Velocity Commences Drilling at Iglika Gold – Copper Project, Bulgaria Mineralized Channel Samples from the Voden Target include:
1
Lms
NR-22-02 May 31, 2022
Velocity Commences Drilling at Iglika Gold – Copper Project, Bulgaria
Mineralized Channel Samples from the Voden Target include:
3.3m @ 12.14 g/t gold, including 1.0m @ 37.9 g/t gold,
and 8.0m @ 1.79 g/t gold, including 3.0m @ 2.81 gold
Vancouver, British Columbia – Velocity Minerals Ltd. (TSX.V: VLC) ( “Velocity” or the “Company”)
announces the commencement of drilling at the Voden gold exploration target (“Voden”), located in the
Iglika project, Bulgaria (“Iglika” or the “Project”). Surface exploration at Voden has defined multiple drill
targets based on soil and channel sampling of gold mineralized outcrops. Positive results have defined
several high-priority, shallow drill targets, which will now be tested.
Voden Channel Sampling Results
Positive mechanical channel sampling results were received from the Voden target, located in the eastern
portion of the Project. Highlights of continuous channel samples include 3.3m @ 12.14 g/t gold, including
1.0m @ 37.9 g/t gold , and 8.0m @ 1.79 g/t gold, in cluding 3.0m @ 2.81 gold (Figure 1, Table 1) .
Mechanical channel sampling was completed over two selected target areas to further define outcropping
gold mineralization over approximately 1m wide surface outcrop samples.
Table 1: Significant intercepts from Channel Sampling at the Voden target area, Iglika Project.
Composites greater than 2 g/t are highlighted bold.
NR-22-02 Continued May 31, 2022
2
Voden Drilling
Drill targets at the Voden target are primarily defined by gold -in-soil anomalies, which occur over
approximately 2 km strike length (east-west) by 0.5 km (north-south). Gold-in-soil values, ranging from
below detection to >150 ppb, are supported by mineralization in rock chip samples peaking at 56 g/t gold.
Results of mechanical channel sampling of outcrops are disclosed in this news release and provide further
support for drill targets.
Mapping indicates that rocks underlying the Voden target are primarily metamorphosed granites and
sediments ( of assumed Paleozoic age), intruded by probable Upper Cret aceous dykes. Sampling of
outcrops suggests that gold mineralization may be hosted within quartz and/or quartz-carbonate veinlets
and stringers, which appear to occur within all lithologi es and therefore all lithologies have potential to
host gold mineralization. The area of gold anomalies is bounded to the south by a faulted contact with
Paleozoic basement rocks.
Velocity is targeting discovery of near-surface gold mineralization. Phase I drilling is currently in progress
and is designed to test for gold mineralization from surface to a depth of approximately 200m.
Figure 1: Map of the Voden target area, located in the eastern portion of the Iglika License, showing
results of previously disclosed soil sampling and new results of channel sampling undertaken
in two areas, as well as the location of planned drill holes.
NR-22-02 Continued May 31, 2022
3
Iglika Prospecting License
Exploration to date within the large 100 km 2 Iglika prospecting license has included mapping, soil
sampling, rock chip sampling, channel sampling, as well as extensive geophysics (ground magnetic survey
and induced polarization survey). Exploration results define multiple drill targets at Iglika, of which the
Voden target is the first to be tested. The Company plans on drill testing additional target areas at Iglika,
in due course.
Incentive Stock Options
The Company announces that it has granted 4,350,000 common share stock options (each, an "Option")
to various directors, officers, employees and consultants of the Company and its affiliates. The Options
entitle the holder to purchase shares at a price of $0.30 per share (which price is 13% above the 5-day
market VWAP) for a period of 5 years from the issue date . Options will vest over 3 years, beginning 6
months from the date of issue and vesting in equal tranches bi -annually thereafter. Including th is
issuance, the Company has now set Options representing 5.9% of the issued and outstanding stock.
Quality Assurance / Quality Control
The work programs were designed and supervised by Daniel Marinov, RPGeo, the Company ’s Vice -
President Operations, who is responsible for all aspects of the work, including the quality control/quality
assurance program. Sample material was collected over about 5cm width and 2 -3cm depth in channels
cut by battery powered portable diamond saw, with sample volume approximately equivalent to a half
HQ drill core with average weight of 3.1 kg (range 1.6 kg to 6.1 kg). The samples are collected over
approximately 1.0m length (range 0.7m to 1.5m). On-site personnel at the project rigorously collect and
track samples which are then security sealed and shipped to Eurotest -Control EAD laboratory in Sofia,
Bulgaria. Samples used for the results described herein are prepared and analyzed by fire assay using an
Aqua regia digest of 50 -gram charge with Atomic Absorption Spectrometry finish in compliance with
industry standards at Eurotest-Control EAD laboratory in Sofia, Bulgaria. When gold grade exceeds 10 g/t
the assay is repeated using a 20-gram charge with gravimetric finish. A 0.5-gram sample split of the milled
material is prepared and analyzed by Aqua regia digest and ICP-AES finish for 35 elements in compliance
with industry standards at Eurotest -Control EAD laboratory. Field duplicate samples, blanks and
independent controlled reference material (standards) are added to each batch of samples. All significant
channel sample composites are calculated using a 0.2 g/t gold trigger, a minimum 0.5 g/t gold composite,
and a maximum of 3 metres consecutive waste.
Qualified Person
The technical content of this release has been approved for disclosure by Daniel Marinov , RPGeo, a
Qualified Person as defined by NI 43 -101 and the Company’s Vice President Operations. Mr. Marinov is
not independent of the Company as he is a director, officer, shareholder, and holds incentive stock
options.
About Velocity Minerals Ltd.
Velocity is an exploration and development company focused on southeastern Bulgaria. Velocity’s
strategy is to develop a low cost centralized “Hub and Spoke” operation whereby multiple projects within
this emerging district produce concentrates for trucking to a central processing plant for production of
doré. Velocity has a 70% interest in the Tintyava property, which includes the Rozino project, a 70%
interest in the Momchil property, which includes the Obichnik project, a 70% interest in the Nadezhda
property, which includes the Makedontsi project, and a 100% interest in the Iglika property. Velocity ’s
management and board includes mining industry professi onals with combined experience spanning
Europe, Asia, and the Americas as employees of major mining companies as well as founders and senior
NR-22-02 Continued May 31, 2022
4
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.
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.
This news release includes certain “forward-looking statements” within the meaning of applicable Canadian and U.S.
securities legislation, including the United States Private Securities Litigation Reform Act of 1995 . All statements,
other than statements of historical fact, included herein including, but not limited to, statements with respect t o
future exploration and testing carried out on the Project; use of funds; and the future business and operations of
the Company, are forward-looking statements. Often, but not always, forward looking statements can be identified
by words such as “pro for ma”, “plans”, “expects”, “will”, “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. In making the forward-looking statements in this news release, the Company has applied several
material assumptions, including without limitation, market fundamentals will result in sustained preci ous metals
demand and prices, the receipt of any necessar y permits, licenses and regulatory approvals in connection with the
future exploration and development of the Company ’s projects in a timely manner, the availability of financing on
suitable terms for the exploration and development of the Company’s projects and the Company’s ability to comply
with environmental, health and safety laws.
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 Project, including the geological mapping, prospecting and sampling
programs for the Project, actual results of exploration activities, 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 of new deposits, if any, 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 anti cipated, 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 activiti es, risks relating to epidemics or pandemics such as
COVID-19, including the impact of COVID –19 on the Company's business, financial condition and results of
operations, changes in laws, regulations and policies affecting mining operations, hedging practic es, currency
fluctuations, title disputes or claims limitations on insurance coverage and the existence, timing and possible
outcome of litigation, environmental issues and liabilities, risks related to joint venture operations, and risks related
NR-22-02 Continued May 31, 2022
5
to the in tegration 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 fo und 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 rel ease or incorporated by reference
herein, except as otherwise required by law.
- 30 -