February 25 (SeeNews) - Canadian mineral exploration company Velocity Minerals said that it has received further positive drill results at the Durusu target, part of the Obichnik gold project in Bulgaria.
"Step out drilling at Durusu has continued to extend mineralization over a strike length of more than 300m and the mineralization remains open. Results are pending for 50m step-outs to the east and west and drill testing at Durusu is ongoing with three drill rigs on site," Velocity Minerals said in a statement on Monday.
The results have been received from six additional drill holes at the Durusu target.
"Drilling will focus on both step-out and infill drilling, with an intention to publish a mineral resource estimate in H1 2020. Two man-portable rigs are currently carrying out the infill drilling and a third drill rig has recently begun initial testing of the Durusu mineralization at depth," Velocity Minerals added.
Deep penetrating geophysics is scheduled to begin in the first quarter of 2020 after the completion of the first deep drill hole, in order to develop further deep drill targets.
Velocity Minerals also reported on the Siviri Tepe target, also part of the Obichnik gold project. The target is defined by a surface soil geochemical anomaly and remains untested to date.
Last 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 in the country.