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Velocity Minerals Ltd.
Summary
| Project: | Obichnik | |
|---|---|---|
| Deposit: | Durusu, Mryanka, Adren | |
| Location: | Bulgaria | |
| Commodities: | Gold | |
| Date: | 12/12/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 12-12-2019: Velocity Minerals Ltd. announces an Exploration/Drilling Update report for its Durusu, Mryanka, Adren deposit at the Obichnik project. Drilling results incl. 10.2m @ 2.55g/t Au from 85.0m. Vancouver, British Columbia – Velocity Minerals Ltd. ( | |
| Resources: | x | |
| CP/QP: | [Overall Report]: Stuart A. Mills (Internal) | |
| ABSTRACT: | Vancouver, British Columbia – Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Company”) announces that it has received drill results for the Durusu, Mryanka and Adren targets at the Obichnik Gold Project (“Obichnik”), Bulgaria (Tables 1 & 2, Figures 1 - 4). The Obichnik project is interpreted to be an intrusion-related gold and base metal mineralizing system containing both near surface high-grade sub-epithermal gold targets (Figure 1) and deeper bulk tonnage porphyry gold potential, hosted within a large 2.5km x 1.5km surface alteration zone. Initial drilling at Durusu included 43.4m @ 3.89g/t gold from drill hole ODD-001 (previous news release, NR19-14). Current step out drilling at Durusu has continued to extend mineralization over a strike length of more than 250m and the mineralization remains open to the east and west. Velocity is continuing to expand and define the gold resources at Durusu and will vector towards deeper porphyry gold targets at Durusu and Mryanka. Preliminary mineralogical studies indicate gold mineralization occurred within a deep epithermal to sub-epithermal mineralizing environment and the Company intends to test the depth extensions of this structurally controlled gold, beginning with two deeper drill tests in early 2020. The gold in soil anomaly at the Sivri target remains untested. | |
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