Verity Resources (ASX: VRL) is on target for a significant mineral resource estimate (MRE) upgrade for its Monument gold project in Western Australia after a completing a two-phase drill program.
The company will now combine the results from the 10,860-metre campaign with data from approximately 16,000m of historical drilling to support the updated MRE.
The 3,630m Phase 1 reverse circulation (RC) infill and twin drilling at Korong delivered numerous high-grade intercepts with grades up to 38 grams per tonne gold and consistent mineralisation above 1g/t gold.
Phase 2 diamond drilling of seven holes across 1,230m intersected the targeted banded iron formation (BIF) stratigraphy at depth at both Korong and Waihi, including zones located outside the current 154koz Inferred Resource envelope.
Phase 2 RC Program Complete
Verity has now completed Phase 2 RC drilling of 80 holes for 6,000m that focused on infill drilling within the existing Korong and Waihi resource shells, as well as step-out holes to test down-plunge and along-strike extensions of high-grade shoots.
The RC drilling covered an additional 18 holes for 1,476m at prospective targets Perseverance, A1, Korong Extension, and Waihi Extension to test for potential extensions along strike.
Director Patrick Volpe called the company’s completion of the programs “an important milestone for Verity and for the Monument gold project”.
“We now have a comprehensive dataset to support an updated MRE and to advance scoping-level studies,” he said.
The company is confident significant exploration upside remains, with only around 10% of the 20km BIF trend at Monument so far tested, and has already identified a number of prime targets to follow-up along the banded iron formations horizon.
Botswana Portfolio Deal
Earlier this month, Verity moved to 100% ownership of a 1,800 sq km portfolio of high-grade copper-gold, copper-silver, and copper-nickel projects in Botswana.
Initially announced in mid-October, the acquisition consolidates Verity’s ownership of the portfolio for a consideration of approximately A$309,000 (US$206,000).
The assets have historically attracted more than $4 million in exploration expenditure, the results of which are yet to be incorporated into resource calculations.
Verity believes this will enhance its flexibility to pursue future farm-ins, project financing, spin-outs, or asset sales.
