Advancing Multiple High-Potential Gold Projects in Mining-Friendly Bulgaria

 
 
Velocity Minerals Ltd. (TSX-V: VLC)(OTC: VLCJF) — currently trading around C$0.45 per share — is advancing multiple gold exploration projects in southeastern Bulgaria including its 70%-owned flagship Rozino Project where ongoing drilling and historical drill core sampling continues to confirm significant gold mineralization adjacent to and underlying the known deposit.

Last month, the company released assay results from 10 new drill holes at Rozino with 6 holes intersecting significant near-surface gold mineralization, including highlights from two separate holes of 6 meters of 7.25 grams per tonne (g/t) gold and 15.5 meters of 1.75 g/t gold.

Velocity Minerals is deploying an intelligent hub-and-spoke model via a strategic exploration and mining alliance with its minority partner on the Rozino Project — Gorubso of Bulgaria. The alliance covers all existing and future Velocity/Gorubso projects within an area of 10,400 sq km spanning the prospective Eastern Rhodope Gold Mining District in southeastern Bulgaria.
 
 
 
Importantly, the alliance gives Velocity access to Gorubso’s centrally-located gold processing plant, which is essential to the hub-and-spoke strategy and should go a long way in derisking both current and future Velocity/Gorubso projects going forward.

A 2020 prefeasibility study on the Rozino project — using a gold price of US$1,500 per ounce — estimates an after-tax net present value of C$163 million and an after-tax IRR of 27.4% at all-in sustaining cost (AISC) of US$755 per ounce. The project hosts Probable Mineral Reserves of 11.8 million tonnes at 1.22 g/t gold for 465,000 ounces and remains open at-depth and to the north.
 
 
Additionally, Velocity is allied with Gorubso [Velocity 70%; Gorubso 30%] on the Obichnik Gold Project, which is situated 25 km from Gorubso’s processing plant. The project has an initial Mineral Resource Estimate of 150,000 gold ounces and remains open for expansion.  
 
 
 
And at the Makedontsi Gold Project [Velocity 70%; Gorubso 30%], Velocity is working toward increasing the current land package while formulating a phase-one drill program designed to verify mineralization from historical drill holes and to infill untested portions of the mineralized body. The project is strategically located just 10 km from Gorubsu’s plant.
 
And finally, Velocity has secured a 100% interest in the Iglika Gold Project (see image above; top-right), which is considered a very early-stage explortion property. While located a bit further out, the project is well within the vicinity of the Gorubso plant if a discovery can be made there.

Thus, you can see how the company’s hub-and-spoke strategy is coming together by way of its strategic partnership with Gorubso — a well-established and respected Bulgarian mining firm. In terms of jurisdiction, Bulgaria is very pro-mining and has the backing of the EU — making it one of the safer eastern European mining jurisdictions for multinational firms like Velocity.

Velocity Minerals is led by president & CEO, Keith Henderson, a professional geologist with over 25 years of experience throughout Europe, North and South America, and Africa. Keith has put together a highly impressive team of mining professionals with over a century of combined experience covering everything from greenfield exploration to mine development.
 
 
 
Our own Gerardo Del Real of Junior Resource Monthly sat down with the distinguished CEO to go over the team, the projects, and the hub-and-spoke strategy being deployed across southeastern Bulgaria via the company’s strategic alliance with Gorubso.  CLICK HERE TO LISTEN.  Transcript is also available.

You can also learn more about Velocity Minerals at their corporate website here. 
 
Yours in profits,

 

Mike Fagan

Mike Fagan
Editor, Resource Stock Digest


Mike Fagan has mining in his blood. As a teenager he staked countless gold and silver properties in Nevada alongside his dad, Brian Fagan, who created the Prospect Generator model that’s still widely used today in the resource space. One of those staking projects was put into production by a major Canadian mining company — a truly rare and profitable experience. That background uniquely qualifies him as a mining stock speculator. One of the most well-known names in the business, Mike is now putting that experience to use for the benefit of Resource Stock Digest and Hard Asset Digest readers.


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