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SOFIA (Bulgaria), July 15 (SeeNews) - Canadian mineral exploration and development company Velocity Minerals said on Monday that it has received drill results from the Obichnik gold project, in southeastern Bulgaria, which confirm the presence of both high-grade epithermal gold and potential bulk tonnage intrusion related gold mineralization.
One drill hole returned two significant, high-grade intersects - an upper, near-surface drill intersection returned 43.4m grading 3.89g/t gold, while a lower drill intersection returned 27.5m grading 1.24g/t gold, Velocity Minerals said in a statement.
True widths for the upper and lower intersections are estimated at 35.6m and 22.5m, respectively, the company said.
Velocity also carried out a verification drill hole perpendicular to strike of a historical drill intersection to determine true thickness, which returned 90.0m grading 3.09g/t gold.
"Results of verification drilling are very positive, demonstrating that grade has historically been slightly under-estimated and indicating an impressive 35.6m estimated true width for the upper zone," Velocity announced.
Last month, Velocity said that ground magnetic and surface geochemical surveys highlight a large area of structurally controlled alteration with anomalous gold mineralization. The surveys defined four priority drill targets.
Also last month, Velocity said that it has entered into an option agreement with Bulgaria's Gorubso Kardzhali to acquire a 70% interest in the 388-hectare Momchil property in southeast Bulgaria, which includes the Obichnik gold project. Under the terms of the option agreement, Velocity can earn a 70% interest in the property by delivering a mineral resource estimate.
Velocity also operates the more advanced Rozino Project, not far from the Obichnik gold project.