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Velocity Minerals Ltd.
Summary
| Project: | Obichnik | |
|---|---|---|
| Deposit: | Durusu Tepe | |
| Location: | Bulgaria | |
| Commodities: | Gold | |
| Date: | 7/15/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 15-7-2019: Velocity Minerals Ltd. announces an Exploration/Drilling Update report for its Durusu Tepe deposit at the Obichnik project. Drilling results incl. 43.4m @ 3.89g/t Au from 22.1m. Vancouver, British Columbia – Velocity Minerals Ltd. (TSXV: VLC) ( | |
| 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 initial drill results for Target 1 (Durusu Tepe) at the Obichnik gold project (“Obichnik”), Bulgaria (Table 1, Figures 1). In addition, outcrop associated with intrusion-related gold mineralization was discovered at Target 3 (Adren). The Obichnik project is interpreted to be an intrusion-related gold and base metal mineralizing system containing numerous structurally controlled epithermal gold prospects, hosted within a large 2.5km x 1.5km alteration zone. Results confirm the presence of both high-grade epithermal gold AND potential bulk tonnage intrusion related gold mineralization. Two significant, high-grade intersects were returned from drill hole ODD-001 (Table 1). The upper, nearsurface drill intersection returned 43.4m grading 3.89g/t gold, including 19.9m grading 7.87g/t gold (Figure 1). The lower drill intersection returned 27.5m grading 1.24g/t gold, including 12.5m grading 2.40g/t gold. True widths for the upper and lower intersections are estimated at 35.6m and 22.5m respectively. The gold mineralization is associated with intensely silicified volcanics within a package of strong phyllic alteration with the entire rock mass oxidized except for small pockets of remnant sulphide mineralization. Mineralization appears to be best developed within coarser grained volcanics; however, there is a strong structural control striking broadly east – west and dipping steeply to the north. | |
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