VLCJF - Velocity signs option deal for a 75% stake in gold - copper property in Bulgaria

2023-08-09 10:38:02 ET

• Precious metals and copper explorer Velocity Minerals ( OTCQB:VLCJF ) (VLC: CA) Wednesday signed a deal to gain an exclusive option to acquire a 75% stake in an exploration license covering the Kalabak gold-copper property, in Bulgaria.
• To exercise the option, Velocity must complete 5,000m of drilling and prepare a mineral resource estimate over a five-year period, said the company.
• Exploration includes geochemical screening planned to be completed in 2023, with drill testing of targets slated for 2024.
• If Velocity exercises the option, both companies will be deemed to have formed a joint venture with Velocity initially owning 75% and Raiden the rest.
• The holder of a larger stake in the joint venture will have a right, but not an obligation, to purchase half of the 1% NSR Royalty for $1.5 million.
• Source: Press Release

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