Velocity finds 14 new gold zones at Bulgaria
Velocity Minerals has received results from 14 additional drill holes from its Obichnik gold project, Bulgaria. Results include the first drill test of the Sivri Tepe target, located approximately 400m to the west of the established Durusu Tepe zone. The Sivri Tepe discovery highlights the potential to significantly expand the extent of, near-surface, high-grade mineralization at Obichnik. Additional drill holes are planned as near-term follow-up.
Multiple intercepts from near surface at the Durusu zone including seven significant intercepts reported from drill hole ODD-038 indicating the presence of a robust gold rich system. Velocity has an option to earn a 70% interest in the Obichnik property, located approximately 25km southeast of the central gold processing plant, which forms a key part of the Company’s ‘hub & spoke’ development model. Velocity aims to complete an initial NI 43-101 mineral resource estimate during 2020.
“Drilling at Obichnik continues to intersect high-grade, near-surface mineralization and this batch of results continues that trend with multiple high-grade intersections,” stated Keith Henderson, Velocity’s President and CEO. “It is especially encouraging that we have stepped-out approximately 400m to the west and have been able to discover new gold mineralization in excess of 3 g/t close to surface. We look forward to testing additional anomalies in this area.”
