Velocity Minerals Targets Gold Exploration in Bulgaria
In late November of 2017, Alexander Smith and the Pinnacle crew traveled to Bulgaria. While there, we were surprised to learn how business-friendly and well-positioned the country is for future economic growth. The purpose of the trip was to learn more about Velocity Minerals’ (VLC:TSXV) objectives in Bulgaria and the country’s overall mining environment.
Certainly, Bulgaria has come a long way since joining the EU in 2007. Velocity Minerals is exploring for gold within the country. The company is led by Keith Henderson, President & CEO and Stuart Mills, Vice President of Exploration.
Velocity Minerals Hits Gold in Rozino East Zone
Velocity Minerals announced on February 5th that:
“…it has received assay results for three diamond drill holes at Rozino East Zone, following up on RDD-040, which returned 144.7m grading 1.52g/t gold. Highlights include drill hole RDD-042, drilled 50m to the southeast, which intersected 49.6m grading 0.88g/t gold from surface.”
Click here to read the entire press release.
Rozino | Previously Drilled by Hereward Ventures and Asia Gold
According to Velocity, 22,000 metres of diamond drilling has been completed to-date; however, the Rozino deposit is still not well defined. Consequently, Velocity has been releasing drill results on its Rozino Project over the past few months.
The Rozino Project is located 20km east of the 0.85 Moz Ada Tepe gold deposit, currently being developed by Dundee Precious Metals Inc.
Velocity (through a Bulgarian subsidiary) holds an option to acquire an undivided 70% legal and beneficial interest in the Tintyava property, free and clear of all liens and encumbrances, granted by Gorubso Kardzhali A.D. (“Gorubso”). To exercise the option for the Tintyava property, the Company must pay the $325,000 tender fee (paid) to the Ministry of Energy of the Republic of Bulgaria and deliver an NI 43-101 preliminary economic assessment (“PEA”). The option is exercisable for a period of up to six years.
The Rozino Project is located within the Tintyava property which has an area of 163km2. Tintyava is more fully described here.