VANCOUVER – Velocity Minerals Ltd. [VLC-TSXV; VLSJF-OTCQB] reported positive results of exploration at the Rudarka project, southeast Bulgaria. Work completed in recent weeks includes soil geochemistry and initial channel sampling of outcrops, the results of which define new targets which are untested by drilling to date. The soil geochemistry did not highlight an area of mineralization previously defined by historical drilling but it highlighted an area to the northeast that is highly anomalous for gold-in-soil, as well as for a range of pathfinder elements.
The soil geochemistry survey identified a significant gold-in-soil anomaly, extending over 250 x 100 metres and aligned with interpreted mineralizing structures. One historical short drill hole (34m in depth) is located within the anomaly and intercepted 10.8 metres grading 0.8 g/t gold.
A nearby historical trench returned an interval of 34.3 metres of 0.85 g/t gold at the southwestern limit of the soil anomaly. Both historical results support the prospectivity of the soil anomaly, but neither was sampled by the company and drilling will be required to verify grade and thickness of mineralization. The multi-element soil geochemistry supports a higher temperature Ag-Mo-Bi-Pb-Zn-Tl metal association that is interpreted to be a potential vector to a deeper mineralized part of the system.
Outcrops and subcrops were manually cleaned and channel sampled by using a diamond-saw cutter, generating representative channel samples over aggregate 53 metres of strike length. Samples were cut perpendicular to the northeast mineralizing trend, with highlights including 8.2 metres grading 1.31 g/t gold, 8.0 metres of 1.06 g/t gold, 6.8 metres of 1.37 g/t gold, and 14.0 metres grading 0.53 g/t gold.
The majority of the channel samples remain open in both directions. Styles of mineralization include subcropping hydrothermal alteration suggesting that there is potential for non-outcropping veinlet-disseminated style of gold mineralization in the area.
The company plans to complete additional channel sampling of outcrops and subcrops in and around the area of the soil anomaly to prioritize targets for drill testing.
Velocity is an exploration and development company focused on southeastern Bulgaria. Velocity’s strategy is to develop a low cost centralized “Hub and Spoke” operation whereby multiple projects within this emerging district produce concentrates for trucking to a central processing plant for production of doré.
Velocity has a 70% interest in the Tintyava property, which includes the Rozino project, a 70% interest in the Momchil property, which includes the Obichnik project, a 70% interest in the Nadezhda property, which includes the Makedontsi project, and a 100% interest in the Iglika property.