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Velocity Minerals Ltd.
Summary
| Project: | Rozino | |
|---|---|---|
| Deposit: | Rozino | |
| Location: | Bulgaria | |
| Commodities: | Gold | |
| Date: | 9/17/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | PEA | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 17-9-2018: Velocity Minerals Ltd. announces a PEA report for its Rozino deposit at the Rozino project. PEA results incl. post-tax NPV of US $129M (5%), IRR of 33.1%. Vancouver, British Columbia – Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Comp | |
| Resources: | (Resource, Inf.): 13Mt @ 1.37g/t Au for 573Koz Au contained | |
| CP/QP: | [Resources]: Johnathan Abbott (MPR Geological Consultants Pty Ltd.) | |
| ABSTRACT: | Vancouver, British Columbia – Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Company”) announces the results of an independent Preliminary Economic Assessment (“PEA”) on its Rozino gold project (“Rozino” or the “Project”) located in southeast Bulgaria. The PEA provides a base case assessment of developing the Project by open pit mining and gold recovery by a combination of on-site preconcentration in a flotation plant (“Flotation Plant”) and further processing in an existing operating carbon-in-leach plant (“CIL Plant”) located in Kardzhali, 85km by road from Rozino. Saleable gold doré will be produced at Kardzhali. The PEA financial model returns an after-tax NPV5% of $129 million and an after-tax internal rate of return (“IRR”) of 33.1%. Rozino is located within the Tintyava prospecting license, an exploration property in which Velocity has an exclusive right to acquire a 70% interest by delivering the PEA report to the underlying property owner, Gorubso Kardzhali A.D. (“Gorubso”), in the coming weeks. “We have achieved our goal of advancing Rozino from discovery and exploration drilling through to this positive economic assessment in just over one year. On delivery of the PEA, the Company will have earned its 70% interest in the Project and will move forward towards a prefeasibility study in joint venture with our partner Gorubso,” commented Keith Henderson, Velocity’s President & CEO. “We believe that there is significant potential for resource expansion at Rozino and additional exploration drilling is expected to be completed over the coming months in tandem with infill drilling of the existing mineral resource.” Mr. Henderson continued, “The work completed at Rozino represents an important first step in Velocity’s strategy to explore and develop multiple satellite deposits for processing in the existing centrally located CIL Plant. The Company is completing due diligence on other advanced properties located within the exploration and mining alliance area, with a view to earning 70% interests through additional option agreements with Gorubso. The aim is to build a multi-asset production profile that maintains annual production of more than 100,000 ounces of gold over a period in excess of 10 years.” | |
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