August 21 (SeeNews) - Canadian mineral exploration and development company Velocity Minerals said on Monday the laboratory results for the first two drill holes at its advanced Rozino gold project in Bulgaria indicate the presence of high-grade gold mineralization.
“These results are among the best grades ever returned from the project and the drill holes clearly demonstrate the potential for thick, high-grade gold mineralization between the historical drill fences,” Keith Henderson, president and CEO of Velocity Minerals, said in a statement.
The initial phase one drilling programme at the Rozino gold project, in southeast of the country, will consist of nine holes in total and approximately 2,000 m.
Four 50m step-outs will investigate the continuity of the newly discovered high-grade mineralisation, the press release reads.
An additional three holes will be focused on high-grade trench samples located peripheral to Rozino where previous drill testing has been absent or ineffective.
“Most historical holes were drilled vertically or angled parallel to what is believed to be controlling structures; neither of these previous approaches adequately tested mineralization,” Henderson said. “The company’s exploration model at Rozino is that gold mineralization is controlled by northwest-trending, steeply dipping structures,” he added.
Velocity is a gold exploration and development company focussed on Eastern Europe. The company’s portfolio includes two gold projects in southeast Bulgaria – Rozino and Ekuzya.