January 17 (SeeNews) - Canada's Velocity Minerals said on Tuesday it has received approval from the Bulgarian energy ministry for its proposed three-year work programme at the Dangovo prospecting licence in the southeast of the country.
The approval allows drill testing to begin in 2023, with initial testing executed up to 2,000 metres, the company said in a statement.
Velocity Minerals acquired the Dangovo property to explore potential extensions of known gold mineralization at its contiguous Makedontsi project. Results from a geophysical survey indicated that gold-bearing structural zones may extend onto the Dangovo property.
In August, the company announced plans to begin drill testing at its Rozino gold project and Dangovo property in the final quarter of 2022. Velocity Minerals signed the Dangovo prospecting license contract with the energy ministry in late 2022.
The Vancouver-based listed company also has 70% interests in the Tintyava property, which includes the Rozino project, the Momchil property, which includes the Obichnik project, and the Nadezhda property, which includes the Makedontsi project.