Monument Gold Project, Western Australia
Verity Resources Limited (ASX:VRL) has successfully completed its 1,700m drilling program at the Fred’s Well Prospect within the Monument Gold Project, located in the Laverton Gold District of Western Australia. The program comprised 22 aircore holes for 1,480m and two reverse circulation (RC) holes for 234m, covering 1,200m of strike along a previously identified...."
Project Summary
The Monument Project in Western Australia is located in a well-established mining district which hosts excellent infrastructure and access including the sealed Leonora-to-Laverton road which runs directly through the Project, a gas pipeline and a sealed airstrip at Laverton.
100%-owned, MGP currently contains a 3.3Mt @ 1.4g/t Au for 154koz gold resource along banded iron formations (BIF) at both Korong and Waihi deposits.
Drilling for a current 154koz gold resource was completed in 2021 with the resource calculated by CSA Global and announced mid-2021 (see ASX release on 2 August 2021). MGP contains multiple target styles of gold mineralisation including BIFs and basalt-hosted, however, significant potential for large-tonnage deposits exists in the intrusion hosted targets which has been the focus since the BIF resource drilling.
VRL is currently focused on prospects where geochemical analysis provides indications of the existence of fractionated, felsic intrusives belonging to the sanukitoid suite of evolved intrusive rocks. Such prospects are significant when taking into consideration the similarities with other gold-bearing sanukitoid intrusions such as Hemi (~11Moz) or Tropicana (~5Moz), as well as other nearby bulk tonnage, multi-million-ounce projects such as the Wallaby (~7Moz) and Jupiter (~1.5Moz) projects.