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Velocity Minerals Ltd.
Summary
| Project: | Rozino | |
|---|---|---|
| Deposit: | Rozino | |
| Location: | Bulgaria | |
| Commodities: | Gold | |
| Date: | 5/13/2019 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 13-5-2019: Velocity Minerals Ltd. announces an Exploration/Drilling Update report for its Rozino deposit at the Rozino project. Drilling results incl. 8m @ 2.68g/t Au from 0.0m. Vancouver, British Columbia – Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” | |
| Resources: | (not mentioned in this report) | |
| 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 initial 11 drill holes completed at the Rozino gold deposit (“Rozino”), southeast Bulgaria (Table 1, Figure 1). Results are pending for an additional 8 drill holes from the planned 14,000m drill program. The Company has mobilized a second drill rig to the Rozino project, with a third due to arrive next month. Positive drill results from the 2019 program include drill hole RDD-073; 40.0m grading 0.73g/t gold and 24.0m grading 0.98g/t gold (including 10.0m grading 1.77 g/t gold). Drill hole RDD-074 intersected mineralization at only 3.9m from surface; 8.0m grading 2.68g/t gold. Drilling has focused on stepping out from the 460,000 ounces of total mined gold as outlined in the Company’s NI 43-101 Preliminary Economic Assessment (“PEA”) (see news release 17 September 2017 for details of PEA results and assumptions). Results from drill holes RDD-058 through RDD-061 all intersected mineralization outside of the PEA pit design (see news release 8 January 2019). Follow up resource expansion drilling in holes RDD-070 and RDD-071 intersected near-surface mineralization outside of the PEA design pit, expanding the resource base by a further 100m along strike to the southeast from previous drilling. Drilling in this area of the deposit is ultimately aiming to provide a single combined design pit. | |
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