Velocity Minerals drills 30.8m of 1.55 g/t Au at Rozino
2018-03-01 09:32 ET - News Release
Mr. Keith Henderson reports
VELOCITY SOLIDIFIES EAST ZONE DISCOVERY AT ROZINO GOLD PROJECT, SOUTHEAST BULGARIA
Velocity Minerals Ltd. has received the first assay results of the 2018 drill program. Positive results from drill hole RDD-044 include 30.8m grading 1.55g/t gold from surface and 66.5m grading 1.32g/t gold (Figure 1, Table 1).
Drill hole RDD-044 stepped 50m southeast from previous drill hole RDD-040, which intersected 144.7m grading 1.52 g/t gold (Figure 1). Results are pending from an additional 5 drill holes that have been completed at East Zone and the Company continues to drill.
"Last years' drill hole RDD-040 discovered East Zone and was the thickest intersection of gold mineralization at Rozino to date. All drilling since then has been focused in and around East Zone and all drill holes have returned significant intersections of gold mineralization," stated Keith Henderson, Velocity's President and CEO. "Drill hole RDD-044 is the first from the 2018 drill program and has started off the year's work with approximately 95 meters of near-continuous mineralization from surface."
Table 1: Highlights from drill hole RDD-044 Drillhole From (m) To (m) Thickness (m) ^Gold (g/t) RDD-044 1.4 32.2 30.8 1.55 including 3.4 19.9 16.5 2.40 and 36.3 102.8 66.5 1.32 including 61.9 68.9 7.0 4.88 including 73.9 85.8 12.0 1.91 ^ The current exploration model has not had sufficient drill testing to be able to determine true thickness of mineralization.
Quality Assurance / Quality Control
The work program at Rozino was designed and is supervised by Stuart A. Mills, CGeol, the Company's Vice-President Exploration, who is responsible for all aspects of the work, including the quality control/quality assurance program. On-site personnel at the project rigorously collect and track samples which are then security sealed and shipped to ALS Global laboratory in Romania. Samples used for the results described herein are prepared and analyzed by fire assay using a 30-gram charge in compliance with industry standards. Field duplicate samples, blanks and independent controlled reference material (standards) are added to every batch. Drill intersections in this news release are calculated using a 0.2 g/t gold trigger, a minimum 0.5 g/t gold composite, and a maximum of 3 meters consecutive waste.
Qualified Person
The technical content of this release has been approved for disclosure by Stuart A. Mills, BSc, MSc, CGeol, a Qualified Person as defined by National Instrument 43-101 and the Company's Vice President Exploration. Mr. Mills is not independent of the Company.
About Velocity Minerals Ltd.
Velocity is a gold exploration and development company focused on eastern Europe. The Company's management and board includes mining industry professionals with over 100 years of combined experience spanning Europe, Asia, and the Americas as employees of major mining companies as well as founders and senior executives of junior to mid-tier public companies. The team's experience includes all aspects of mineral exploration, resource definition, feasibility, finance, mine construction and mine operation as well as a track record in managing publicly listed companies.
The Company's portfolio of advanced gold exploration assets is currently in Bulgaria, which is a member of the European Union (2007) and an attractive destination for mining investment. The country's mining law was established in 1999 and updated in 2011. Mining royalties are low and compare favourably with more established mining countries like Canada, Peru and Chile. Bulgaria also boasts a corporate tax rate of only 10% and the country's education system has yielded a good availability of experienced mining professionals in a favourable cost environment. Foreign mining companies are successfully operating in Bulgaria.
Velocity Minerals has entered into an Exploration and Mining Alliance ("Alliance") with Gorubso Kardzhali A.D. ("Gorubso'), an established and respected mining company in Bulgaria. Gorubso currently operates the underground Chala Gold Mine (2006) and the Kardzhali Carbon In Leach (CIL) processing plant (2011), which produces gold dore. The Alliance outlines the scope of a broad partnership that includes an option to earn a 50% beneficial interest in the Chala Mine, access to Gorubso's gold processing plant in Kardzhali, and the ability for Velocity to option any or all of Gorubso's exploration properties.
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