Velocity Minerals Ltd. [VLC-TSXV; VLCJF-OTCQB] reported results from 14 additional drill holes from its Obichnik gold project in Bulgaria. Results include the first drill test of the Sivri Tepe target, located approximately 400 metres west of the established Durusu Tepe Zone. The Sivri Tepe discovery highlights the potential to significantly expand the extent of near-surface, high-grade mineralization at Obichnik. Additional drill holes are planned as near-term follow-up.
• Multiple intercepts from near surface at the Durusu Zone including seven significant intercepts reported from drill hole ODD-038 indicating the presence of a robust gold-rich system; highlights include 13.7 metres grading 7.48 g/t gold (top cut), including 9.6 metres grading 10.53 g/t gold (top cut);
• Discovery of gold mineralization at the Sivri Tepe target, located approximately 400 metres west of the Durusu Zone. The first drill hole (ODD-045) intersected mineralization from near surface; 3.6 metres grading 3.72 g/t gold;
• In ODD-039, drilling intersected 24.5 metres from surface, grading 4.53 g/t gold (top cut), including 9.0 metres grading 7.35 g/t gold (top cut).
Velocity has an option to earn a 70% interest in the Obichnik property, located approximately 25 km southeast of the central gold processing plant, which forms a key part of the company’s hub and spoke development model. Velocity aims to complete an initial NI 43-101 mineral resource estimate during 2020.
“Drilling at Obichnik continues to intersect high-grade, near-surface mineralization and this batch of results continues that trend with multiple high-grade intersections,” stated Keith Henderson, Velocity’s President and CEO. “It is especially encouraging that we have stepped out approximately 400 metres to the west and have been able to discover new gold mineralization in excess of three grams per tonne close to surface. We look forward to testing additional anomalies in this area.”
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. Drill intersections in this news release are calculated using a top cut of 20 g/t gold, a 0.2 g/t gold trigger, a minimum 0.5 g/t gold composite and a maximum of three m of consecutive waste.
Velocity focused on southeastern Bulgaria. The company’s strategy is to develop a low-cost centralized hub and spoke operation whereby multiple projects within this emerging gold district produce gold concentrates for trucking to a central processing plant for production of doré. The company envisions staged open-pit mining of satellite deposits and processing in a currently operating carbon-in-leach (CIL) plant.