‘Hub & Spoke’ Development Strategy
Velocity’s strategy is to develop a low cost ‘Hub & Spoke’ development model whereby multiple gold projects produce gold concentrates for trucking to a central processing plant for production of doré.
Multiple Near Surface Deposits & Central Processing Plant
Velocity is completing a prefeasibility at the Rozino gold project; has drill programs at the Obichnik, Makedontsi and Sedefche gold projects; and has a geophysics and drill program at the Iglika gold-copper project. An existing processing plant is available through a Bulgarian operating partner and has the potential to produce approximately 200,000 ounces of gold per year.
|Rozino Project||70% interest|
|Obichnik Project||Option agreement to earn 70% interest|
|Makedontsi Project||Option agreement to earn 70% interest|
|Iglika Project||Option agreement to earn 100% interest|
|Processing Plant||Access to operating CIL plant|
Exploration and Mining Alliance with Bulgarian Partner
Velocity formed an Exploration and Mining Alliance with Gorubso Kardzhali A.D., an established Bulgarian operating partner, in February 2018. The Alliance covers all existing and future Gorubso and Velocity projects within an area of 10,400km2 covering the prospective Eastern Rhodope Gold Mining District in southeastern Bulgaria. The Alliance also provides Velocity with access to an operating CIL plant.
Velocity earned a 70% interest in the Rozino project through delivery of a Preliminary Economic Assessment to Gorubso. Velocity entered into option agreements with Gorubso to earn a 70% interest in the Obichnik and Makedontsi gold projects.
In July 2020 Velocity entered into an option agreement with Balkan Mineral Development OOD to acquire a 100% interest in the Iglika gold-copper project.
Technical information contained in this website has been prepared, reviewed and approved by Stuart A. Mills, BSc, MSc, CGeol, Vice President Exploration, who is a Qualified Person for the purposes of NI 43-101.