Verity Resources Reports Exceptional 97% Gold Recovery at Waihi Deposit

Exceptional Gold Recoveries at Waihi Confirm Processing Strategy

Verity Resources Limited (ASX:VRL) has delivered another major metallurgical milestone with gold recoveries approaching 97% at its Waihi deposit, part of the Monument Gold Project in Western Australia. The testwork, covering both weathered saprock and fresh rock composites, showed recoveries of 96.99% and 96.67% respectively after a 24-hour cyanide leach, a residence time typical of carbon-in-leach (CIL) processing plants. This performance not only matches but slightly exceeds the previously reported 92.75% average recovery at the Korong deposit, bolstering the case for a streamlined, conventional processing pathway across the project.

Gravity Recovery and Low Reagent Use Highlight Cost Efficiency

The metallurgical program revealed a meaningful gravity recovery component, with nearly 30% of gold recovered through gravity separation before cyanide leaching. This front-end gravity circuit is a positive indicator of processing simplicity and cost-effectiveness. Additionally, reagent consumption was notably low, with cyanide use at 0.51 and 0.62 kg per tonne and lime consumption at 1.45 and 0.50 kg per tonne for saprock and fresh rock composites respectively. Such low reagent demands suggest an efficient chemical environment that should help keep operating costs down.

Geological Context and Sample Integrity Support Results

The Waihi deposit hosts banded iron formation (BIF)-hosted sulphide replacement mineralisation, geologically analogous to the 1.4 million ounce Westralia gold deposit located about 20 kilometres southeast. Two representative composite samples were prepared, each diluted with adjacent waste to simulate open-pit mining dilution. Testing was conducted under controlled conditions at ALS Metallurgy in Perth, using a grind size of 106 microns and cyanide leach parameters consistent with industry standards. The consistency of recovery profiles between Waihi and Korong enhances confidence in a unified processing strategy for the Monument Gold Project.

Implications for Monument Gold Project Development

These metallurgical results significantly de-risk the technical pathway for Verity's Monument Gold Project, which currently holds a combined Indicated and Inferred Mineral Resource of approximately 137,700 ounces across Korong and Waihi. The strong recoveries and low reagent consumption support a conventional gravity plus cyanide leach flowsheet, a well-understood and cost-effective processing method. Verity’s director Patrick Volpe highlighted the importance of these findings in validating the project’s metallurgical quality and underpinning future technical and mining studies.

Further advanced metallurgical testing, including comminution studies, is planned to refine processing parameters and support detailed mining studies. The project also benefits from substantial exploration upside, with only a fraction of the prospective 20-kilometre BIF strike drilled to date and over 60 additional priority targets identified along the mineralised corridor.