Velocity exercises option to acquire 70% stake in Makedontsi gold project in Bulgaria
Canadian gold exploration company Velocity Minerals said that it has delivered a notice of option exercise to Bulgarian metal ore mining company Gorubso-Kardzhali for the Nadezhda property which includes the Makedontsi gold project.
“Following delivery of the exercise notice, Velocity is deemed to have earned a 70% interest in the property and to be in joint venture with Gorubso for the further development of the property,” the gold exploration company said in a statement on Tuesday.
To fulfill the terms of the option agreement with Gorubso, Velocity was required to deliver an environment impact assessment prepared in accordance with the Bulgarian Environmental Protection Act. Velocity will sole-fund 2,000 m of future drilling and deliver a mineral resource estimate, the company added.
Mineralisation at Makedontsi is outcropping locally but elsewhere the prospective sediments are covered by a thin veneer of post-mineral limestone estimated to range from 10 to 30 m thickness, Velocity said.
“Exploration at Makedontsi to date, including eight diamond holes and 14 reverse circulation holes, was completed to test the grade and extents of historical drilling. Drilling intersected mineralisation, starting from surface, and the mineralisation remains open for expansion,” the company also said.
Future drilling will continue to test for extensions of mineralisation, Velocity added.
- Medgold Resources has signed a binding option agreement to sell a 100% interest in the Tlamino gold project in southern Serbia to MetalsTech
- Velocity exercises option to acquire 70% stake in Makedontsi gold project in Bulgaria
- GeoProMining Gold LLC intends to operate Armenia’s Sotk gold mine until 2025
- Last year, a small-scale “battle” took place in a picturesque stretch of mountains in Armenia’s Vayots Dzor region
- The gold mine has been through four stages of development since it was founded and a fifth development phase is currently underway
- Rio Tinto is ecological catastrophe for Serbian citizens
- How valuable is Kosovo’s mineral wealth?
- What Are The Major Natural Resources Of Macedonia?
- Adriatic confirmed it has signed a term sheet with Orion Resource Partners for a US$ 142.5 million debt
- Prairie and China Coal advancing Poland Jan Karski coal mine together
- Eldorado Gold Greece mining operations in Panama papers
- Adriatic Metals achieves key milestone at Vares Bosnia
- Adriatic finds high-grade precious metals at Rupice Bosnia mine
- Serbia: deposits of gold and copper
- Serbia has the world’s largest lithium reserves