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Velocity Minerals Reports Maiden Resource at Rozino Gold Project, Southeast Bulgaria
Inferred Resource at 0.5g/t gold cut-off grade17Mt @ 1.15g/t gold for 629,000 ounces Mineralization remains open for expansion VANCOUVER, British Columbia, Marc
About this update from Velocity Minerals Ltd.
[{"type":"text","content":" Inferred Resource at 0.5g/t gold cut-off grade17Mt @ 1.15g/t gold for 629,000 ounces Mineralization remains open for expansion VANCOUVER, British Columbia, March 05, 2018 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSX-V:VLC) (“Velocity” or the “Company”) announces that it has received Inferred Resource estimates for the Rozino gold deposit (“Rozino” or the “Project”), southeast Bulgaria. The estimates based on 2m down-hole composited gold assay grades are reported for a range of cut off grades (Table 1). Highlights include: 17Mt @ 1.15g/t gold for 629,000 ounces at 0.5g/t cut-off grade; and 8.2Mt @ 1.68g/t gold for 443,000 ounces at 0.8g/t cut-off grade; Estimated resources extend to the base of mineralized drilling at around 190m depth, with around 90% of estimates from depths of less than 110m and less than 1% from below 150m; and The mineralized system remains open for expansion and drill testing is ongoing. The Company plans to publish a Preliminary Economic Assessment (“PEA”) in the second-half of 2018, which will include an updated Mineral Resource estimate. The current resource estimate is based on approximately 7,500 m of diamond drilling and the Company continues to drill test the system and expects to complete approximately 5,000m of further drilling before initiating a PEA. Table 1: Rozino Inferred Mineral Resource Estimate, effective date March 1, 2018(1) Cut Off Grade Tonnes Gold Gold gold g/t million g/t ,000 ounces 0.2 45 0.62 897 0.3 30 0.81 781 0.4 22 0.98 693 0.5 17 1.15 629 0.6 13 1.32 552 0.7 10 1.50 482 0.8 8.2 1.68 443 0.9 6.8 1.86 407 1.0 5.7 2.03 372 1.2 4.2 2.37 320 1.5 2.9 2.84 265 (1) Mineral resources were estimated by Jonathon Abbott, a member of the Australian Institute of Geoscientists and employee of MPR Geological Consultants Pty Ltd of Perth, Australia. Mr. Abbott is a Qualified Person, as defined by National Instrument 43-101. “We are a little over half-way through our planned drilling at Rozino, which will bring us to a planned PEA later in 2018. On completion of the PEA, the Company will earn a 70% stake in the Project. The results of this resource are excellent and keep us on track to deliver our PEA within one year of the drill start,” stated Stuart Mills, Velocity’s Vice-President Exploration. “Having started drilling in late July 201...