Verity Resources Secures Drill Rig for 154,000oz Gold Resource Upgrade Program
Drilling Campaign Set to Begin in August at Monument Gold Project
Verity Resources Limited (ASX: VRL) has secured a drilling contractor for its highly anticipated resource upgrade program at the Monument Gold Project in Western Australia's Laverton Gold District. The 3,600-meter reverse circulation (RC) drilling campaign is scheduled to commence in the first week of August 2025, marking a significant step in the company's strategy to expand and upgrade its 154,000-ounce gold resource.
The initial phase will focus on the Korong deposit (139,000oz Au), with the primary goal of upgrading the existing Inferred resource to the higher-confidence Indicated category under JORC 2012 standards. This Verity Resources gold resource upgrade represents a crucial milestone as the company positions itself for potential future development opportunities.
"We are pleased to confirm that we have secured a quality drilling contractor to commence the highly anticipated drilling program at our Monument Gold Project. This marks the start of our resource upgrade and expansion campaign aimed at increasing both the scale and confidence of our 154koz gold resource. With drill pads already being prepared and mobilisation imminent, we are focused on delivering strong results to advance the Project toward development readiness." – Patrick Volpe, Director, Verity Resources
Strategic Three-Pronged Drilling Approach
The drilling campaign has been strategically designed with three key objectives:
- Infill drilling to increase confidence in the existing resource
- Twinning of historical drill holes to validate previous exploration data
- Step-out drilling to expand the known mineralisation footprint
This comprehensive approach aims to not only upgrade the classification of existing resources but also potentially expand the overall resource base. The program is expected to be completed within three weeks, weather permitting.
| Drilling Program Details | Specifications |
|---|---|
| Total Drill Holes | 54 |
| Total Meterage | 3,600m |
| Primary Target | Korong Deposit (139,000oz) |
| Secondary Target | Waihi Deposit (15,000oz) |
| Drilling Technique | Reverse Circulation (RC) |
| Contractor | Topdrill Pty Ltd |
| Expected Duration | ~3 weeks |
Understanding Resource Classification: Why the Upgrade Matters
For investors new to mining exploration, understanding the significance of resource classification is crucial. The upgrade from "Inferred" to "Indicated" represents a substantial increase in geological confidence, which directly impacts project economics and development potential.
Resource Classification Explained:
- Inferred Resources: Based on limited sampling with geological evidence but lower confidence. Cannot typically support economic evaluations for mine development.
- Indicated Resources: Higher confidence level with sufficient sampling density to assume geological and grade continuity. Can support preliminary economic assessments and mine planning.
This upgrade is particularly important as it will enable Verity to progress toward scoping studies, which are early-stage economic evaluations that help determine if a project warrants further investment and development.
Monument Gold Project: Strategic Location in World-Class Gold District
The Monument Gold Project occupies a prime position in the renowned Laverton Gold District, directly adjacent to Genesis Minerals' 3.3-million-ounce Laverton Gold Project with its operational 3.1 million-tonne per annum processing mill.
The project's strategic attributes include:
- 195km² of highly prospective tenure in a prolific gold-producing region
- 154,000oz gold resource at Korong (139,000oz) and Waihi (15,000oz) deposits
- ~20km of relatively untested banded iron formation interpreted to be the same geological unit that hosts the 1.4-million-ounce Westralia gold deposit located immediately southeast
- Only ~10% of the potential 20km strike length has been drilled with detailed air core and reverse circulation drilling
- Over 60 additional gold targets identified across BIF, basalt, and intrusion-hosted settings
What makes this project particularly compelling is that the mineralisation across both Korong and Waihi deposits remains open in all directions and at depth, suggesting significant potential for resource growth with further drilling.
Future Plans and Growth Pathway
This first-phase drilling program represents just the initial step in Verity's broader development strategy. The company has outlined a multi-stage approach that includes:
- Resource upgrade drilling at Korong (current phase)
- Resource upgrade drilling at Waihi (to follow)
- Resource extension drilling to expand the mineralisation footprint
- Metallurgical testing to inform processing options
- Mining licence application preparation
These steps collectively aim to advance the Monument Gold Project toward development while potentially increasing both the size and quality of the resource base.
Investment Thesis: Why Investors Should Take Notice
Verity Resources presents a compelling investment case for several reasons:
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Strategic Location: The Monument Gold Project is situated in one of Australia's premier gold districts, adjacent to major gold operations with established infrastructure.
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Resource Growth Potential: With mineralisation open in all directions and only 10% of the 20km strike length tested in detail, there is substantial opportunity to expand the current 154,000oz gold resource upgrade.
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Development Pathway: The company has outlined a clear, staged approach toward project development, beginning with the current resource upgrade program.
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Multiple Gold Targets: Beyond the known deposits, the project hosts over 60 additional gold targets that remain to be adequately tested, providing numerous catalysts for future exploration success.
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Diversified Portfolio: Beyond Monument, Verity holds interests in critical metals projects in Brazil and base/precious metals projects in Botswana, providing exposure to multiple commodities and jurisdictions.
| Monument Gold Project Resource Summary | |
|---|---|
| Total Resource | 3,257,000 tonnes @ 1.4g/t Au for 154,000oz |
| Korong Deposit | 3,034,000 tonnes @ 1.4g/t Au for 139,000oz |
| Waihi Deposit | 223,000 tonnes @ 2.1g/t Au for 15,000oz |
| Cut-off Grade | 0.5g/t Au |
| Classification | Inferred (JORC 2012) |
Why Follow Verity Resources
As Verity embarks on this pivotal drilling campaign, investors have multiple reasons to follow the company's progress:
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Near-term News Flow: With drilling set to commence in August 2025, results should start flowing shortly thereafter, providing regular updates and potential market catalysts.
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Resource Upgrade Potential: Successful conversion of Inferred to Indicated resources will substantially de-risk the project and potentially enhance its market valuation.
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Expansion Opportunities: Step-out drilling may identify extensions to known mineralisation, potentially increasing the overall resource base.
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Strategic Positioning: The project's location adjacent to Genesis Minerals' 3.3-million-ounce Laverton Gold Project and operating mill creates potential synergies and development options.
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Multiple Growth Avenues: With over 60 untested targets across the property, the company has numerous opportunities to make new discoveries beyond the current resource areas.
Verity Resources represents an opportunity to invest in a gold exploration company with established resources, clear development pathways, and significant growth potential in one of Australia's premier gold districts. The upcoming drilling program marks a crucial step in unlocking the full value of the Monument Gold Project.
Ready to Join the Verity Gold Story?
Discover why savvy investors are watching Verity Resources' strategic advancement of its 154,000oz Monument Gold Project in Western Australia's prolific Laverton district. With drilling commencing in August, resource upgrades underway, and significant expansion potential across 195km² of prime gold terrain, now is the perfect time to evaluate this compelling investment opportunity. Visit the Verity Resources website to access detailed project information, upcoming drilling results and position yourself at the forefront of this emerging gold story.
