Velocity Minerals drills six m of 7.25 g/t Au at Rozino
2021-07-20 09:28 ET - News Release
Mr. Keith Henderson reports
VELOCITY REPORTS ADDITIONAL DRILL RESULTS, ROZINO GOLD PROJECT, SOUTHEAST BULGARIA
Velocity Minerals Ltd. has provided an update on positive drill results from the Rozino gold project located in southeastern Bulgaria. Drilling at Rozino continues to discover significant gold mineralization adjacent to and underlying the deposit.
Drill results have been received from recent drilling and from sampling of previously unsampled drill core. Neither results are included within the Company's current Mineral Resource estimate for the Project, published in the Rozino prefeasibility study (see news release dated August 31, 2020) prepared pursuant to National Instrument 43-101 Standards of Disclosure for Minerals Projects ("NI 43-101").
Results from 10 new drill holes include 6 holes containing significant gold intersects, with highlights including RDD-233; 6.0m grading 7.25 g/t gold from 18.8m, and RDD-234; 7.0m grading 1.69 g/t gold, including 1.0m @ 10.35 g/t gold (Figure 1 & 2) (Table 1).
Sampling of previously unsampled drill core has returned intercepts from two drill holes with the potential to expand the mineralized envelope (Table 2), with highlights including drill hole RDD-085; 15.5m grading 1.75 g/t gold from 115.2m (Figure 3)
Drill hole IDFrom (m)To (m)Interval (m)Gold (g/t) RDD-232 15.60 17.60 2.00 1.86 RDD-233 18.80 24.80 6.00 7.25 RDD-234 90.80 97.80 7.00 1.69 including 96.80 97.80 1.00 10.35 RDD-239 3.00 15.80 12.80 0.96 Table 1: Significant intercepts from new drill holes at Rozino Drill hole IDFrom (m)To (m) Interval (m)Gold (g/t) RDD-085 115.20 130.70 15.50 1.75 RDD-113 47.30 53.30 6.00 2.54 Table 2: Significant intercepts from sampling of previously unsampled drill core at Rozino
The drill intersections disclosed in Tables 1 and 2 have not yet been included in a resource model and true thickness of mineralization has not yet been determined. Drill holes are designed to intersect mineralization perpendicular or close to perpendicular. Drill intersections in Table 1 are calculated using a 0.2 g/t gold trigger, a minimum 0.5 g/t gold composite, and a maximum of 3 metres consecutive waste. Drill intercepts that do not meet these criteria are excluded from the table. Complete lists of consecutive drill intercepts are listed on the Company's web site.
Prospecting License Appeal Update
Velocity also provides an update on the appeal by the Association for Agrarian and Ecological Projects (the "NGO") whereby the NGO sought to nullify the Tintyava prospecting and exploration license issued on February 28, 2017 (the "Tintyava License") by the Bulgarian government's Ministry of Energy (the "License Appeal") (see news releases dated April 27, 2021 and June 7, 2021).
On May 19, 2021, the Sofia City Administrative Court (the "Sofia Court") heard the License Appeal. Subsequent to the Hearing, the Sofia Court ruled to dismiss the License Appeal (the "Ruling"). The NGO had the right to appeal the Ruling to the Supreme Administrative Court of Bulgaria within 14 days from the date of delivery of the Ruling to the parties. The Ruling was not appealed within this time, and consequently the Ruling has now been entered into effect.
Quality Assurance / Quality Control
The work program is designed and supervised by Stuart A. Mills, BSc, MSc, 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 at ALS' Romanian laboratory. A sample split of the milled material from the Rozino basement-hosted drill program is shipped to ALS' Irish laboratory for multi-element analysis using an inductively coupled mass spectrometer. Field duplicate samples, blanks and independent controlled reference material (standards) are added to each batch of samples. All 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 metres 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 NI 43-101 and the Company's Vice President Exploration. Mr. Mills is not independent of the Company.
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