April 13 (SeeNews) - Canadian gold exploration company Velocity Minerals said on Tuesday that geochemical sampling at the Iglika copper-gold project, in southeast Bulgaria, has returned results of up to 56.76 g/t gold.
Out of a total of 94 rock chip samples, 19 returned over 0.8 g/t gold, including 6 samples returning greater than 3.0 g/t gold, Velocity Minerals said in a statement.
Velocity's comprehensive geochemical sampling, geophysical surveying, and geological mapping programme covering the eastern half of the project has identified several high-priority drill targets, which are due to be tested within the second quarter of 2021.
Velocity has also completed the collection of induced polarization data on the western half of the project, and will continue with soil geochemistry, ground magnetics and additional mapping and sampling. Once completed, Velocity will commence drill testing.
Earlier this year, Velocity acquired 100% interest in the Iglika copper-gold project and the associated exploration licence under a previously-agreed option deal. Velocity exercised its right to acquire all of the shares of Bulgaria's Balkan Minerals Development, which holds the exploration licence for the project area, with the vendors retaining a 2% net smelter returns royalty capped at $5 million (4.1 million euro).
($ = 0.8185 euro)