Canadian Mining Journal


Velocity Minerals eyes ‘hub and spoke’ production in Bulgaria

Aspiring precious metals developer Velocity Minerals recently tabled engineering study results and the latest drill assays from its 70%-owned Rozino gold deposit in southeastern Bulgaria.

Rozino, the most advanced of Velocity’s four Bulgarian gold projects, is advancing to the prefeasibility study (PFS) level.

A 2018 preliminary economic assessment (PEA) modelled an open-pit operation with a six-year mine life centred on an inferred mineral resource of 573,000 contained oz. gold within 13 million tonnes grading 1.37 g/t gold (using a cut-off grade of 0.6 g/t gold). The study projected a $129-million after-tax net present value (at a 5% discount rate) and a 33% after-tax internal rate of return. All-in sustaining costs were pegged at US$543 per oz. gold and the study forecast steady gold production of 65,000 oz. annually. The PEA sees development capital requirements of $97.3 million for the mine and concentrate production plant.

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