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SOFIA (Bulgaria), May 13 (SeeNews) - Canadian mineral exploration and development company Velocity Minerals said on Monday that it has received results from an initial 11 drill holes at the Rozino gold deposit, in southeast Bulgaria, with results for an additional 8 drill holes still pending.
"Positive drill results from the 2019 program include drill hole RDD-073; 40.0m grading 0.73g/t gold and 24.0m grading 0.98g/t gold (including 10.0m grading 1.77 g/t gold)," Velocity said in a statement.
"Drill hole RDD-074 intersected mineralization at only 3.9m from surface; 8.0m grading 2.68g/t gold," the company added.
Velocity's 2019 drill programme at Rozino envisages a total of 12,000 m to 14,000 m of drilling, which will include exploration drilling to expand the resource base, as well as resource definition and infill drilling. The programme also envisages an additional 1,000 m of drilling regionally to begin testing structural targets located close to the Rozino deposit.
In March, Velocity Minerals closed a 9 million Canadian dollars ($6.8 million/6.0 million euro) strategic investment with Atlantic Gold Corporation and its unit 1193490 B.C. Ltd, with the proceeds to be used to fund the advancement of the Rozino gold project.
Velocity Minerals completed the acquisition of 70% interest in Bulgaria's Tintyava Property, which holds the Rozino gold deposit, from Gorubso-Kardzhali earlier this year, through delivery of a PEA.
(1 euro = 1.51 Canadian dollars)