| Announcement Date: | 2021-12-08 |
|---|---|
| Announcement Type: | Deposit Estimation |
| Announcement Code: | NI43-101 |
| Company name: | Velocity Minerals Ltd. |
| Project name: | Obichnik |
| Location: | Bulgaria |
| Commodities: | Gold |
| Highlight: | Updated Resource Estimate for Project |
| Resources: | only available to subscribers |
| CP/QP: | only available to subscribers |
| Announcement summary: | This Technical Report has been prepared for Velocity Minerals Ltd. (“Velocity”) to describe exploration activities and Mineral Resource estimates for the Obichnik Project (“Obichnik” or the “Project”, or the “Property”). The report reflects exploration and drilling information available for the Project the 10th of February 2021. Mr Abbott is responsible for all sections of this Technical Report. Mr Abbott visited the project on the 27th of February 2018. 1.2. Property description The Project is within the municipality of Momchilgrad around 300 kilometres by road southeast of Sofia. Obichnik lies within the Momchil Investment Proposal Area (IPA) which was registered to Gorubso-Kardzhali AD (Gorubso) with the Haskovo Regional Inspectorate of Environment and Waters (RIEW) in February 2019. In March 2019, Velocity entered into an option agreement with Gorubso, under the terms of which Velocity can earn a 70% interest in the Property by delivering to Gorubso a Mineral Resource estimate prepared under National Instrument 43-101 and an environmental assessment report in accordance with Chapter Six of the Bulgarian Environmental Protection Act. |
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