Velocity Intersects High Grade Gold Mineralization at Bulgaria's Chala Mine

Velocity Intersects High Grade Gold Mineralization at Bulgaria's Chala Mine

Canadian mineral exploration and development company Velocity Minerals said on Thursday that it has intersected high grade gold mineralization at Chala gold mine in Bulgaria. "Drill results at Target Zone 8A return gold intersections and consistency of grade both vertical and lateral to the gold bearing vein mineralization currently being exploited at Chala," Velocity said in a statement. "Priority drill target Zone 8A has been tested by three drill rings drilled on 50m centres to the west of existing underground development," Velocity added.The zone was previously considered to be unmineralized, according to the statement.In June, Velocity negotiated an agreement with Bulgaria's Gorubso Kardzhali, under which it will be granted the option to acquire a 50% interest in the Chala gold mine in Bulgaria by incurring 1 million Canadian dollars ($756,500/649,400 euro) in aggregate exploration expenditures over an 18-month period, of which 500,000 Canadian dollars must be incurred within the first twelve months.Velocity has one more gold project in Bulgaria - Rozino, located in the southeast of the country.

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