Velocity Minerals Ltd. and Gorubso-Kardzhali AD amended an option agreement over the Makedontsi gold project in Bulgaria.
Makedontsi is one of the projects under an exploration alliance agreement from February 2018 that granted Velocity the right to acquire a 70% interest in Gorubso's properties.
Velocity said May 28 that it can now own the Makedontsi stake by delivering a National Instrument 43-101-compliant mineral resource estimate. The company had been required to produce a preliminary economic assessment.
Planned exploration will aim to determine if open pit mining is amenable for the Makedontsi deposit, which is near Gorubso's carbon-in-leach processing plant.
Initial work will focus on surface geochemistry and gradient array induced polarization surveys as well as a 1,000-meter drill program.