Velocity Minerals reports positive exploration results at Zlatusha copper-gold property, Bulgaria
Velocity Minerals Ltd. [TSXV-VLC; OTCQB-VLCJF] provided an update on its ongoing exploration program at the Zlatusha exploration license in Bulgaria. Velocity holds the property under an option agreement, whereby Velocity has an exclusive option to acquire up to a 75% interest in the property. Zlatusha is the company’s exploration focus and initial drilling is planned for H1 2024.
Velocity confirmed the presence of several magmatic-hydrothermal centers with outcropping copper-gold mineralization hosted in rocks of favourable upper Cretaceous age and composition. Extensive geophysical and geochemical surveys have been completed as well as mapping and prospecting programs. Work completed includes:
Airborne Magnetic Survey – 2,361 line-km drone-based magnetic survey, with preliminary data generating several large-scale, high priority targets. Interpretation of the magnetic data and targeting is ongoing and planned to be completed in Q4 2023.
Soil Geochemistry – 1400 soil samples establishing anomalies at the Rosoman target. Soil sampling is ongoing throughout the remainder of this very large property.
Radiometric Surveys – completed on multiple targets with interpretation and targeting ongoing; and mapping and prospecting – completed over multiple property-wide traverses including portable XRF analysis of more than 600 rock samples and discovery of new outcropping mineralized zones.
An initial drill program is planned for H1 2024 with a focus on discovery of copper-gold porphyry mineralization.
Velocity completed a geochemical soil survey in the vicinity of a known mineral occurrence called Rosoman. A total of 1,040 soil samples were collected on a 100x50m grid defining four significant soil anomalies.
Rosoman Gold Zone – predominantly gold-silver anomaly covering an area of 500m x 300m. Historical drilling within this anomaly returned values of up to 11 metres grading 4.33 g/t gold (from 109.0 to 120.0m depth) and 11 metres grading 3.63 g/t gold (from 2.7 to 13.7m depth).
Satellite Anomaly – large 1000m x 350m area with very intense outcropping hydrothermal alteration and characterized by anomalous pathfinder elements.
Ostra Mogila – predominantly copper-molybdenum anomaly over 1000m x 300m. Rosoman South – predominantly copper anomaly south of the main Zlatusha gold zone
All of the prospects above fall within broader-scale northeast-trending hydrothermal alteration envelop with a surface footprint extending over 2200m x700m that includes several zones of phyllic alteration amongst widespread argillic and both transitioning to proximal and distal propylitic mineral assemblages. The alteration surface footprint coincides with low magnetic susceptibility anomaly obtained from the soil reference samples and is further confirmed by the Property-wide drone magnetic survey.
A series of regional traverses have been completed across the property to gain more understanding of the volcanic stratigraphy, genetic types of hydrothermal alteration, and the distribution and volcano-sedimentary stratigraphy.
During the geological traverses several copper showings were identified with anomalous copper grades analyzed with a portable XRF, including up to 12.8% copper at Rosoman, 0.8% to 4.6% copper near Rosoman village, up to 5% copper at Pishtane, and 0.03% to 5.2% at Mala Rakovitsa. Additional follow-up work is planned to cover the new identified Cu showings.
In Bulgaria, Velocity has a 70% interest in the Tintyava property, which includes the prefeasibility-stage Rozino deposit. Velocity also has a 70% interest in the Momchil property (which includes the Obichnik project), a 70% interest in the Nadezhda property (which includes the Makedontsi project), and a 70% interest in the Dangovo property (which is contiguous with the Makedontsi project). The company holds a 100% interest in the Iglika copper-gold exploration property and recently entered into an option agreement with DPM who have an option to earn a 75% interest in the property. The company has also entered into agreements to acquire a 75% interest in the Zlatusha and Kalabak copper-gold exploration properties.