Under terms of the agreement, Velocity needs to deliver a NI 43-101 resource estimate to earn its stake.
Velocity said the deposit was open for expansion and required systematic exploration to investigate its full potential, particularly for more openpit resources.
The company is awaiting results from a ground magnetic survey and surface soil geochemistry tests after completing 525 soil samples and 29-line kilometres of magnetic surveying.
It plans to assess the reliability of historical drill results from Momchil with angled heel-to-toe drilling across mineralised zones as well as isolated exploration drill tests - about 10 drill holes for an expected total of 1,500m.
Velocity said the drilling would increase its understanding of the geometry and continuity of mineralisation, as well as providing geotechnical and hydrogeological data.
Last month, Velocity entered another option agreement with Gorubso Kardzhali, allowing it to earn 70% in the 194ha Nadezhda property in southeast Bulgaria, which includes the Makedontsi gold project.
Both the Momchil and Nadezhda properties are about 10km by road from Gorubso's CIL processing plant, to which Velocity has exclusive access.
Velocity also has 70% interest in the Bulgaria-based Tintyava property, which holds the Rozino gold deposit. It earned the interest through an option with Gorubso Kardzhali.
Velocity's (TSXV:VLC) shares gained as much as 8.33% or 4c on Monday to reach 39c, 1c under its 52-week trading range. The junior has a market capitalisation of $36.69 million.