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Drill Results Provided by Velocity for its Rozino Gold Project

Velocity Minerals Ltd. reports that it has received drill results for an extra 12 drill holes finished at the Rozino gold deposit, southeast Bulgaria. Drilling of the 14,000 m program is ongoing with drill hole RDD-102 in progress. Owing to the ongoing positive drill results, a third drill rig is being organized to site and is predicted to reach before month-end.

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 present infill and expansion drill program continues to expand and spread potentially open-pittable mineralization as currently prescribed in the Company’s NI 43-101 September 2018 Preliminary Economic Assessment. Mineralization presently stays open for expansion.

Expansion drilling returned worthy results and continuity further than PEA Base Case pit design. Exploration for extra mineralization directed by soil geochemistry, trenching, and mapping continues alongside with the infill resource drilling.

Highlights include:

  • Drill hole RDD-079, which has two near surface broad gold intervals and shows that mineralization remains open to the north of the presently defined zone. The upper intersection starts at surface (1.8 m); 36.4 m grading 0.66 g/ton gold including 15.0 m grading 1.29 g/ton gold from surface. The lower intersection starts at 48.2 m; 61.2 m grading 0.77 g/ton gold, including 15.0 m grading 1.73 g/ton gold. Drill results for earlier drill hole RDD-016 also revealed the continuity of mineralization presently developing in this portion of the deposit.
  • Drill hole RDD-082 intersected 14.0 m grading 1.96 g/ton gold in an area between two pits. This intersection is near the surface, commencing at a depth of just 5.2 m and is expected to help link the mineralized envelope between the two PEA Base Case pit designs.
  • Drill hole RDD-085 intersecting 32.4 m grading 0.96 g/ton gold from surface, including 14.0 m grading 1.8 g/ton gold. Mineralization is seen towards the north and this drill result will require extra drill testing to establish the boundaries of the mineralized envelope.

Quality Assurance/Quality Control

The work program at Rozino was put together and is overseen by Stuart A. Mills, CGeol, the Company's Vice-President Exploration, who is accountable for all facets of the work, including the quality control/quality assurance program.

On-site personnel at the project meticulously gather and track samples, which are then security sealed and transported to ALS Global laboratory in Romania. Samples used for the results defined here are prepared and examined by fire assay using a 30-gram charge in adherence to industry standards.

Field duplicate samples, blanks and independent controlled reference material (standards) are incorporated to every batch. Drill intersections in this press release are measured using a minimum 0.5 g/ton gold composite, a 0.2 g/ton gold trigger, and a maximum of 3 m consecutive waste.

Qualified Person

The technical content of this press release has been ratified 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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