SOFIA (Bulgaria), September 3 (SeeNews) - Canadian mineral exploration and development company Velocity Minerals said on Tuesday that expansion drilling has confirmed the continuity of high-grade epithermal gold mineralization 100 metres to the east of the initial drilling site.
Velocity has received additional drill results from one of four high priority targets at the Obichnik gold project - Durusu Tepe, including 29.1m grading 2.46 g/t gold and 9.3m grading 2.82 g/t gold, the company said in a statement.
Drill testing at Durusu Tepe will resume and will be ongoing with additional step-outs aiming to further expand mineralization to the east and west, Velocity announced.
Regarding the three other priority targets defined by geophysics and surface geochemistry at Obichnik, Velocity is currently testing the potential for bulk tonnage intrusion-related gold mineralization with two drill holes completed and a third in progress at Target 3 - Adren.
Drilling at Target 2 - Mryanks, will begin in the third quarter of this year, while drilling at Target 4 - Sivri Tepe, is expected to commence in the fourth quarter.
The Obichnik project is interpreted to be an intrusion-related gold and base metal system containing numerous structurally controlled epithermal gold prospects, hosted within a large untested 2.5km x 1.5km alteration zone. Drill targets defined to date include both high-grade epithermal gold mineralization and potential bulk tonnage intrusion related gold mineralization.
In June, 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.