- Velocity Minerals (VLC) has identified a new high-grade gold zone at its Obichnik Project in southeastern Bulgaria
- Dubbed the Premka discovery, it was discovered during ongoing drilling work for which a number of promising results have been received
- Two holes intersected the new zone, which returned 6 metres at 15.8 grams per tonne of gold and 76.72 grams per tonne of silver, and 7.7 metres at 0.92 grams per tonne of gold and 53.76 grams per tonne of silver
- Step-out drilling is now underway to test the potential strike extensions of the new zone
- Velocity Minerals (VLC) is currently up 2.22 per cent to C$0.46 per share
Velocity Minerals (VLC) has identified a new high-grade gold zone at its Obichnik Project in southeastern Bulgaria.
The discovery was made during ongoing drilling work at the project for which a number of promising results have already been received.
Two holes intersected the new zone, which has been dubbed the Premka discovery, and additional step-out drilling is now underway to test potential strike extensions, as well as the down-dip and up-dip extensions of the intersects.
Drill hole ODD-063 returned six metres at 15.8 grams per tonne of gold and 76.72 grams per tonne of silver, including two metres at 37.98 grams per tonne of gold and 165.5 grams per tonne of silver.
Drill hole ODD-061, on the other hand, returned 7.7 metres at 0.92 grams per tonne of gold and 53.76 grams per tonne of silver, including 1 metre at 4.04 grams per tonne of gold and 331 grams per tonne of silver.
Keith Henderson, President and CEO of Velocity Minerals, said noted that the high-grade mineralisation is very encouraging, and that there will be more drilling to be completed at the zone.
“The new Premka discovery has been tested by just two drill holes so far, both of which are strongly mineralised.
“Gold mineralisation is associated with mapped silica alteration, which has yet to be tested to the east and west,” he added.
According to an agreement signed with Gorubso Kardzhali AD in June 2019, Velocity has an option to earn a 70 per cent interest in the Momchil property, which includes the Obichnik gold project, by delivering a mineral resource estimate and an environmental assessment report.
Velocity Minerals (VLC) is currently up 2.22 per cent to C$0.46 per share at 12:00pm EST.