June 2 (SeeNews) - Canadian mineral exploration company Velocity Minerals said on Tuesday that it has discovered high gold mineralization at the Sivri Tepe target, part of the Obichnik gold project in Bulgaria.
The Sivri Tepe discovery, located approximately 400 metres to the west of the established Durusu Tepe zone, highlights the potential to significantly expand the extent of near-surface high-grade mineralization at Obichnik, with additional drill holes already planned as near-term follow-up, Velocity Minerals said in a statement.
"Drilling at Obichnik continues to intersect high-grade, near-surface mineralization and this batch of results continues that trend with multiple high-grade intersections," Keith Henderson, Velocity’s president and CEO, said. "It is especially encouraging that we have stepped-out approximately 400m to the west and have been able to discover new gold mineralization in excess of 3 g/t close to surface," he added.
Velocity aims to complete an initial mineral resource estimate during 2020.
Last year, Velocity Minerals signed three option agreements with Bulgaria's Gorubso Kardzhali to earn 70% interest in each of the properties holding the Sedefche, Obichnik and Makedontsi gold projects in the country.