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Velocity Minerals Receives Positive Drill Results from Obichnik Discovery, Bulgaria
Highlights include:Drill Hole ODD-047: 9.0m @ 2.87 g/t gold VANCOUVER, British Columbia, Aug. 11, 2020 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSX.V: VLC) (
About this update from Velocity Minerals Ltd.
[{"type":"text","content":" Highlights include:Drill Hole ODD-047: 9.0m @ 2.87 g/t gold VANCOUVER, British Columbia, Aug. 11, 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”) and the Rozino gold deposit (“Rozino”). Velocity previously disclosed initial drill results from a single drill hole at the Sivri Tepe target at Obichnik (previous news release June 2, 2020). Results have been received for two additional drill holes with both intersecting significant gold mineralization. Mineralization is open and drilling is ongoing. Highlights include: At Obichnik, the Sivri Tepe drilling returned near-surface gold mineralization (Figure 1) including drill hole ODD-046; 9.0m grading 2.87 g/t gold. The discovery drill hole (ODD-045) intersected 3.6m grading 3.72 g/t gold close to surface. The Sivri Tepe target is approximately 400m west of the established Durusu Zone (Figure 2) where near-surface, high-grade mineralization has been defined over a strike length of 300m. The Sivri Tepe target has intersected near-surface mineralization in all drill holes completed to date (Table 1). Mineralization is open in all directions and drilling is ongoing. The drill program at Sivri Tepe is utilizing multiple geochemical and geophysical data sets, including a gold-in-soil anomaly measuring approximately 300m x 400m. Drill Hole From (m) To (m) Interval (m) Gold (g/t) ODD-045 5.8 9.4 3.6 3.72 ODD-045 22.0 24.9 2.9 0.51 ODD-046 36.1 40.8 4.7 0.92 ODD-046 44.1 53.1 9.0 2.87 ODD-047 14.5 30.5 16.0 0.74 Table 1: Significant Exploration Drill Results at Obichnik Project (Sivri Tepe target)The drill intersections disclosed here have not yet been included in a resource model and true thickness of mineralization has not yet been determined. Drill holes are designed to intersect mineralization perpendicular or close to perpendicular. Drill intersections are calculated using a 0.2 g/t gold trigger, a minimum 0.5 g/t gold composite, and a maximum of 3 metres consecutive waste. Results from ODD-045 were previously disclosed in news release dated June 2, 2020. At Rozino, drilling aimed at expanding the resource base to the south of the Prel...