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  • Velocity Minerals (VLC) is updating shareholders on its exploration license permit and exploration drilling at the Rozino Project and Kazak East, located within the Tintyava License area
  • Velocity holds a 70 per cent interest in the Tintyava License and Rozino
  • A Bulgarian-based NGO has filed an appeal against the Bulgarian government's Ministry of Energy seeking to nullify the Tintyava License
  • Velocity Minerals is down 5.56 per cent on the day, with shares of the company trading at C$0.42 2:53 pm ET

Velocity Minerals (VLC) is updating shareholders on the Tintyava License and Rozino Exploration drilling in Southeast Bulgaria.

Velocity holds a 70 per cent interest in the Tintyava License and Rozino, through its subsidiary, Kibela Minerals pursuant to a 70-30 joint venture with its Bulgarian partner Gorubso Kardzhali in Tintyava Exploration AD, which is the holder of the Tintyava License.

A Bulgarian-based NGO has filed an appeal against the Bulgarian government's Ministry of Energy seeking to nullify the Tintyava License.

The NGO "alleges that the issuance of the Tintyava License by the Ministry was inconsistent with the Bulgarian Ores and Minerals Act and the Constitution of the Republic of Bulgaria, and was not coordinated under the Bulgarian Carbon Dioxide Sequestration Act and the Bulgarian Biodiversity Act." according to the company.

In its capacity as an interested party, Gorubso submitted a written response to the Administrative Court on April 16, 2021, arguing that the NGO lacks legal standing to bring the License Appeal. No evidence has been provided to support the allegations made, and the facts known to Gorubso contradict the allegations made.

Velocity expects that Tintyava Exploration will be named as an interested party in due course after which time Tintyava Exploration will have the opportunity to defend the validity of the Tintyava License. To date, neither Velocity nor Tintyava Exploration has received any communication or notification from the Administrative Court or the NGO regarding the License Appeal.

Drill results have been received for the first six drill holes at the Rozino Project. Testing basement underlying the existing resource. Highlights include one drill hole which measured 11.0 metres grading 3.77 grams of gold per tonne of material, including 4.0 metres grading 9.76 grams of gold per tonne of material.

Velocity Minerals is down 5.56 per cent on the day, with shares of the company trading at C$0.42 2:53 pm ET.

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