Velocity entered into an option agreement with Bulgarian partner, Gorubso Kardzhali A.D. in October 2019, to earn a 70% interest in the Sedefche gold project with a fully permitted near-surface historical Bulgarian registered estimate. Velocity can earn the interest by completing 5,000m of drilling. The Sedefche deposit is located in southeast Bulgaria, approximately 35 km by road from Gorubso’s modern CIL processing plant.
The deposit remains open for expansion. A drill program will evaluate the feasibility of mining at Sedefche.
The Sedefche project has been explored through 45 surface exploration trenches, 41 exploratory shafts and pits, 122 drill holes of diamond drilling, 3 mega trenches with 86 vertical channel samples, and a metallurgical bulk sample excavated and processed at Gorubso’s gold processing plant. The Project has been advanced through feasibility and environmental permitting in Bulgaria, resulting in the issuance of a mining concession.