May 28 (SeeNews) - Canadian mineral exploration company Velocity Minerals said that it has discovered a new zone of mineralization at the Rozino South target, in southern Bulgaria, grading up to 5.23 g/t gold.
"The Rozino South target is situated 800m south of the deposit and initial exploration drilling has resulted in the discovery of high-grade gold mineralization: Drill hole RDD-177 returned 6.15m grading 1.18 g/t gold, including 1.15m grading 5.23 g/t gold from 203m," Velocity said in a statement earlier this week.
The mineralization occurs in the same permissive sedimentary host rocks as the Rozino deposit and displays a similar multi-element geochemical fingerprint, with mineralization open in all directions, the company added.
Phase II drilling on 50m step-outs is commencing immediately to potentially expand this emerging new zone.
In addition, the company identified several target areas immediately south of the current Rozino gold deposit, with drill results from the first 50-metre step-out returning two significant intersections of 4.0m grading 1.12 g/t gold, and 18.0m grading 0.56 g/t gold, including 4.0m grading 1.81 g/t gold.
Velocity also received soil sample results from the Kazak target area, located 2 kilometres south of the Rozino deposit, which identified two high priority gold in soil anomalies with silver support. Follow-up mapping and sampling has subsequently returned rock chip sample grades of 1.23 g/t and 0.33 g/t gold, indicating that the host rock is mineralized in this new target area.
A programme of detailed mapping and trenching at Kazak is in progress with initial results expected in the coming weeks, and drill targets expected to be set in the third quarter of 2020, the company said.