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Velocity Minerals defines initial gold resources at Rozino

Velocity Minerals Ltd. released an initial estimate of gold resources at the Rozino property in Bulgaria outlining inferred resources containing 629,000 ounces of gold within 17 million tonnes grading 1.15 g/t of gold.

The estimate uses a cutoff of 0.5 g/t of gold and is based on data from approximately 7,500 meters of diamond drilling.

Velocity Minerals said March 5 that mineralization remains open with drill testing ongoing and another 5,000 meters expected to be completed ahead of the start of a preliminary economic assessment. Initial metallurgical testing is also planned.

The study will include an updated resource estimate and is anticipated in the second half, which will result in the company earning a 70% interest in Rozino.