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Velocity Minerals Ltd.
Summary
| Project: | Rozino | |
|---|---|---|
| Deposit: | Rozino | |
| Location: | Bulgaria | |
| Commodities: | Gold | |
| Date: | 3/6/2018 | |
| Report Code: | NI43-101 | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing PEA | |
| Report details: | 6-3-2018: Velocity Minerals Ltd. announces a Resource Estimation report for its Rozino deposit at the Rozino project. Initial Resource announced for the project. Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Company”) announces that it h | |
| Resources: | (Resource): 17Mt @ 1.15g/t Au with 629000oz contained (Inf.) | |
| CP/QP: | [Resources]: Jonathon Abbott (MPR Geological Consultants Pty Ltd.) | |
| ABSTRACT: | Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Company”) announces that it has received Inferred Resource estimates for the Rozino gold deposit (“Rozino” or the “Project”), southeast Bulgaria. The estimates based on 2m down-hole composited gold assay grades are reported for a range of cut off grades (Table 1). The Company plans to publish a Preliminary Economic Assessment (“PEA”) in the second‐half of 2018, which will include an updated Mineral Resource estimate. The current resource estimate is based on approximately 7,500 m of diamond drilling and the Company continues to drill test the system and expects to complete approximately 5,000m of further drilling before initiating a PEA. “We are a little over half‐way through our planned drilling at Rozino, which will bring us to a planned PEA later in 2018. On completion of the PEA, the Company will earn a 70% stake in the Project. The results of this resource are excellent and keep us on track to deliver our PEA within one year of the drill start,” stated Stuart Mills, Velocity’s Vice‐President Exploration. “Having started drilling in late July 2017, we have moved quickly to get to this interim resource estimate in just over 7 months. Our stated objective has always been to define potentially open‐pittable resources and defining 90% of resources within 110m of surface is consistent with that goal.” | |
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