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Velocity Minerals Files Updated Technical Report at Obichnik Gold Project, Southeast Bulgaria
VANCOUVER, British Columbia, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Company”) reports that it has filed an upd
About this update from Velocity Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Dec. 08, 2021 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Company”) reports that it has filed an updated National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) technical report for the Durusu deposit at the Obichnik gold project (“Obichnik” or the “Project”), southeast Bulgaria (the “Updated Technical Report”). The Updated Technical Report incorporates an updated Inferred Mineral Resource estimate for the Project, and incorporates the results of recently completed metallurgical test-work, which indicates leach recoveries of approximately 95% for combined oxide and transitional material, and 96% for fresh / sulphide material. The Updated Technical Report entitled “NI 43-101 Technical Report Exploration and Mineral Resource Estimation for the Obichnik Property, Republic of Bulgaria” is dated December 8, 2021 and has an effective date of December 6, 2021, and was prepared by Jonathon Abbott, BASc, MAIG. The Updated Technical Report is available on the Company’s SEDAR profile at www.sedar.com and on the Company’s website at www.velocityminerals.com. The Updated Technical Report updates and replaces the previous technical report for the Project dated March 20, 2021 (the “March 2021 Report”). Resource Estimate Methodology and Assumptions Recoverable resources were estimated for the Durusu Zone at Obichnik using Multiple Indicator Kriging (“MIK”) with block support adjustment, a method that has been demonstrated to provide reliable estimates of recoverable open pit resources in gold deposits of diverse geological styles. The resource estimates include a variance adjustment to give estimates of recoverable resources above gold cut off grades for selective mining unit (“SMU”) dimensions of 5m east by 2m north by 2m in elevation. The variance adjustments were applied using the direct log-normal method. The estimates are based on data from diamond drilling undertaken by Velocity since 2019 and includes drilling information available on the 10th of February 2021 comprising 37 holes for 6,820m. Velocity’s diamond holes are inclined to the southwest at generally 50o at generally around 25m spacing along generally 50 m spaced traverses with rare closer spaced holes. Resource modelling incorporated two steeply northwest dipping mineralized doma...