VLC.V · 2019-08-06 12:00:00

Velocity Announces Positive Gold Resource Expansion Drill Results at Rozino Highlights include:

Drill Results

NR-19-15 August 6, 2019

Velocity Announces Positive Gold Resource Expansion

Drill Results at Rozino

Highlights include:

Drill hole RDD-091; 30.0m @ 0.84 g/t gold (incl. 9.0m @ 1.68 g/t gold)

Drill hole RDD-103; 20.1m @ 0.99 g/t gold (incl. 5.0m @ 2.91 g/t gold)

Drill hole RDD-112; 28.6m @ 1.13 (incl. 6.0m @ 3.4 g/t gold)

Drill hole RDD-116; 14.1m @ 1.06 g/t gold (incl. 9.1m @ 1.5 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 27 drill holes completed at the Rozino gold

deposit (“Rozino”), southeast Bulgaria (Table 1, Figure 1). Drill results continue to expand the mineralized

envelope and drilling continues with drill hole RDD-135 in progress. A third drill rig has been mobilized to

site and the drill program is expected to be completed in Q3.

“The extensive drill program underway at Rozino will bring the project to a prefeasibility study. The drill

program aims to expand the mineralized envelope as currently defined by the 2018 PEA, testing for

extensions to mineralization outside of the pit limits as well as at depth,” stated Keith Henderson,

Velocity’s President & CEO. “ In addition to Rozino, the Company continues to successfully explore two

additional projects at Obichnik and Makedontsi, potentially building out satellite projects for integration

into a hub ‘n’ spoke development model.”

Highlights from the Rozino resource expansion program include:

• Drill hole RDD -091 intersected 30.0m grading 0.84 g/t gold. Th e result continues to point to

potential expansion of the main PEA pit northward, potentially facilitating consolidation of the

main pit with the north pit.

• Drill hole RDD-101 and RDD-103 (Figure 2) similarly points towards consolidation of the PEA pit

designs. Both drill holes returned intersections of approximately 20m grading approximately 1 g/t

gold. Importantly, these drill holes also intersected mineralization underlying the PEA design pits

and the prefeasibility mine design will assess potential pit extension to depth.

• Drill holes RDD-112, -115, and -116 have all extended the mineralized envelope between the main

and north pits. A cross-section for drill hole RDD-112 is included, which intersected 28.6m grading

1.13 g/t gold (Figure 3).

NR-19-15 Continued August 6, 2019

Figure 1: Map showing Velocity drill holes and highlights at Rozino

as well as drill holes for which results are pending.

Figure 2: Section showing results for drill holes RDD-101 and RDD-103

NR-19-15 Continued August 6, 2019

Figure 3: Section showing results for drill holes RDD-112

The Company routinely updates a list of significant drill intersections at the Rozino project, all of which

are available on the web site.

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

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 Rozino

Velocity began exploring and drilling at Rozino in August 2017 and completed a Preliminary Economic

Assessment in September 2018. The PEA provides a base case assessment of developing Rozino by open

pit mining and on-site crushing, milling and simple flotation to produce a 30 g/t gold concentrate. The

concentrate would then be trucked 85km on existing roads to the currently operating CIL plant where

saleable gold doré would be produced. Mineralization remains open for expansion.

The Rozino gold deposit is located within the Tintyava Prospecting and Exploration Licence (PEL) (the

“Tintyava Property ”), which is one of several exploration projects located within an Exploration and

Mining Alliance between Velocity and Gorubso -Kardzhali AD (“ Gorubso”). Velocity, through its wholly

owned subsidiary Kibela Minerals AD, holds a 70% interest in Tintyava Exploration EAD (“ Tintyava

Exploration”), a corporate joint venture company that holds the PEL, with Gorubso holding the remaining

30%.

NR-19-15 Continued August 6, 2019

Table 1: Highlights from drill holes RDD-087 to RDD-116.

RDD-087 67.0 73.0 6.0 0.55

RDD-087 119.8 134.8 15.0 0.50

RDD-087 137.8 151.0 13.2 0.89

RDD-088

RDD-089

RDD-090 11.0 14.0 3.0 2.20

RDD-090 68.0 75.0 7.0 0.59

RDD-091 5.8 35.8 30.0 0.84

including 8.2 17.2 9.0 1.68

RDD-091 60.8 70.8 10.0 0.76

RDD-092

RDD-093

RDD-094

RDD-095 11.2 15.2 4.0 1.32

RDD-095 55.1 64.1 9.0 0.75

RDD-096 66.9 72.9 6.0 1.34

RDD-097

RDD-098

RDD-099 51.0 61.0 10.0 0.71

RDD-099 66.0 72.0 6.0 0.54

RDD-100

RDD-101 54.0 60.0 6.0 0.99

RDD-101 127.0 147.3 20.3 0.98

including 139.0 143.0 4.0 2.81

RDD-102

Results Pending

No significant intercepts

Results Pending

No significant intercepts

Drill hole ID From (m) To (m) Interval (m) Gold (g/t)

RDD-103 1.7 21.8 20.1 0.99

including 1.7 6.7 5.0 2.91

RDD-103 68.4 83.4 15.0 0.53

RDD-103 97.5 111.6 14.1 0.52

RDD-103 116.6 134.3 17.7 1.39

RDD-104 36.0 67.3 31.3 0.51

including 56.0 59.0 3.0 1.46

RDD-105 0.0 2.4 2.4 0.54

RDD-106

RDD-107

RDD-108

RDD-109

RDD-110

RDD-111 1.7 25.5 23.8 0.50

including 21.3 25.5 4.2 1.01

RDD-111 36.1 42.6 6.5 1.01

RDD-112 1.0 4.3 3.3 0.53

RDD-112 56.4 85.0 28.6 1.13

including 78.0 84.0 6.0 3.40

RDD-112 110.1 126.1 16.0 0.50

RDD-113

RDD-114

RDD-115 32.7 58.5 25.8 0.78

including 43.7 53.7 10.0 1.09

RDD-116 42.0 56.1 14.1 1.06

including 46.0 55.1 9.1 1.50

RDD-116 98.8 109.8 11.0 0.67

No significant intercepts

Drill hole ID From (m) To (m) Interval (m) Gold (g/t)

Intersections shown in bold are discussed further in the text.

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.

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 concentrates for trucking to a central processing plant for

production of doré. The Company envisions staged open pit mining of satellite deposits and p rocessing

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

NR-19-15 Continued August 6, 2019

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 environmen t. Foreign mining companies are

successfully operating in Bulgaria. The country’s mining law was established in 1999 and updated 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:

This news release includes certain “forward -looking statements” under applicable Canadian securities legislation.

Forward-looking statements include, but are not limite d 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 achieved. 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 of exploration activities, including the program, estimation or

realization of mineral reserves and mineral resources, the timing and amount of estimated future productio n, costs

of production, capital expenditures, the costs and timing of the development of 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 operations, hedging practices, currency fluctuations, title disputes or claims limitations on

insurance coverage and the timing and possible outcome of pending litigation, enviro nmental issues and liabilities,

risks related to joint venture operations, and risks related 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 of which can be found under the

Company's profile on the SEDAR website at www.sedar.com.

NR-19-15 Continued August 6, 2019

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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