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A new mountain of gold was discovered in Bulgaria, that’s where

Velocity Minerals announced that it has discovered gold amounting to approximately 156,000 troy ounces in the Durusu Tepe area of ​​the Obichnik deposit, located in the central part of southern Bulgaria, the company said in a statement. writes money.bg.

Research in it began in 2019.

At a price of gold today of 1733.5 dollars per troy ounce, this makes a gold content of just under half a billion levs. Of course, it should be borne in mind that the extraction itself will begin in years and then the value of the precious metal will probably be different.

The primary ore resource will be 4.4 million tons with an average gold content of 1.1 grams per ton, according to the findings of Velocity.

The minimum content according to the drillings is 0.3 grams per ton, as 80% of the metal content is at a depth of up to 120 meters underground.

Within 45 days, the documents with the results of the National Instrument 43-101 standard, which is mandatory for all companies operating in Canada or listed on Canadian stock markets, must be ready.

Here is the full gold content of the company’s latest estimates for the deposit:

Minimum content (gold g / t)

Tonnage (in million tons)

Contents (gold g / t)

Troy ounces (in thousands)

0.2

5.9

0.9

171

0.3

4.4

1.1

156

0.4

3.5

1.3

146

0.5

2.8

1.5

135

0.6

2.3

1.6

118

0.7

2.0

1.8

116

0.8

1.7

2.0

109

The company also points out that the area of ​​the deposit may increase, as drilling is currently continuing in other parts of Obichnik.

“Studies are currently underway on the expansion of the Durusu deposit to the south, where abnormal soil geochemical and spectrochemical results have not yet been tested,” the statement said.

For the field, Velocity has signed an optional contract with Gorubso-Kardzhali, according to which the Canadian company can receive a 70% stake in Obichnik.

In addition to Obichnik and the neighboring Makedonsi deposit, the Canadian company and Gorubso are also partners in the Rosino gold mining project, part of the Tintyava area, where it also owns 70% through its subsidiary Tintyava Exploration. “Rosino” is more than twice as big as “Obichnik” with proven reserves of 365 thousand troy ounces.

The third deposit in which Velocity is involved is Iglika, located in southwestern Bulgaria, not far from the border with Turkey.

For its development, it bought the rights from Balkan Minerals Development Ltd., which started the research in 2014.

Velocity operates on the “Hub and Spoke” principle, in which the company develops several deposits not far from each other and sends the ore to a central refinery for dore production.

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