Velocity reports extension to gold mineralization at Bulgarian gold target

"Preliminary mineralogical studies indicate gold mineralization occurred within a deep epithermal to sub-epithermal mineralizing environment and the Company intends to test the depth extensions of this structurally controlled gold, beginning with two deeper drill tests in early 2020," Velocity Minerals said in a statement.

A second drill rig is in the process of being mobilized and drilling will resume in 2020 with two rigs carrying out extension and infill drilling at the Durusu target. Following completion of resource-definition drilling at Durusu,Velocity intends to publish a mineral resource estimate in the first half of 2020. 

Velocity also received drill results from the Mryanka and Adren targets at the Obichnik project, with drilling at Mryanka returning significant gold intersects that corroborated the two large gold–molybdenum soil anomalies.

Initial drilling of the Adren target intersected significant zones of hydrothermal brecciation and alteration across the two large gold in soil anomalies. However, drill results did not return any significant gold intersects and the results from multi-element analysis for the purposes of exploration vectoring are inconclusive, Velocity noted.

Earlier this 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.