Observations and takeaways from a visit to the
company's Bulgaria properties are given in a Haywood report.
In an Aug. 21 research note, Haywood analyst Mick Carew reported that Velocity
Minerals Ltd. (VLC:TSX.V; VLCJF:OTCQB) is "is on track to repeat
Atlantic Gold success" with its array of Bulgaria properties. The
explorer would achieve this, he added, "through the development of
several at/near surface epithermal gold deposits proximal to a
carbon-in-leach (CIL) processing plant owned by joint venture partner Gorubso
Kardzhali," the only such facility in the country.
Carew provided the highlights from his recent site visit to Velocity's
exploration projects in Bulgaria. Velocity's partnership with Gorubso is key,
he pointed out. It is advantageous in terms of permitting and future capex
requirements but potentially "invaluable for both government and local
community relationships as well," he wrote. The alliance covers all
existing and future Velocity-Gorubso projects within a 10,400 square kilometer
area around the CIL plant.
Of the many projects the two companies co-own, Rozino (Velocity owns 70%)
is "a potential near-term producer," noted Carew. It is the most
advanced, having an NI 43-101 compliant resource of 573,000 ounces of gold
grading 1.37 grams per ton. Rozino is located about 83 kilometers from
Gorubso's plant. Drilling, up to 14,000 meters' worth, is underway at Rozino
and expected to be completed this month.
Carew highlighted that Velocity is led by an experienced management team,
with Keith Henderson as the CEO, Stuart Mills the vice president of
exploration and Mark Cruise, director and co-founder of Trevali Mining, a
board member.
Another advantage Velocity has, the analyst wrote, is a robust project
portfolio offering flexibility and optionality. It encompasses Obichnik,
where 6,000 meters are currently being drilled, Sedefche, for which a reverse
circulation drill program is planned, and Makedontsi.
Looking forward, Velocity will continue exploring its properties and
delivering drilling updates.
Haywood does not cover Velocity so it does not have a rating or a price
target on it. Velocity shares are now trading at around CA$0.47.
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Disclosures from Haywood Securities, Velocity Minerals Ltd.,
Uncovered Radar Flash, August 21, 2019
Analyst Certification: I, Mick Carew, hereby certify that the views
expressed in this report (which includes the rating assigned to the issuer’s
shares as well as the analytical substance and tone of the report) accurately
reflect my/our personal views about the subject securities and the issuer. No
part of my/our compensation was, is, or will be directly or indirectly
related to the specific recommendations.
Important Disclosures
Of the companies included in the report the following Important Disclosures
apply:
▪The Analyst(s) preparing this report (or a member of the Analysts'
households) have a financial interest in Marathon Gold Corp. (MOZ-T), Pure
Gold Mining Inc. (PGM-V).
▪ As of the end of the month immediately preceding this publication either
Haywood Securities, Inc., one of its subsidiaries, its officers or directors
beneficially owned 1% or more of Velocity Minerals Ltd. (VLC-V).
▪ Haywood Securities Inc. or an Affiliate has received compensation for
investment banking services from Velocity Minerals Ltd. (VLC-V) in the past
12 months.
Other material conflict of interest of the research analyst of which the
research analyst or Haywood Securities Inc. knows or has reason to know at
the time of publication or at the time of public appearance: n/a.
Research policy is available here.