Velocity Minerals Ltd. [VLC-TSXV; VLCJF-OTCQB] released an update on positive drill results from its flagship Rozino gold project located in southeastern Bulgaria. Results from 30 new drill holes include 17 drill holes containing significant gold intersects. Exploration drilling of areas adjacent to the Prefeasibility Study Rozino design pit, plus initial exploration drilling of selected gold-in-soil anomalies located proximal to Rozino have recently been completed.
Highlights include drill hole RDD-258 that returned 5.0 metres grading 10.11 g/t gold, hole RDD-254 with 17.3 metres of 1.01 g/t gold, and hole RDD-260 with 33.3 metres of 0.67 g/t gold.
These drill intersections have not yet been included in a resource model and true thickness of mineralization has not yet been determined. The reported drill intersections are calculated using a top-cut of 40 g/t gold, a 0.2 g/t gold trigger, a minimum 0.5 g/t gold composite, and a maximum of 3 metres consecutive waste. A single 1-metre sample from RDD-258 reported 49.2 g/t gold and one significant interval was consequently top cut to 40 g/t, returning 5 metres of 8.27 g/t gold. Complete lists of consecutive drill intercepts are listed on the company’s web site.
Velocity’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 dorÃ©. The company envisions staged open pit mining of satellite deposits and processing in a currently operating processing plant.
Velocity has a 70% interest in the Tintyava property, which includes the Rozino gold project, a 70% interest in the Momchil property, which includes the Obichnik gold project, and a 100% interest in the Iglika property. The company has an option agreement to earn a 70% interest in the Makedontsi gold project.