Velocity Minerals discovers Bulgarian high-grade gold zone
Velocity Minerals Ltd. [VLC-TSXV; VLCJF-OTCQB] has received results for additional drill holes at the Obichnik gold project in Bulgaria. Results have been received for 16 drill holes, including two drill holes at the new high-grade Premka discovery. Mineralization is open and drilling is continuing.
Highlights at the new Premka Zone include drill hole ODD-063: 6.0 metres grading 15.80 g/t gold and 76.72 g/t silver (including 2.0 metres at 37.98 g/t gold and 165.50 g/t silver). Drill hole ODD-061 intersected 7.7 metres at 0.92 g/t gold and 53.76 silver (including 1.0 metre at 4.04 g/t gold and 331.00 g/t silver). A program of step-out drilling is in progress on the strike extensions including testing the down-dip and up-dip extensions to the intersects.
“The new Premka discovery has been tested by just two drill holes so far, both of which are strongly mineralized. Gold mineralization is associated with mapped silica alteration, which has yet to be tested to the east and west. The high-grade nature of the gold mineralization is very encouraging and there is more drilling to do at this target,” stated Keith Henderson, President and CEO. “We remain focused on building a multi-asset gold production profile in Bulgaria with a hub-and-spoke development strategy. With the recent positive prefeasibility at the Rozino Project, we continue to advance our exploration drill programs for resource expansion and definition at Rozino as well as the Obichnik, Makedontsi and Iglika projects.”
Having completed due diligence at the Sedefche Project, including approximately 5,500 metres of exploration drilling, the company has elected not to exercise its option to acquire a 70% interest. As consideration for executing a relinquishment agreement, Velocity has received a cash payment of $1.5-million from Gorubso Kardzhali AD reimbursing Velocity’s actual exploration investment plus 20%.
The drill intersections disclosed here have not yet been included in a resource model and true thickness of mineralization has not yet been determined. Drill holes are designed to intersect mineralization perpendicular or close to perpendicular.