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Velocity Enters into Option Agreement to Acquire 75% Interest in the Kalabak Gold - Copper Property in Bulgaria
Underexplored property proximal to Ada Tepe gold mine and Rozino gold deposit Vancouver, British...
About this update from Velocity Minerals Ltd.
[{"type":"text","content":"Velocity Enters into Option Agreement to Acquire 75% Interest in the Kalabak Gold - Copper Property in BulgariaUnderexplored property proximal to Ada Tepe gold mine and Rozino gold depositVancouver, British Columbia--(Newsfile Corp. - August 9, 2023) - Velocity Minerals Ltd. (TSXV: VLC) (OTCQB: VLCJF) (\"Velocity\" or the \"Company\") announces that it has entered into a letter agreement with Zelenrok EOOD, a wholly-owned subsidiary of Raiden Resources Limited (collectively with Zelenrok, \"Raiden\"), whereby Velocity has been granted an exclusive option to acquire a 75% interest (the \"Option\") in and to the prospecting and exploration license covering the Kalabak gold-copper property (\"Kalabak\" or the \"Property\"), located in southeastern Bulgaria. To exercise the option, Velocity must complete 5,000m of drilling and a Mineral Resource estimate prepared in accordance with National Instrument 43-101 (\"NI 43-101\"), over a five-year period.Kalabak Property HighlightsUnder-explored property, located in a highly prospective gold mineral beltPotential for epithermal gold-silver and porphyry copper-gold depositsHistorical drilling is limited and focused only on one prospectLocation and Regional SettingThe Kalabak property is located approximately 10 kilometres north of Dundee Precious Metals Ada Tepe operating open pit mine (4.26 Mt at 4.8 g/t Au)1 and 6 kilometres northwest from Velocity's Rozino deposit (11.8 Mt at 1.22 g/t gold)2. The host stratigraphy at Ada Tepe and Rozino is preserved over a 10 kilometres strike length at Kalabak and represents a compelling regional target for sediment hosted epithermal gold-silver mineralization. Historical exploration completed by Raiden, including field mapping and sampling, confirmed the presence of a porphyry mineralizing environment. Additionally, three new structural zones with mineralization and vein textures are described which indicate an epithermal environment similar to that observed at Ada Tepe and Rozino.The Kalabak prospecting license is located within a prolific epithermal and porphyry belt hosting gold and base metals (Figure 1 and 2), which transects southeastern Bulgaria, Northern Greece and western Turkey. The property area covers Eocene to Oligocene gold-dominated magmatic mineralizing systems hosted within volcano-sedimentary pull-apart basins and underlying basement...