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SOFIA (Bulgaria), September 9 (SeeNews) - Canadian mineral exploration and development company Velocity Minerals said on Monday that drill results from an additional 15 holes at the Rozino gold deposit in southeast Bulgaria have continued to expand the mineralized envelope.
“The excellent drill results we have recently received at Rozino continue to build our confidence in this deposit. In particular, the results from drill hole RDD-130 include the best intersection ever discovered in the deposit,” Stuart Mills, Velocity’s vice president exploration at Velocity said in a statement.
The drilling results will be used to generate an updated mineral resource estimate, which will be the basis for engineering studies associated with a planned pre-feasibility study (PFS). The resource drill programme for the PFS is nearing its successful completion, Mills added.
Drilling will be completed as scheduled in early September, the company said.
Last month, Velocity announced that it received positive drill results for an additional 27 drill holes completed at the Rozino gold deposit.
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/6.2 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 local company Gorubso-Kardzhali earlier this year, through delivery of a PEA. Velocity Minerals also has option agreements with Gorubso-Kardzhali to earn 70% stakes in the 388-hectare Momchil property in southeast Bulgaria, which includes the Obichnik gold project, and the 194-hectare Nadezhda property, which holds the Makendontsi gold project.
(1 euro = 1.45 Canadian dollars)