The Company's initial verification drilling at Sedefche has broadly confirmed historical drilling results and identified higher-grade zones associated with areas of silica-gold replacement mineralization.
The results support the potential to fast-track development of the Sedefche deposit along the lines of an existing, permitted Mine Design Plan completed by Bulgarian partner Gorubso-Kardzhali A.D. ('Gorubso').
'The Sedefche project is permitted for development and Velocity is moving quickly to complete exploration drilling and resource verification, as well as engineering due diligence and metallurgical test work,' stated
Velocity's results to date have broadly confirmed the grade and tenor of previous results and identified a number of higher-grade zones within the existing resource envelope not previously identified by historical exploration. In addition, mineralization has been extended along a parallel trend west of the previously defined Bulgarian State Resource in drill hole
Drill hole
Drill hole
Additional drilling and engineering due diligence is planned with the aim of reaching a decision point on the project in H1, 2020.
Quality Assurance / Quality Control
Velocity have not assessed the Quality Assurance / Quality Control (QAQC) of historical results and as such historical results are not consistent with the standards of disclosure defined by NI 43-101 and may not necessarily be consistent with CIM best practice with respect to reporting.
The work program at Sedefche was designed and is supervised by
About
Velocity is a gold exploration and development company focused on southeastern
About
Contact:
Tel: +1-604-484-1233
Email: info@velocityminerals.com
Web: www.velocityminerals.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain 'forward-looking statements' under applicable Canadian securities legislation. Forward-looking statements include, but are not limited to, statements with respect to future exploration, testing and Initial Drilling and, if applicable, the Additional Drilling carried out at the Project, the exercise of the Option, the entry into of the Joint Venture and any payments in connection with same and the future business and operations of Velocity. Often, but not always, forward looking statements can be identified by words such as 'pro forma', 'plans', 'expects', 'may', 'should', 'budget', 'scheduled', 'estimates', 'forecasts', 'intends', 'anticipates', 'believes', 'potential' or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained gold demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Company's Bulgarian projects, the availability of financing on suitable terms for the development, construction and continued operation of the Company's projects, and the Company's ability to comply with environmental, health and safety laws. Forward looking information involves known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development and mine development activities for Sedefche and the Company's projects generally, including the geological mapping, prospecting and sampling programs for the projects, the fact that the Company's interest in Sedefche is only an option and there is no guarantee that such interest, if earned, will be certain, actual results of exploration activities, including the Initial Drilling and, if applicable, the Additional Drilling, estimation or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs of production, capital expenditures, the costs and timing of the development of new deposits, the ability of the Company to obtain access to the CIL Plant and to have ore from the Project (and the Company's other projects) processed at the CIL Plant on profitable terms, the availability of a sufficient supply of water and other materials, requirements for additional capital to fund the Company's business plan, future prices of precious metals, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays in obtaining governmental and regulatory approvals (including of the TSXV), permits or financing or in the completion of development or construction activities, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities, risks related to joint venture operations, and risks related to the integration of acquisitions, as well as those factors discussed under the heading. 'Risk Factors' in the Company's annual management's discussion and analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward looking information. The Company undertakes no obligation to update any of the forward-looking information in this news release or incorporated by reference herein, except as otherwise required by law.
(C) 2020 Electronic News Publishing, source