Velocity Minerals Ltd.announces that it has received drill results for an additional 27 drill holes completed at the Rozino gold deposit (“Rozino”), southeast Bulgaria. Drill results continue to expand the mineralized envelope and drilling continues with drill hole RDD-135 in progress. A third drill rig has been mobilized to site and the drill program is expected to be completed in Q3.
“The extensive drill program underway at Rozino will bring the project to a prefeasibility study. The drill program aims to expand the mineralized envelope as currently defined by the 2018 PEA, testing for extensions to mineralization outside of the pit limits as well as at depth,” stated Keith Henderson, Velocity’s President & CEO. “In addition to Rozino, the Company continues to successfully explore two additional projects at Obichnik and Makedontsi, potentially building out satellite projects for integration into a hub ‘n’ spoke development model.”
Quality Assurance / Quality Control
The work program at Rozino was designed and is supervised by Stuart A. Mills, CGeol, the Company‘s Vice-President Exploration, who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project rigorously collect and track samples which are then security sealed and shipped to ALS Global laboratory in Romania. Samples used for the results described herein are prepared and analyzed by fire assay using a 30-gram charge in compliance with industry standards. Field duplicate samples, blanks and independent controlled reference material (standards) are added to every batch. Drill intersections in this news release are calculated using a 0.2 g/t gold trigger, a minimum 0.5 g/t gold composite, and a maximum of 3 meters consecutive waste.
Velocity began exploring and drilling at Rozino in August 2017 and completed a Preliminary Economic Assessment in September 2018. The PEA provides a base case assessment of developing Rozino by open pit mining and on-site crushing, milling and simple flotation to produce a 30 g/t gold concentrate. The concentrate would then be trucked 85km on existing roads to the currently operating CIL plant where saleable gold doré would be produced. Mineralization remains open for expansion.
The Rozino gold deposit is located within the Tintyava Prospecting and Exploration Licence (PEL) (the “Tintyava Property”), which is one of several exploration projects located within an Exploration and Mining Alliance between Velocity and Gorubso-Kardzhali AD (“Gorubso”). Velocity, through its wholly owned subsidiary Kibela Minerals AD, holds a 70% interest in Tintyava Exploration EAD (“Tintyava Exploration”), a corporate joint venture company that holds the PEL, with Gorubso holding the remaining 30%.