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Velocity Minerals Ltd.
Summary
| Project: | Rozino | |
|---|---|---|
| Deposit: | Rozino | |
| Location: | Bulgaria | |
| Commodities: | Gold | |
| Date: | 9/13/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing PEA | |
| Report details: | 13-9-2018: Velocity Minerals Ltd. announces an Exploration/Drilling Update report for its Rozino deposit at the Rozino project. Drilling results incl. 1.0m @ 48.60g/t Au from 41.8m. Vancouver, British Columbia – Velocity Minerals Ltd. (TSXV: VLC) (“Veloci | |
| Resources: | (not mentioned in this report) | |
| CP/QP: | [Overall Report]: Stuart Mills (Internal) | |
| ABSTRACT: | Vancouver, British Columbia – Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Company”) announces that it has received initial positive drill assay results from underground exploration drilling at the operating Chala Gold Mine (“Chala”). Priority drill target Zone 8A has been tested by three drill rings drilled on 50m centres to the west of existing underground development (Figure 1). Drill results at Target Zone 8A return gold intersections and consistency of grade both vertical and lateral to the gold bearing vein mineralization currently being exploited at Chala. Velocity, through its Bulgarian partner Gorubso Kardzhali A.D. (“Gorubso”), has negotiated an option to earn a 50% interest in the Chala Mine by incurring $1million in exploration expenditures. Target Zone 8A has not been mined historically and no systematic exploration has been undertaken in this area. Previous exploration is limited to sparse, pre-Gorubso surface drilling, when modern drilling technology and bore hole survey were not available. Velocity drilling at Zone 8A identified the potential continuation of gold vein material in “The Gap” zone, a zone previously considered to be unmineralized (Figure 1). Drilling continues to the southwest where similar vein material has been drilled and sampled with results pending. If the results are positive, Velocity will have identified a vein target with a strike length in excess of 250m that is potentially exploitable utilizing the current Gorubso infrastructure. Further drilling of this discovery is required to better define its grade and distribution and this work will form part of an infill drill program slated for completion by year end. Results from the drill holes on Cross Section 1 (Figure 2) returned the highest grade results to date. Diamond drill hole CUD-002 intersected 1.0m grading 48.6g/t gold (estimated true width 0.95m). This is interpreted to be the continuation of the gold bearing vein currently being exploited by Gorubso approximately 50m to the east. Fan drilling from the same drill cuddy, intersected the vein 50m below, CUD-004 intersected 4.7m grading 1.95g/t gold (estimated true width 1.85m) (Figure 2). Drilling at Zone 8A from a cuddy located 50m to the southwest on Cross Section 2 (Figure 3) intersected the same vein zone returning two significant intersects; CUD-013 intersected 1.4m grading 5.62 g/t gold (estimated true width 1.37m) and CUD-015 intersected 2.2m grading 5.92 g/t gold (estimated true width 1.71m). Results are pending for a third intersection at depth on this cross section. The continuation of the target zone has been drilled a further 50m and 100m to the southwest and has intersected vein material in the on-strike position of veins in Zone 8A, results are pending. | |
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