May 19 (SeeNews) - Canadian mineral exploration company Velocity Minerals said on Tuesday that it has received positive results from 26 additional drill holes at the near-surface Sedefche gold project, in southeastern Bulgaria, broadly confirming the grade and tenor of historical results.
"Velocity is currently completing due diligence on the Sedefche project and all of the drill results have now been returned in order for in-house resource estimation to be completed," the company said in a statement.
Until all results have been received and analyzed, there are no assurances that Velocity will exercise the Sedefche project option to enter into a joint venture, the company underlined.
The Sedefche gold project has previously been advanced through a successful permitting process by Bulgaria's Gorubso Kardzhali and is permitted for near-term production.
Last year, Velocity Minerals signed three option agreements with Gorubso Kardzhali to acquire 70% interest in each of the properties holding the Sedefche, Obichnik and Makedontsi gold projects in the country.