Velocity to start drilling at Bulgaria's Zlatusha project in H1'24

Velocity has completed extensive geophysical and geochemical surveys as well as mapping and prospecting programmes, analysing over 600 rock samples and 1,400 soil samples, it said in a press release.

It expects to finalise the interpretation of data from a drone-based magnetic survey by the end of 2023.

The focus of the initial drilling programme will be on discovering copper-gold porphyry mineralisation, Velocity added.

The Canadian company has an exclusive option to acquire an interest of up to 75% in the Zlatusha property from Zelenrok, a Bulgarian subsidiary of Australia's Raiden Resources, following a deal first agreed at the start of this year.

The Zlatusha property is located within the copper-gold mineral belt transecting Serbia and Bulgaria, which includes three operating mines in Serbia and as many in Bulgaria, including the Chelopech mine owned by Dundee Precious Metals (DPM).

Last week, Velocity said that it it has kicked off the second phase of drilling at the Iglika copper-gold project in southeastern Bulgaria, with completion expected in the first quarter of 2024. An interest of up to 75% in the Iglika prospect is under option to DPM.

In Bulgaria, Velocity Minerals also owns 70% interest in three other properties - Tintyava, which includes the Rozino deposit, Momchil and Nadezhda. The company also has an agreement with Zelenrok to purchase up to 75% in the Kalabak gold and copper project in the southern region of Haskovo.