Velocity Announces Positive Drill Results at Rozino, Southeast Bulgaria Highlights include:
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NR-19-17 September 9, 2019
Velocity Announces Positive Drill Results
at Rozino, Southeast Bulgaria
Highlights include:
Drill hole RDD-130; 129.8m @ 1.67 g/t gold (incl. 11.0m @ 3.4 g/t gold)
Drill hole RDD-134; 32.4m @ 1.45 g/t gold (incl. 10.4m @ 3.1 g/t gold)
Drill hole RDD-121; 49.9m @ 1.02 (incl. 6.0m @ 3.37 g/t gold)
Vancouver, British Columbia – Velocity Minerals Ltd. (TSXV: VLC) (“ Velocity” or the “ Company”)
announces that it has received drill results for an additional 15 drill holes completed at the Rozino gold
deposit (“Rozino”), southeast Bulgaria (Table 1). Drill results continue to expand the mineralized
envelope and drilling continues with drill hole RDD -164 in progress. Drilling will be completed on
schedule in early September. The drilling results will be used to generate an updated mineral resource
estimate, which will be the basis for engineering studies associated with a planned Pre Feasibility Study
(“PFS”).
“The excellent drill results we have recently received at Rozino continue to build our confidence in this
deposit. In particular, the results from drill hole RDD-130 include the best intersection ever discovered
in the deposit,” stated Stuart Mills, Velocity’s Vice President Exploration . “The resource drill program
for the PFS is nearing its successful completion and the drill results continue to expand the mineralized
envelope as currently defined by the 2018 Preliminary Economic Assessment”
Highlights from the Rozino resource expansion program include:
• Drill hole RDD -130 (Figure s 1 and 4 ) has returned excellent results within an area where
mineralisation was not previously identified. This long high-grade intersection of 129.8m
grading 1.67 g/t gold potentially links the high -grade Main Zone with the East Zone
mineralisation.
• Drill hole RDD -134 (Figures 2 and 4 ) continues to support the potential consolidation of the
main pit with the north pit (as defined by the 2018 PEA base case ), and provides a solid, high-
grade intersection of 32.4m grading 1.45 g/t gold on the eastern flank of the known deposit.
• Drill hole RDD-121 returned a long intersection of 49.9m grading 1.02 g/t gold, that strengthens
and potentially deepens the base of the 2018 PEA base case pit design (Figure 4).
• Drill holes RDD-118 (Figure s 3 and 4 ) has discovered a significant intersect ion at the basal
contact of the sediments; 16.6m grading 1.14 g/t gold, which corroborates a basal contact zone
of mineralisation that was previously undefined.
NR-19-17 Continued September 9, 2019
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Figure 1: Section showing results for drill holes RDD-130
Figure 2: Section showing results for drill holes RDD-134 & RDD-118
Figure 3: Section showing results for drill holes RDD-121
NR-19-17 Continued September 9, 2019
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Table 1: Highlights of results from drill holes RDD-117 to RDD-135
RDD-117
RDD-118 136.8 153.4 16.6 1.14
RDD-119 0.5 5.5 5.0 0.71
RDD-119 15.5 22.6 7.1 0.90
RDD-119 143.8 53.8 10.0 0.69
RDD-120
RDD-121 23.0 40.0 17.0 0.89
RDD-121 58.0 74.0 16.0 0.63
RDD-121 142.0 191.9 49.9 1.02
including 147.0 153.0 6.0 3.37
RDD-122
RDD-123
RDD-124
RDD-125 33.4 45.4 12.0 0.73
RDD-126 44.4 55.6 11.2 1.17
RDD-126 80.6 113.6 33.0 0.64
RDD-126 130.6 142.6 12.0 1.01
RDD-127 5.8 8.8 3.0 0.72
RDD-128
RDD-129 23.0 29.0 6.0 0.51
RDD-129 41.1 49.1 8.0 0.74
RDD-129 58.1 63.1 5.0 0.87
RDD-130 1.4 131.2 129.8 1.67
including 105.2 116.2 11.0 3.41
RDD-130 136.2 151.2 15.0 0.59
RDD-131
RDD-132
RDD-133 64.8 72.1 7.3 1.08
RDD-133 90.1 92.1 2.0 0.59
RDD-133 107.1 121.2 14.0 0.50
RDD-133 126.1 128.1 2.0 0.56
RDD-134 1.6 34.0 32.4 1.45
including 23.6 34.0 10.4 3.05
RDD-135 No significant intercepts
No significant intercepts
Results Pending
No significant intercepts
Results Pending
Results Pending
No significant intercepts
Results Pending
No significant intercepts
Drill hole ID From (m) To (m) Interval (m) Gold (g/t)
^ The drill intersections disclosed have not yet been included in a resource model
and true thickness of mineralization has not yet been determined. Drill holes are
designed to intersect mineralization perpendicular or close to perpendicular.
NR-19-17 Continued September 9, 2019
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Figure 4: Map showing Velocity drill holes and highlights at Rozino
as well as drill holes for which results are pending. Drill hole numbers are limited
to drill hole results disclosed in this news release.
Quality Assurance / Quality Control
The work program at Rozino was designed and is supervised by Stuart A. Mills, CGeol, the Company's Vice-
President Exploration, who is responsible for all aspects of the work, including the quality control/quality
assurance program. On-site personnel at the project rigorously collect and track samples which are then
NR-19-17 Continued September 9, 2019
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security sealed and shipped to ALS Global laboratory in Romania. Samples used for the results described
herein are prepared and analyzed by fire assay using a 30 -gram charge in compliance with industry
standards. Field duplicate samples, blanks and independent controlled reference material (standards) are
added to every batch. Drill intersections in this news release are calculated using a 0.2 g/t gold trigger, a
minimum 0.5 g/t gold composite, and a maximum of 3 meters consecutive waste.
Qualified Person
The technical content of this release has been approved for disclosure by Stuart A. Mills, BSc, MSc, CGeol,
a Qualified Person as defined by NI 43-101 and the Company’s Vice President Exploration. Mr. Mills is not
independent of the Company.
About Velocity Minerals Ltd.
Velocity is a gold exploration and development company focused on southeastern Bulgaria. Velocity’s
strategy is to develop a low cost centralized “Hub ‘n’ Spoke” operation whereby multiple projects within
this emerging gold district produce gold concentra tes for trucking to a central processing plant for
production of doré. The Company envisions staged open pit mining of satellite deposits and processing
in a currently operating carbon -in-leach ( CIL) plant. The Company’s management and board includes
mining industry professionals with combined experience spanning Europe, Asia, and the Americas as
employees of major mining companies as well as founders and senior executives of junior to mid -tier
public companies. The team's experience includes all aspects of mineral exploration, resource definition,
feasibility, finance, mine construction and mine operation as well as a track record in managing publicly
listed companies.
About Bulgaria
Bulgaria is a member of NATO (2004) and a member of the European Union (2007). The local currency
(BGN) has been tied to the Euro since 1999 (1.956 BGN/EUR). The country is served by modern European
infrastructure including an extensive network of paved roads. Bulgaria boasts an exceptionally low
corporate tax rate of only 10%. The country’s education system is excellent with good availability of
experienced mining professionals in a favourable cost environment. Foreign mining companies are
successfully operating in Bulgaria. The country’s mining law was established in 1999 and u pdated in
2011. Mining royalties are low and compare favourably with more established mining countries.
On Behalf of the Board of Directors
“Keith Henderson”
President & CEO
For further information, please contact:
Keith Henderson
Phone: +1-604-484-1233
E-mail: [email protected]
Web: www.velocityminerals.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:
NR-19-17 Continued September 9, 2019
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This news release includes certain “forward -looking statements” under applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to, statements with respect to: future exploration and
testing carried out on the Tintyava property; use of funds; and the future business and operations of Velocity. Often,
but not always, forward looking statements can be identified by words such as “pro forma”, “plans”, “expects”,
“may”, “should”, “budget”, “scheduled”, “estimates”, “ forecasts”, “intends”, “anticipates”, “believes”, “potential”
or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or
results that may, could, would, might or will occur or be taken or achieve d. Forward looking information involves
known and unknown risks, uncertainties and other factors which may cause the actual results, performance or
achievements of the Company to differ materially from any future results, performance or achievements expressed
or implied by the forward -looking information. Such risks and other factors include, among others, operating and
technical difficulties in connection with mineral exploration and development and mine development activities for
the Tintyava property, including the geological mapping, prospecting and sampling programs for the projects, the
fact that the Company’s interests in the Tintyava property is only an option and there is no guarantee that the
interest, if earned, will be certain, actual results o f exploration activities, including the program, estimation or
realization of mineral reserves and mineral resources, the timing and amount of estimated future production, costs
of production, capital expenditures, the costs and timing of the development o f new deposits, the availability of a
sufficient supply of water and other materials, requirements for additional capital to fund the Company's business
plan, future prices of precious metals, changes in general economic conditions, changes in the financial markets and
in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures
of plants, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining
industry, delays in obtaining governmental and regulatory approvals (including of the TSX Venture Exchange),
permits or financing or in the completion of development or construction activities, changes in laws, regulations and
policies affecting mining operation s, hedging practices, currency fluctuations, title disputes or claims limitations on
insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities,
risks related to joint venture operations, and risks re lated to the integration of acquisitions, as well as those factors
discussed under the heading. "Risk Factors" in the Company's annual management's discussion and analysis and
other filings of the Company with the Canadian Securities Authorities, copies o f which can be found under the
Company's profile on the SEDAR website at www.sedar.com.
Readers are cautioned not to place undue reliance on forward looking information. The Company undertakes no
obligation to update any of the forward -looking information in this news release or incorporated by reference
herein, except as otherwise required by law.
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