Mar 29 2019
Velocity Minerals Ltd has announced that it has restarted the drilling and exploration activities at the Rozino gold deposit, located southeast of Bulgaria, and is advancing as intended. Many drill holes have been finished and the primary results from the 2019 drill program are expected in the following weeks.
Totally 12,000–14,000 m of drilling is intended to be carried out at Rozino, which will comprise of exploration drilling to extend both the resource base and resource definition as well as infill drilling. The drill program involves exploration drilling as well as infill drilling with an objective to increase the current mineral resource base and to enhance resource definition.
The Rozino drill program is also proposed to support additional metallurgical and comminution explorations as well as hydrogeological and geotechnical research, all of which will be performed simultaneously. Environmental data collection is underway and will continue.
The Company aims to complete an extra 1000 m of drilling regionally to start testing structural targets situated near the Rozino deposit. It is expected that discoveries within some kilometers of the Rozino deposit could potentially add value by making use of common infrastructure.
Stock Option Grant
Moreover, the Company announces that it has offered 925,000 common share stock options (each, an “Option”) to different employees and consultants of the Company and its affiliates. With the Options, the holder is entitled to obtain shares at a price of $0.28 per share for a period of 24 months from the date of issue.