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Velocity Minerals Discovers New High-Grade Gold Zone at Obichnik Gold Project, Bulgaria
Highlights include: Drill hole ODD-063; 6.0m at 15.80 g/t gold and 76.72 g/t silver incl. 2.0m at 37.98 g/t gold and 165.50 g/t silver Provides Update on Sedefc
About this update from Velocity Minerals Ltd.
[{"type":"text","content":" Highlights include: Drill hole ODD-063; 6.0m at 15.80 g/t gold and 76.72 g/t silver incl. 2.0m at 37.98 g/t gold and 165.50 g/t silver Provides Update on Sedefche Project VANCOUVER, British Columbia, Nov. 03, 2020 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSX.V: VLC) (“Velocity” or the “Company”) announces receipt of results for additional drill holes at the Obichnik gold project (“Obichnik”) in Bulgaria. Results have been received for 16 drill holes, including two drill holes at the new high-grade Premka discovery. Mineralization is open and drilling is ongoing. Premka Discovery, Obichnik Highlights at the new Premka zone include drill hole ODD-063; 6.0m grading 15.80 g/t gold & 76.72 g/t silver (including 2.0m at 37.98 g/t gold & 165.50 g/t silver). Drill hole ODD-061 intersected 7.7m at 0.92 g/t gold and 53.76 silver (including 1.0m at 4.04 g/t gold and 331.00 g/t silver). A program of step out drilling is in progress on the strike extensions including testing the down dip and up dip extensions to the intersects. “The new Premka discovery has been tested by just two drill holes so far, both of which are strongly mineralized. Gold mineralization is associated with mapped silica alteration, which has yet to be tested to the east and west. The high-grade nature of the gold mineralization is very encouraging and there is more drilling to do at this target,” stated Keith Henderson, Velocity’s President & CEO. “We remain focused on building a multi-asset gold production profile in Bulgaria with a ‘Hub & Spoke’ development strategy. With the recent positive prefeasibility at the Rozino project, we continue to advance our exploration drill programs for resource expansion and definition at Rozino as well as the Obichnik, Makedontsi and Iglika projects.” Sedefche Project Having completed due diligence at the Sedefche project, including approximately 5,500m of exploration drilling, the Company has elected not to exercise its option to acquire a 70% interest. As consideration for executing a relinquishment agreement, Velocity has received a cash payment of $1.5 million from Gorubso Kardzhali AD reimbursing Velocity’s actual exploration investment plus 20%. Drill hole ID From (m) To (m) Interval (m) Gold (g/t) Silver (g/t) Zone ODD-048 20.1 23.6 3.5 0.60 0.49 Sivri ...