Velocity Minerals Ltd. (VLC:TSX.V) on March 5 released a maiden resource for its Rozino Gold Project in Bulgaria. The company reported that at a 0.5 g/t cut-off grade, the resource totals 17 Mt at 1.15 g/t gold for 629,000 ounces of gold.
The company noted that "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 [Preliminary Economic Assessment]." Velocity stated that it expects to release the PEA in the second half of 2018, and that the PEA will contain an updated mineral resource estimate.
Stuart Mills, Velocity's vice president of exploration, stated, "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."
"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," Mills noted.
Read Gwen Preston's profile of Velocity Minerals here.
Disclosure:
1) Patrice Fusillo compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an employee. She or members of her household own shares of the following companies mentioned in this article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are sponsors of Streetwise Reports: None. Click here for important disclosures about sponsor fees. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with Velocity Minerals.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports' terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article, until one week after the publication of the interview or article. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own shares of Velocity Minerals, a company mentioned in this article.