You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Velocity reports positive drill results from Sedefche gold project in Bulgaria

Velocity reports positive drill results from Sedefche gold project in Bulgaria Photo: Velocity Minerals / All rights reserved.

SOFIA (Bulgaria), January 10 (SeeNews) - Canada's Velocity Minerals said that it has received positive results from an initial 16 drill holes at the Sedefche gold deposit, in southeast Bulgaria, with results for an additional one drill hole still pending.

The initial verification drilling at Sedefche by the mineral exploration and development company has broadly confirmed historical drilling results and identified higher-grade zones associated with areas of silica-gold replacement mineralization, Velocity Minerals said in a statement on Thursday. 

“The Sedefche project is permitted for development and Velocity is moving quickly to complete exploration drilling and resource verification, as well as engineering due diligence and metallurgical test work,” Velocity CEO Keith Henderson said in the statement, adding that these initial drill results provide the company with a very positive start to the year.

The results support the potential to fast-track development of the Sedefche deposit along the lines of an existing, permitted mine design plan completed by Bulgarian partner Gorubso Kardzhali.

"Velocity’s results to date have broadly confirmed the grade and tenor of previous results and identified a number of higher-grade zones within the existing resource envelope not previously identified by historical exploration," Velocity Minerals said.

Additional drilling and engineering due diligence is planned with the aim of reaching a decision point on the project in the first half of 2020.

In October 2019, Velocity Minerals entered into an option agreement with Gorubso Kardzhali to acquire a 70% interest in the Sedefche gold deposit, which includes the Obichnik gold project. Velocity can earn a 70% interest in the property by completing 5,000m of drilling on the property prior to March 31, 2020.