The Board of IronRidge Resources Limited, the African focussed minerals exploration company,...
Eastern Europe-focused miner eyes Bulgarian gold investment
Velocity Minerals has announced positive drill results from the Rozino gold project, located in Bulgaria’s south-eastern part.
"Drilling continues to intersect multiple broad intervals of near surface gold mineralization," the company said in a statement. "Due to the ongoing positive drill results a third drill rig is being mobilized to site and is expected to arrive before month-end".
Bulgaria’s "mining royalties are low and compare favourably with more established mining countries," according to Velocity Minerals.
The company says that mining of the Rozino deposit is to begin in 2022, and increase to a maximum of about 6.8 million tonnes per year. Velocity Minerals commenced to explore and drill at Rozino in August 2017, and completed a preliminary economic assessment in September 2018, according to data released by the business.