Canadian mineral exploration company Velocity Minerals said on Tuesday that it will continue gold exploration activities in southeastern Bulgaria despite the coronavirus disease (COVID-19) pandemic.
“The company continues to move forward with planned work, including drilling while putting strict protocols in place to protect employees, contractors, consultants and their families. The safety and well-being of the workforce is the company’s highest priority,” Velocity Minerals said in a statement.
Velocity Minerals is focused on its 70%-owned Tintyava Joint Venture, which includes the advanced Rozino gold deposit, as well as a number of target areas.
“Rozino is advancing to prefeasibility while target generation continues and exploration drilling at Rozino is scheduled to commence imminently – any discovery could potentially utilize common infrastructure at Rozino as part of the company’s “Hub and Spoke” development model,” the company also said.
Exploration works are also ongoing at three gold projects held under option agreements: the Obichnik and Sedefche projects, where more than 8,500 metres of drilling were completed in the first half of 2020, and the Makedontsi project, where drilling is planned for later in 2020.
The longer-term effects of the ongoing COVID-19 pandemic on Velocity’s exploration business is uncertain and the company is reviewing strategies to reduce costs where appropriate, the company noted adding that no positive COVID-19 cases have been reported among its employees, consultants, contractors or their families.
Velocity Minerals completed the acquisition of 70% interest in Bulgaria’s Tintyava Property, which holds the Rozino gold deposit, from local company Gorubso-Kardzhali in 2019. Velocity Minerals also has option agreements with Gorubso-Kardzhali to earn 70% stakes in the 388-hectare Momchil property in southeast Bulgaria, which includes the Obichnik gold project, and the 194-hectare Nadezhda property, which holds the Makendontsi gold project.