March 6 (SeeNews) - Canadian mineral exploration and development company Velocity Minerals said it plans to publish a preliminary economic assessment (PEA) for its Rozino gold project in southeast Bulgaria in the second half of 2018.
"On completion of the PEA, the company will earn a 70% stake in the project," Velocity Minerals said in a statement on Monday.
Velocity also announced it has received inferred resource estimates for the Rozino gold project.
“Having started drilling in late July 2017, we have moved quickly to get to this interim resource estimate in just over seven months. Our stated objective has always been to define potentially open-pittable resources and defining 90% of resources within 110m of surface is consistent with that goal,” Stuart Mills, Velocity’s vice-president exploration, said.
The resource estimates used data from a total of 78 drill holes, 44 of which completed by Velocity, 28 by Hereward Ventures and 6 by Asia Gold.