VANCOUVER, British Columbia, Aug. 29, 2018 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Company”) announces that it has received positive results from comminution, flotation & gravity recovery, and leach test work on a bulk sample representative of the entire Rozino gold project (“Rozino” or the “Project”), located in southeast Bulgaria. 

Results of this work will be incorporated into the Rozino NI 43-101 Preliminary Economic Assessment (“PEA”), which is in progress with results expected to be released in September 2018.  Delivery of the PEA is the mechanism by which Velocity will earn a 70% interest in the Rozino gold deposit.

“Comprehensive metallurgical test work has provided us with positive results for inclusion into the Rozino PEA.  The results included here provide Velocity with a mechanism to produce a 30 g/t gold concentrate, which is amenable to processing at the nearby Gorubso carbon-in-leach plant,” stated Keith Henderson, Velocity’s President & CEO.  “The flotation test work has demonstrated that the process delivers a high-quality concentrate for input to the existing CIL plant.  With extremely low sulphide contents, low carbon contents and negligible deleterious elements, this low-volume, high-grade concentrate should complement the development options being considered in the PEA.”

Highlights of Results

• >98% of sulphide recoverable to produce a gold concentrate using standard flotation
• Low-volume, high-grade concentrate complements PEA project development options
• Concentrate produced typically averages 30 g/t gold
• Flotation gold recoveries of approximately 91%
• Extremely simple mineralogy with negligible deleterious elements
• Low sulphide content (<1%) and low mass pull (<5%)
• Low carbon content (1.2%) minimizes pregnant solution robbing during leaching
• Environmentally benign waste tailings product
• Results based on representative bulk sample comprised of 1,600 core samples

Simple Mineralogy at Rozino

The uncomplicated nature of mineralogy at Rozino is one of the attractive features of the gold deposit.  The mineralization is very simple with gold associated with pyrite, which is the only significant sulphide mineral in the deposit.  

Flotation Test Work

The test work shows that more than 98% of the sulphide is recoverable to produce a basic gold concentrate using standard flotation techniques, conventional flotation reagents and a grind size of 70% passing 200 mesh.  The test work concentrate typically averages 30 g/t gold with recoveries of approximately 91%.  The economics of the grind sizing and the reagent scheme used in the test work have not yet been optimized, but these results indicate that a simple metallurgical flowsheet is required, which may be refined in the next phase of test work to further enhance the operating cost inputs.

One of the scenarios being considered in the PEA will be trucking of this concentrate to Gorubso’s CIL facility in Kardzhali.  The cost of trucking this concentrate to Velocity’s partner is not expected to be material to the economics of the project. 

About the Rozino Gold Project

Velocity has been exploring and drilling at Rozino since August 2017, publishing a maiden Inferred Mineral Resource Estimate in Q1 2018; 17Mt @ 1.15g/t gold for 629,000 ounces at 0.5g/t cut-off grade with 8.2Mt @ 1.68g/t gold for 443,000 ounces at 0.8g/t cut-off grade.  Approximately 90% of estimated resources at depths of less than 110m from surface and less than 1% below 150m from surface.  Mineralization remains open for expansion.  The Company has completed the 2018 drill program with a view to publishing an updated mineral resource estimate and PEA before year end.  On completion of the PEA, the Company will exercise its option for a 70% interest in the project and will move forward in joint venture with its Bulgarian partner. 

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