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Velocity appoints consultancy to undertake Rozino PEA

6th June 2018

By: Marleny Arnoldi

Deputy Editor Online

     

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TSX-listed gold miner Velocity Minerals has appointed consultancy CSA Global Canada Geoscience to complete a preliminary economic assessment (PEA) and a National Instrument (NI) 43-101-compliant mineral resource estimate for the Rozino gold project, in south-east Bulgaria.

“We remain on target to meet our aggressive timeline for delivery of a PEA at Rozino in September, a little over a year since acquiring the project and initiating drilling.

The delivery of the PEA is the mechanism by which we will earn our 70% interest in the Rozino deposit,” said Velocity president and CEO Keith Henderson.

CSA Global was chosen to complete the PEA because of its strong record in Bulgaria.

The PEA will include an updated NI 43-101 mineral resource estimate and results of ongoing metallurgical testing, as well as high-level mine and process design and an economic assessment of the project.

Drill holes RDD-045 to RDD-056 were not included in the initial NI 43-101 mineral resource estimated published in March, but will be included in the updated mineral resource estimate.

The East Zone at Rozino has a gold-in-soil anomaly and drill hole RDD-040 intersected 144.7 m grading 1.52 g/t gold from surface.

In general, soil anomalies at Rozino are related to zones where mineralisation comes to surface and the presence of soil anomalies has been a useful tool in defining drill targets.

Where mineralisation is present but does not come to surface, soil anomalies are either absent or low in magnitude and a large number of smaller or lower-tenor soil anomalies require drill testing. A programme of trenching in the vicinity of these soil anomalies is under way.

Further, the East Zone remains open and will require further systematic drill testing after the completion of the PEA to define the extent of mineralisation and to potentially discover additional new zones of mineralisation.

On completion of the PEA, Velocity will exercise its option for a 70% interest in the project and will move forward in joint venture with its local operating partner Gorubso Mining.

Henderson further stated that, in the nine months since exploration drilling was initiated in Bulgaria, the company has moved forward considerably. In addition to meeting planned milestones at Rozino, Velocity has negotiated several pivotal deals, including the exploration alliance with Gorubso Mining.

This deal allows Velocity exclusive access to Garubso’s carbon-in leach processing plant, which is available for the processing of material from all projects within the alliance area, including Rozino.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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