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Velocity Minerals Receives Drill Results for Initial 11 Drill Holes Completed at the Rozino Gold Deposit

Velocity Minerals Ltd. has announced the receipt of drill results for the initial 11 drill holes carried out at the Rozino gold deposit, southeast Bulgaria.

Map showing Velocity drill holes and highlights at Rozino as well as drill holes for which results are pending. (Image credit: Velocity Minerals Ltd)

The outcomes are pending for an extra eight drill holes from the intended 14,000 m drill program. The Company has delivered a second drill rig to the Rozino project, with a third due to be delivered in the following month.

Positive drill outcomes from the 2019 program comprise of drill hole RDD-073—40.0 m grading 0.73 g/t gold and 24.0 m grading 0.98 g/t gold (including 10.0 m grading 1.77 g/t gold). Drill hole RDD-074 intersected mineralization at just 3.9 m from the surface—8.0 m grading 2.68 g/t gold.

Drilling is aimed at coming out from the 460,000 ounces of the total mined gold as delineated in the Company’s NI 43-101 Preliminary Economic Assessment.

Outcomes from drill holes RDD-058 through RDD-061 all intersected mineralization beyond the PEA pit design. Further resource expansion drilling in holes RDD-070 and RDD-071 intersected near-surface mineralization exterior to the PEA design pit, extending the resource base by a further 100 m along strike to the southeast from prior drilling. Drilling in this region of the deposit is eventually targeting to offer a single combined design pit.

Quality Assurance/Quality Control

The work program at Rozino was developed and is managed by Stuart A. Mills, CGeol, the Company’s Vice-President Exploration, who is responsible for all phases of the work, including the quality control/quality assurance program. On-site personnel at the project strictly gather and monitor samples, which are subsequently security sealed and transported to ALS Global laboratory in Romania.

Samples used for the outcomes explained in this news release are prepared and analyzed by fire assay using a 30-g charge in accordance with industry standards. Blanks, field duplicate samples, and independent controlled reference material (standards) are incorporated in every batch. Drill intersections here are estimated using a minimum 0.5 g/t gold composite, a 0.2 g/t gold trigger, and a maximum of 3 m consecutive waste.

The drill intersections revealed in this news release are yet to be included in a resource model and the true thickness of mineralization is not still determined. Drill holes are developed to intersect mineralization perpendicular or near perpendicular.

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