Moving in right direction Velocity Soil Sampling Identifies Three New Targets for Ongoing Resource Expansion Drilling at Rozino Gold Project, Bulgaria
VANCOUVER, British Columbia, Dec. 10, 2018 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Company”) announces that it has received positive results from detailed soil sampling undertaken at the Rozino gold project (“Rozino”), located in Bulgaria.
“Soil sampling results have defined three new high priority drill targets located adjacent to the pits outlined in the Rozino Preliminary Economic Assessment. Prior to this work, the entire sampled area was only drill tested by a single vertical drill hole completed by the Bulgarian state during the 1980’s,” stated Keith Henderson, Velocity’s President & CEO. “This historical drill hole was collared in what we can now see is a geochemically dead zone located between three very compelling soil anomalies.”
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/7c593395-159f-4f6c-ab1e-ff956b651d36
Soil Sampling Survey Details
A detailed soil sampling program (25 x 25m offset grid) extended previous detailed sampling (50 x 20m grid) over an historical regional soil anomaly (200 x 200m). The new soil sampling grid covers an area previously mapped as the basement margin adjacent to the Rozino deposit. The soil survey has helped to define the geology where outcrop is poor and more specifically has led to modifications in the basement contact and definition of a felsic bearing unit within the basement. Velocity’s drilling has previously returned potentially economic intersects (6.9m @ 1.06g/t gold) from these felsic bearing basement rocks, elsewhere in the Rozino deposit.
The results indicate 3 significant multi-point anomalies greater than 500ppb gold in soils that warrant early drill testing. Targets 1 & 2 are located within the felsic bearing basement with peak gold in soil anomalies up to 1.8g/t. Target 3 is located at the revised basement contact and this contact zone is host to potentially economic intersects within the Rozino deposit.
Next Steps
Velocity’s step-out drilling program at Rozino is ongoing with 6 drill holes completed to date. If it is possible to quickly create road access to this new area, the Company intends to complete an initial drill test on at least one of these targets before year-end.
Quality Assurance and 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. A total of 693 sieved samples (>1kg -1mm) were collected for shipment together with 20% blank samples for low temperature drying and sieving to 180µ, before shipping a 25g split to ALS laboratories in Ireland for Aqua Regia digest and ICP-MS finish to determine gold plus 39 multi-elements.
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.