Verity Resources (ASX: VRL) is preparing to move quickly to explore a strategic new licence it has been granted contiguous to its Monument gold project in Western Australia.
Exploration licence E39/2558 has added approximately 210 sq. km of prospective tenement and increased the Monument project out to around 405 sq. km.
The company is already progressing plans for field reconnaissance of the new ground to follow up a desktop geophysics review and historic data acquisition.
Value Added
Director Patrick Volpe said the new tenure covers highly prospective geology and provides new immediate exploration opportunities.
"This further expands the value and gold exploration potential at Monument, which already contains the 154,000 ounce Korong-Waihi resource, over 20km of prospective banded iron formation strike and multiple untested intrusive targets,” he said.
Mr Volpe said the company is currently awaiting new results from more than 6,000m of infill and step-out drilling at Korong-Waihi.
Drilling success
Verity recently reported it had identified consistent high-grade mineralisation in new drilling results from the Korong deposit.
Initial assays from phase 2 drilling returned better than expected results from the first nine holes of the latest campaign at the 139,000 ounces deposit.
Highlight hits included 6.8m at 4.84 grams per tonne (g/t) from 114m, including 3.0m at 9.89 g/t, and 3.9m at 2.82 g/t from 116m, including 1.0m at 7.14 g/t.
BIF potential
The new exploration licence is considered to be prospective for the banded iron formation (BIF) which has been identified to cover approximately 20km of relatively untested ground at Monument.
The BIF at Monument is considered to be part of the same unit that hosts Genesis Minerals’ (ASX:GMD) 1.4 million ounce Westralia gold deposit.
A number of priority targets have been identified along the BIF horizon which Verity believes may potentially host multiple other syenite-intrusion-style targets with only about 10% of the potential 20 km BIF strike drilled to date.
