Vancouver-based Velocity Minerals has an-nounced that it delivered notice of option exercise to Bulgarian com-pany Gorubso-Kardzhali for the Nadezhda property which includes the Makedontsi gold project
“To fulfill the terms of the option agreement with Gorubso, Velocity was required to deliver an Environment Impact Assessment prepared in accordance with Chapter Six of the Bulgarian Environmental Pro-tection Act. In addition, Velocity will sole-fund 2,000m of future drill-ing and deliver a Mineral Resource estimate prepared in accordance with National Instrument 43-101,” Velocity Minerals said in a state-ment.
“Following delivery of the Exercise Notice, Velocity is deemed to have earned a 70% interest in the Property and to be in Joint Venture with Gorubso for the further development of the Property,” according to the statement.
The Canadian company says its efforts are focused on southeastern Bulgaria.