Verity Resources Announces Maiden Indicated MRE at Monument Gold Project as Botswana Program Continues

Verity Resources (ASX: VRL) achieved significant progress across its Australian and southern African gold portfolios during the three months to end June, commencing with the delivery of a maiden Indicated mineral resource estimate (MRE) of 1.18 million tonnes at 1.75 grams per tonne gold for 66,200 ounces for its flagship Monument project in Western Australia.

The announcement followed completion of an 11,000-metre infill drilling program and boosted the project’s total MRE to 2.5Mt at 1.72g/t for 137,700 ounces of contained gold (Indicated and Inferred).

The new figure represents an upgrade in geological confidence of the main Korong and Waihi deposits, establishing a credible technical foundation for mine planning and development studies.

The company also defined a maiden high-grade underground resource component of 1.37Mt at 1.75g/t gold for 77,100oz (Indicated and Inferred) below the Korong and Waihi pit shells.

Monument Metallurgical Recoveries

During the period, Verity reported metallurgical recoveries of up to 97% across weathered saprock and fresh rock domains in composite samples from Waihi, adding to earlier recoveries of up to 98.1% from Korong.

Testing also delivered 29% gravity recoveries and low reagent (cyanide and leach) consumption across both composites.

Recoveries at 24 hours aligned with typical carbon-in-leach (CIL) residence time, confirming Waihi mineralisation responds well to conventional gravity and cyanide leaching.

The similarity in recovery profiles between Korong and Waihi provided further confidence in a unified conventional processing approach for Monument and further de-risked the mine development pathway.

Gold-in-Soil Anomalies

Verity completed a systematic soil sampling campaign in April across multiple geophysical and structural targets at Monument, combining first-pass coverage of the newly granted Gum Well licence with follow-up infill work at Star Well, McKenzie Well, McKenzie Granite, and Korong Syenite.

Samples returned a coherent gold-in-soil anomaly over 1.1 kilometres of strike at a peak value of 64 parts per billion gold, open to both the north and south, spatially coincident with a discrete magnetic high-level intrusive and outcropping copper-tellurium rock-chip pathfinders.

A coherent gold-in-soil anomalism grading more than 5ppb gold over 2.2km of strike was also identified at McKenzie Well along the eastern granite-greenstone contact, with a further 1.1km anomaly along the south-eastern contact.

Verity additionally commenced a 56-hole aircore drilling campaign for a total 2,800m across the Perseverance, A1, A4, Korong Syenite, and Cooper Well priority targets to test extensions of mineralisation along strike of the main trends and to expand Monument’s 405 square kilometre footprint.

The campaign will test undrilled strike along the 20km mineralised banded iron formation corridor that hosts the Korong and Waihi resource.

Botswana First-Pass Exploration

Late in the quarter, the company also commenced first-pass soil geochemical sampling and geological mapping across 903 sq km of tenements in the Limpopo Mobile Belt of south-east Botswana.

The program screened for copper, silver, gold, and nickel mineralisation with the goal of prioritising targets for follow-up exploration.

An exploration pitting and bulk sampling program has been designed for the main Airstrip, Dibete, and Maibele North prospects to expose near-surface copper-silver and nickel-copper-platinum group elements mineralisation, support detailed mapping and structural interpretation, and provide material for metallurgical testwork.

A previous regional versatile time domain electromagnetic dataset identified 23 untested base metals anomalies across Verity’s Botswana portfolio, the majority of which lie outside the three flagship prospect areas.