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Velocity gets further positive drill results from Bulgarian gold project

Author Mario Tanev
Velocity gets further positive drill results from Bulgarian gold project Photo: Velocity Minerals / All rights reserved.

SOFIA (Bulgaria), November 19 (SeeNews) - Canadian mineral exploration company Velocity Minerals said on Tuesday that results from a further 40 drill holes at the Rozino gold project, in southeast Bulgaria, have continued to deliver broad intersections of surface to near-surface gold mineralization with good to excellent continuity.

"The most recent results also indicate that mineralization extends both below and beyond the Preliminary Economic Assessment design pits suggesting that there may be potential to combine the main and north pits as currently defined in the PEA study," Velocity Minerals said in a statement.

Velocity Minerals said it expects to complete the prefeasibility study in Q2 2020.

The company has also initiated exploration at the south zone of the project, located approximately 1 km south of the Rozino main zone and identified as a high potential target area, measuring approximately 1,200m x 600m. 

Velocity Minerals is currently awaiting results from a 25x25m soil sampling survey, comprising 926 soil samples, and will subsequently define drill targets and start drill testing.

Earlier this 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.