 1km+
- Korong and Waihi deposits show consistent, repeatable high-grade intercepts
- Metallurgical testwork at Korong averages 92.75% gold recovery
- New tenement granted doubles project area to ~405km²
Significant Resource Extension at Monument Gold Project
Verity Resources Limited (ASX:VRL) has wrapped up a major 11,000m drill program at its Monument Gold Project in Western Australia, delivering consistent, high-grade gold intercepts that validate its 154,000oz inferred resource and extend mineralisation substantially. The two-phase campaign targeted the Korong and Waihi deposits, collectively holding 154,000 ounces of gold, with results confirming the geological model underpinning the resource and supporting a planned upgrade in resource classification.
Notably, step-out drilling has extended the confirmed gold mineralised strike by over 1 kilometre at both Korong and Waihi, with Korong’s strike length increasing from 900m to 1,400m and mineralisation confirmed 200m below the existing resource depth. Waihi’s strike length has more than quintupled to approximately 800m, with high-grade intercepts such as 3.2m @ 5.27g/t Au including 0.8m @ 21.3g/t Au intercepted 200m beyond the current resource envelope. Mineralisation remains open along strike and at depth at both deposits, underscoring the potential for further resource growth.
Strong, Repeatable Gold Intercepts Reinforce Resource Confidence
Infill drilling at Korong returned robust gold intercepts including 3.9m @ 5.76g/t Au (including 2m @ 9.55g/t Au) and 6.7m @ 1.90g/t Au, while Waihi infill holes yielded results such as 4.8m @ 4.46g/t Au (including 0.8m @ 13.05g/t Au) and 3.0m @ 4.67g/t Au (including 0.8m @ 16.2g/t Au). These results demonstrate excellent reconciliation with historical drilling and verify previously unvalidated holes, consistently showing thick +1g/t gold zones across the banded iron formation (BIF)-hosted lodes.
Such continuity and grade consistency underpin Verity’s confidence in upgrading a portion of the Korong-Waihi resource from Inferred to Indicated status, a milestone anticipated in an upcoming Mineral Resource Estimate update scheduled for April 2026. The program’s success builds on earlier announcements, including the 11,000m drilling campaign completion and the extension of gold mineralisation across 7km of the Monument trend.
Metallurgical Testwork Confirms High Gold Recovery Potential
Complementing the drilling success, metallurgical testwork on Korong mineralisation shows an average gold recovery of 92.75% over 24 hours, with best-case recoveries reaching 98.1%. The tests indicate a strong gravity component and efficient cyanide leaching, with low reagent consumption, supporting a conventional processing route. This bodes well for future mine planning and economic studies, enhancing the project's development prospects.
Landholding Doubled with New Tenement Grant
During the quarter, Verity secured Exploration Licence E39/2558, effectively doubling its contiguous landholding at Monument to approximately 405km². The new tenure covers highly prospective geology, including a 20km banded iron formation corridor analogous to that hosting Genesis Minerals’ 1.4Moz Westralia deposit. This expanded footprint provides fertile ground for further exploration, with a soil sampling campaign underway to generate new drill targets.
Critical Metals Portfolio Advances in Botswana and Brazil
Beyond gold, Verity’s 100% owned Botswana portfolio continues to hold promise with high-grade copper-silver intercepts at the Airstrip and Dibete projects, and a JORC (2012) inferred nickel sulphide resource of 2.38Mt at Maibele North. Historical drilling has returned impressive copper grades exceeding 20%, though these results remain pre-JORC 2012 and un-updated. Meanwhile, the Pimenta Rare Earth Elements (REE) project in Brazil, where Verity holds a 70% interest, shows encouraging broad mineralisation with favourable TREO ratios akin to established REE deposits.
Funding and Corporate Updates
Verity closed a $2.05 million entitlement offer in March 2026, fully subscribed and partially underwritten by director-related entities, bolstering its cash position to $1.81 million at quarter end. The company also granted 4.5 million performance rights to exploration staff linked to resource milestones, aligning incentives with project advancement. Operating expenditure on exploration during the quarter was $1.14 million, reflecting the intensive drilling and fieldwork undertaken.
Bottom Line?
Verity’s drilling and metallurgical results reinforce the Monument Gold Project’s potential, but upcoming resource upgrades and mining licence progress will be pivotal to translating exploration success into development.
Questions in the middle?
- Will the upcoming Mineral Resource Estimate upgrade confirm an Indicated classification for Korong-Waihi?
- How will Verity prioritise exploration and development across its expanded Monument landholding?
- What are the strategic plans for advancing the Botswana copper-silver and Brazil REE projects amid limited recent field activity?