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Velocity Minerals Receives Highly Anomalous Geophysical and Geochemical Results at the Obichnik Gold Project, Southeast Bulgaria
VANCOUVER, British Columbia, June 26, 2019 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Company”) announces that it has received p
About this update from Velocity Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, June 26, 2019 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Company”) announces that it has received positive results for recently completed geochemical soil sampling and ground magnetic surveys at the Obichnik gold project (“Obichnik” or the “Project”). Obichnik is one of the Company’s three near surface gold projects located in southeastern Bulgaria. The surveys have defined four priority drill targets, highlighting the prospective nature of the large permissive gold bearing system. Verification drill testing has commenced at Target 1 (Durusu Tepe) and drill holes will be utilized for geotechnical and hydrological studies. Gold Mineralization Model The Obichnik project is interpreted to be an intrusion-related gold and base metal mineralizing system containing structurally controlled epithermal gold prospects which sits within a large 2.5km x 1.5km alteration zone. Targets defined to date include two styles of mineralization. high-grade, near-surface epithermal gold mineralization related to structurally controlled silicification, hosted predominantly within volcanics. large-tonnage or bulk mineralization hosted within / adjacent to the intrusives that are the source of the epithermal gold mineralization. Historical drilling, geological mapping and surface rock sampling have identified steep, high-grade gold zones within the near surface epithermal environment which have not been explored at depth. No modern systematic exploration has been carried out at Obichnik consequently the targets are considered under-explored. The style of epithermal mineralization at Target 1 (Durusu Tepe) supports the potential for significant mineralization at depth. Positive Survey Results Ground magnetic and surface geochemical surveys highlight a large area of structurally controlled alteration with anomalous gold mineralization (Figure 1). Results from over 29 line km of ground magnetic survey conducted on 100m spaced lines delineates a number of structurally controlled corridors of relatively low magnetic intensity that are interpreted to result from the destruction of volcanic magnetite by intense gold bearing hydrothermal fluids. These magnetic lows correspond with four discrete gold in soil geochemical anomalies at Tar...