Velosity has signed an option agreement to acquire up to75% stake in the copper-gold deposit Zlatusha in Bulgaria.

The Canadian company Velocity Minerals announced that it has entered into a binding written agreement with Zelenrok EOOD, a subsidiary of Raiden Resources Limited, under which Velocity has obtained an exclusive option to acquire up to a 75% interest in the exploration license for the Zlatusha area, covering 195 square kilometers in Bulgaria.

The Zlatusha zone has great potential for discovering gold-copper and gold deposits, such as epithermal, porphyry, skarn, and porphyry-skarn deposits. Currently, seven deposits are already known in the area, including the Zlatusha deposit, where 52 drill holes have been completed with a total length of about 10,000 meters. One of these drill holes showed a gold content of 3.63 g/t at the surface.

"Acquiring a license to explore the Zlatusha site has been a high priority for Velocity. The combination of already known mineralization zones in such a productive mineralogical belt, along with the overall lack of systematic follow-up research, means that we will prioritize our work at Zlatusha.

The work program includes surface operations and geophysical studies, which will begin shortly. Drilling is expected to start in the second quarter of 2023. Within the drilling program, priority will be given to the Zlatusha deposit, where previous drilling has already been conducted. Additionally, there are plans to assess six other promising areas for subsequent drilling.

To fully exercise the option to acquire a 75% interest in the property, Velocity must fulfill several conditions, including making cash payments totaling CAD 700,000, completing a drilling program with a total volume of 40,000 meters, preparing an assessment of the recoverable resources on the property, and conducting a preliminary economic analysis of the property in accordance with National Instrument 43-101.

If Velocity completes the first part of the option, it will acquire a 51% interest in the property, and some time later, if it executes the second part, its share will increase to 75%.