March 2 (SeeNews) - Canadian mineral exploration company Velocity Minerals said on Monday that it has received results for four additional drill holes for the Sedefche gold project, in southeast Bulgaria, which confirm the grade of historical results and identify a number of higher-grade zones.
"Drill hole SDD-019 returned a 25.2m intersection grading 6.40 g/t gold (5.45 g/t gold using a 20g/t top cut) and 57.8 g/t silver, including 13.0m grading 11.22 g/t gold (9.38 g/t gold using a 20g/t) top cut and 70.5 g/t silver," Velocity Minerals said in a statement.
Another drill hole also returned three significant intersects, Velocity added.
The results support the potential to fast-track development of the Sedefche deposit along the lines of an existing, permitted mine design plan completed by Velocity's Bulgarian partner - mining company Gorubso-Kardzhali.
Velocity intends to decide on whether to exercise its option to acquire 70% interest in the property holding the Sedefche gold project from Gorubso-Kardzhali in the first half of 2020, following additional drilling and engineering due diligence.
Last year, Velocity Minerals signed three option agreements with Bulgaria's Gorubso Kardzhali to acquire 70% interest in each of the properties holding the Sedefche, Obichnik and Makedontsi gold projects in the country.