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Feb 09, 2021 15:31 EEST
February 9 (SeeNews) - Canada's Velocity Minerals has received positive drill results from several of its gold exploration projects in southeastern Bulgaria, it said on Tuesday.
"Highlights include results from the Durusu Zone at the Obichnik Project, where mineral system analysis has identified a potential north-northwest oriented gold target. Initial drill testing intersected 17.0m grading 2.55 g/t gold, including 7.0m grading 4.2 g/t gold," the mineral exploration company said in a statement.
Drilling at the other zone part of the Obichnik project - Premka, outlined a series of north-northwest trending, steeply dipping intrusive dykes that are related to high-grade gold mineralization, including 1.8m grading 33.08 g/t gold and 16.63 g/t silver.
At the Makedontsi project, drilling focused on the Kalina target with the results from three drill holes including 17.0m grading 0.64 g/t gold, starting from surface. Future drilling will test for extensions under thin post mineral cover.
Velocity also received positive results from the Kazak and Kartal targets at the Rozino gold project. At Kazak East, structurally controlled mineralized zones have been intersected over a strike length of approximately 400m, while at Kartal, epithermal veining has been intersected in one drill hole with results pending.
Earlier this month, Velocity said that it is planning to complete up to 50,000 metres of exploration drilling at its projects in Bulgaria in 2021, more than double the 22,500 metres of drilling done in 2020.
Velocity and Bulgaria's Gorubso Kardzhali signed three option agreements for 70% interest in each of the properties holding the Sedefche, Obichnik and Makedontsi gold projects in 2019, and an option deal for 100% interest in the Iglika property in 2020. Subsequently, Velocity decided not to pursue the development of the Sedefche project.
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