• Zlatusha Copper-Gold Property

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Location

Tier One porphyry copper-gold and epithermal belt, in the Western Srednogorie segment of the Upper Cretaceous magmatic arc

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Deposit type

Epithermal gold, porphyry copper-gold, copper-gold skarn

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Exploration

Large, underexplored property with seven known copper-gold occurrences and 10,000m of historical drilling

Zlatusha Option Terms

Velocity has an option to acquire a 75% interest in the Zlatusha project and the associated exploration licence covering an area of 195 km2.

To exercise the Option in full and acquire a 75% interest in the Property, Velocity must (over a 5-year period): 

  • make cash payments in the aggregate amount of $700,000;
  • make payments in the aggregate amount of $300,000, payable in cash or common shares of Velocity;
  • complete 40,000m of drilling on the Property;
  • deliver an Inferred Mineral Resource estimate on a deposit on the Property prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”); and
  • deliver a Preliminary Economic Assessment on a deposit on the Property prepared in accordance with NI 43-101

If Velocity exercises the Option, Velocity and Raiden will be deemed to have formed a Joint Venture with Velocity initially owning 75% and Raiden owning 25%. If a participant's participating interest in the Joint Venture falls below 15%, that participant will transfer its participating interest to the other participant in exchange for the grant of an ongoing royalty to be paid at 1% of net smelter returns. The participant with the largest participating interest in the Joint Venture will have the right, but not the obligation, exercisable at any time prior to a production decision to purchase half of the 1% NSR Royalty (being 0.5%) for the sum of $1.5 million.

The Property is subject to an existing 2% net smelter royalty held by Gold Bull Resources Corp., of which, prior to commencement of commercial production: 

  • an initial 0.5% of the total Gold Bull Royalty can be purchased for USD$2,500,000 (reducing the Gold Bull Royalty from 2% to 1.5%); and
  • a further 1% of the total Gold Bull Royalty can be purchased for USD$5,000,000 (reducing the Gold Bull Royalty from 1.5% to 0.5%).

Zlatusha Property

The Zlatusha prospecting license is located within a porphyry copper-gold and epithermal belt, in the Western Srednogorie segment of the Upper Cretaceous magmatic arc, which transects Serbia and Bulgaria. Project highlights include:

  • Large, under-explored property, located in a highly prospective copper-gold mineral belt
  • Potential for epithermal gold, porphyry copper-gold, and skarn deposits
  • A total of seven known mineral occurrences for initial follow-up exploration
  • Historical drilling totals 52 drill holes (~10,000m) with partial geochemical coverage
  • Drilling highlights at Zlatusha Prospect include 11m grading 3.63 g/t gold (at surface)

Maps & Sections

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