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Velocity to buy up to 75% of gold-copper project in Bulgaria

Jan 24, 2023, 2:53:07 PMArticle by Antonia Kokalova-Gray
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January 24 (SeeNews) - Canada's Velocity Minerals said on Tuesday that it has signed a binding agreement with Bulgarian company Zelenrok, a wholly-owned unit of Australia's Raiden Resources, with a view to incrementally purchasing up to 75% of the Zlatusha gold and copper project in Bulgaria.

Velocity to buy up to 75% of gold-copper project in Bulgaria
Photo: Velocity Minerals / All rights reserved.

Velocity Minerals has been granted an exclusive option for the two-stage cash-and-share acquisition, through which it will be entitled to the prospecting and exploration licence covering the 195 sq km under-explored property in western Bulgaria near the border with Serbia, the company said in a press release.

"Acquisition of the Zlatusha prospecting licence has been a high priority for Velocity in recent months,” said Keith Henderson, Velocity’s CEO. “The combination of existing mineralized zones located within such a prolific mineral belt, and the general lack of systematic modern exploration means that we will be prioritizing work at Zlatusha. We believe that the property is highly prospective for additional gold and copper-gold epithermal, porphyry and skarn mineralization.”

The property is very similar to the Panagyurishte ore field, which hosts operating mines like Chelopech, Elatsite and Asarel, the Canadian miner added.

Earlier this month, Velocity Minerals was cleared for a proposed three-year work programme at the Dangovo gold prospecting licence in Bulgaria's southeast.

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