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Velocity Minerals Commences 2019 Drill Program at Rozino Gold Deposit, Southeast Bulgaria
VANCOUVER, British Columbia, March 28, 2019 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Company”) announces that drilling and exp
About this update from Velocity Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, March 28, 2019 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Company”) announces that drilling and exploration activities at the Rozino gold deposit (“Rozino”), southeast Bulgaria, have resumed and are ongoing as planned (previous news release March 1, 2019). Several drill holes have been completed and the first results from the 2019 drill program are expected in the coming weeks. A total of 12,000m to 14,000m of drilling is planned to be completed at Rozino, which will include exploration drilling to expand the resource base as well as resource definition and infill drilling. The drill program includes both exploration drilling and infill drilling aimed at increasing the existing mineral resource base (previous news release dated September 17, 2018) and improving resource definition. The Rozino drill program is also intended to support additional metallurgical and comminution studies as well as hydrogeological and geotechnical work, all of which will be carried out in parallel. Environmental data collection is ongoing and will continue. The Company plans to complete an additional 1,000m of drilling regionally to begin testing structural targets located close to the Rozino deposit. It is anticipated that discoveries within several kilometres of the Rozino deposit could potentially add value by utilizing common infrastructure. Stock Option Grant The Company also announces that it has granted 925,000 common share stock options (each, an \"Option\") to various employees and consultants of the Company and its affiliates. The Options entitle the holder to purchase shares at a price of $0.28 per share for a period of 24 months from the issue date. 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. About Velocity Minerals Ltd. Velocity is a gold exploration and development company focused on Bulgaria. The Company envisions staged open pit mining of satellite deposits and processing in a central, currently operating carbon-in-leach (“CIL”) plant. The Company’s management and board includes mining ind...