Verity Resources Set to Commence New Drilling Program at Monument Gold Project
Verity Resources (ASX: VRL) is set to undertake a multi-stage drilling program at the Korong deposit within its Monument gold project in Western Australia.
The campaign will aim to add to Monument’s current resource of 3.3 million tonnes at 1.4 grams per tonne, with the initial 54-hole phase of reverse circulation (RC) drilling to target the 139,000 ounce Korong deposit.
The Monument project is located adjacent to and along strike of the 3.3 million ounce Laverton gold project and 3.1Mt per annum operating mill owned and operated by Genesis Minerals (ASX: GMD).
Geological Confidence
Scheduled to completed more than 3,600m, the campaign will look to increase geological confidence and also upgrade the existing resource from inferred to indicated in the lead-up to scoping studies.
Director Patrick Volpe said the program would take approximately three weeks and include infill drilling, twinning of historical drill holes and step-out drilling aimed at expanding the mineralisation footprint.
“Our systematic approach aims to rapidly upgrade the Korong and Waihi resources, potentially add ounces along the way, and move towards economic evaluation through scoping studies whilst a mining licence application progresses in the background,” Mr Volpe said,
“We are confident in the potential the project presents with additional highly prospective BIF and intrusive targets that we plan to uncover alongside our resource development plans […] and we look forward to presenting further updates as they arise.”
Metallurgical Test Work
In the lead-up to a proposed diamond drilling campaign at Monument, the RC program will also provide samples for initial test work to assess the metallurgical properties of the gold mineralisation hosted within a sizeable banded iron formation (BIF) target.
Exploration will also continue at the nearby Waihi resource to help build on the prospectivity and scale of Monument, where the company has only drilled approximately 10% of a strike it estimates at 20km in length.
Verity has also identified an additional approximately 60 priority targets along the banded iron formation horizon that the company believes could potentially host multiple other syenite-intrusion style targets.
Strategic Advisor Appointed
The new drilling will be the first program at Monument to be handled by Xirlatem Pty Ltd and structural geologist Dr Rick Gordon, who Verity appointed to a strategic advisory role last week.
Dr Gordon previously held management positions at Northern Star Resources (ASX: NST) and a frontline leadership role at IGO Ltd (ASX: IGO).
He will lead the project’s technical oversight across geology, drilling, resource growth, mining licence application, and future scoping studies.