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Velocity Minerals Options Iglika Gold-Copper Project, Southeast Bulgaria
VANCOUVER, British Columbia, July 08, 2020 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSX.V: VLC) (“Velocity” or the “Company”) announces that it has executed
About this update from Velocity Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, July 08, 2020 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSX.V: VLC) (“Velocity” or the “Company”) announces that it has executed a letter agreement with Balkan Mineral Development OOD (the “BMD”) for an exclusive option (the “Option”) to acquire a 100% interest in the 105 km2 Iglika gold-copper property (“Iglika” or the “Property”), located in southeastern Bulgaria. The project is located in the westernmost portion of the prolific Tethyan belt that transects Bulgaria and hosts a number of epithermal gold and porphyry copper-gold mineral deposits and operating mines. Iglika Project Highlights Under-explored property, located in a highly prospective precious and base metal mineral belt Potential for both epithermal gold and porphyry copper deposits Existing surface geochemistry and multiple drill-ready targets Comports well with Velocity’s “Hub and Spoke” exploration and development strategy - located close to Velocity’s portfolio of advanced gold projects in southeast Bulgaria Priority Targets and Planned Exploration Velocity will be principally targeting epithermal gold systems with surface exploration and drill testing - several drill targets exist on the large property package (Figure 2). Geophysical surveys will be undertaken on the copper porphyry targets in order to determine the best path forward. Lalkovo – Epithermal gold target - historical exploration trenching returned 40.7m grading 1.18 g/t gold. A single drill hole in this area intersected 6.5m grading 1.02 g/t gold. Planned work includes soil sampling, geophysics and drilling. Voden – Epithermal gold target with abundant anomalous surficial rock samples, including grab samples up to 9.56 g/t gold and trench sampling up to 4m grading 1.31 g/t gold. No prior drill testing, planned work includes soil sampling, geophysics and drilling. Koruba – Outcropping porphyry copper mineralization with associated large untested copper anomaly. The target is untested by drilling and planned work includes geophysics. Sharkovo – Porphyry target defined by an extensive magnetic anomaly under recent cover. Planned work includes geophysics. Iglika - Approximately 42,000m of historical drilling has been completed on the Iglika property, most of which was focused on the Iglika copper-gold skarn deposit, which is not of im...