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Sep 25, 2023 17:33 EEST
September 25 (SeeNews) - Canada's Velocity Minerals said on Monday that it saw encouraging initial results from five drill holes at the Iglika copper-gold project in southeastern Bulgaria.
All drill holes intersected "multiple intervals of highly anomalous copper and/or gold mineralisation", indicating potential for several mineral deposit types, including copper-gold porphyry, copper skarn and epithermal gold, Velocity Minerals said in a press release.
The first phase of drilling at Iglika focused on the surrounding area of the Iglika copper skarn. Past exploration efforts involved 34,200 metres of drilling and 1,620 metres of underground exploration adits, the data from which Velocity's team used to create a detailed 3D model of the known skarn deposit.
The exploration at the Iglika project is fully-funded by Dundee Precious Metals (DPM) under a binding agreement that grants DPM an exclusive option to acquire a 75% interest in the Iglika copper-gold prospecting licence. Apart from Velocity's exploration results, DPM is gathering multi-horizon soil samples, rock samples and radiometric measurements. It is also conducting comprehensive mapping and prospecting, as well as reprocessing Velocity's geophysical data set.
Exploration of the whole property will identify priority drill targets for testing throughout the rest of this year, Velocity said. DPM has committed to completing 10,000 metres of drilling by end-June 2024, with 3,275 meters already completed. An additional 2,500 metres are slated for completion in the last quarter of this year, followed by the remaining 4,000 metres in the first quarter of 2024.
The second phase of drilling is expected to begin next month, pending permitting completion.
Last month, Velocity Minerals said it agreed with Bulgarian company Zelenrok, a wholly-owned unit of Australia's Raiden Resources, to receive an exclusive option for the purchase of 75% interest in the Kalabak gold and copper project in Bulgaria.
Eastern Europe-focused Velocity Minerals owns a 70% interest in each of the Tintyava, Momchil and Nadezhda properties as well as 100% in the Iglika property in southeastern Bulgaria.
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