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. Continue reading at The Northern Miner.