Velocity Continues to Expand East Zone Discovery at Rozino Gold Project, Southeast Bulgaria Highlights include Hole RDD-046; 57.0m grading 0.82g/t gold
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NR-18-09 March 28, 2018
Velocity Continues to Expand East Zone Discovery
at Rozino Gold Project, Southeast Bulgaria
Highlights include Hole RDD-046; 57.0m grading 0.82g/t gold
Vancouver, British Columbia – Velocity Minerals Ltd . ( TSXV: VLC) (“ Velocity” or the “ Company”)
announces that it has received additional positive assay results from step-out drilling at East Zone, Rozino
gold project, with all 2018 drill holes intersecting gold mineralization. The first drill hole of 2018 (RDD -
044) intersected 30.8m grading 1.55g/t gold and 66.5m grading 1.32g/t gold (Figure 1). This news release
includes results from RDD-045 through RDD-049 and these drill holes have each stepped out 50m to 100m
from drill hole RDD-044 and continue to expand the zone.
Highlights include RDD -046 (Figure 1), which intersected 57.0m grading 0.82g/t gold, having stepped
100m to the northeast from previous drill hole RDD-040 (144.7m grading 1.52g/t gold).
“Rozino’s East Zone continues to deliver long, consistent intersections of gold mineralization from surface,
grading approximately 0.7g/t gold to 1.5g/t gold. Stepping out 50m to 100m at a time, we are continuing
to expand the footprint of this newly discovered zone, which remains open for expansion ,” stated Keith
Henderson, Velocity’s President and CEO . “Velocity recently announced a maiden inferred resource at
Rozino for 629,000 ounces grading 1.15g/t gold assuming a 0.5g/t gold cut -off grade. The drill results
announced today were not included in the inferred resource but will form part of an updated mineral
resource estimate and preliminary economic assessment in Q3 this year.”
Figure 1: Cross-section at Rozino East Zone showing drill hole RDD-046 mineralized intersections
together with previous results from RDD-040, RDD-041, and RDD-044.
NR18-09 Continued March 28, 2018
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Figure 2: Cross-section at Rozino East Zone showing drill holes RDD-048 and RDD-049,
together with previous results from RDD-042.
Figure 3: Rozino surface geochemistry map with drill intercepts averaging greater than 0.5g/t gold highlighted.
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Table 1: Highlights from drill holes RDD-045 to RDD-049
Drillhole From (m) To (m) Thickness
(m)^ Gold (g/t)
RDD-045 1.6 6.6 5.0 0.54
and 28.6 37.0 8.4 0.51
and 47.0 58..0 11.0 0.61
and 67.0 76.0 9.0 0.89
including 69.0 72.0 3.0 2.02
RDD-046 2.2 59.2 57.0 0.82
including 2.2 11.2 9.0 1.95
including 36.20 44.2 8.0 1.08
RDD-047 1.3 6.3 5.0 0.74
and 17.3 63.2 45.9 0.72
including 23.2 37.2 14.0 1.10
including 49.2 55.2 6.0 1.33
RDD-048 19.0 25.2 6.2 0.53
and 43.2 57.2 14.0 0.71
and 68.2 79.2 11.0 0.73
RDD-049 23.2 61.5 38.3 0.71
including 23.2 31.2 8.0 1.38
^ The current exploration model has not had sufficient drill testing to be able to determine true thickness of mineralization.
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 National Instrument 43 -101 and the Company’s Vice President
Exploration. Mr. Mills is not independent of the Company.
NR18-09 Continued March 28, 2018
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About the Rozino Gold Project
Velocity has been exploring and drilling at Rozino since August 2017, completing 7 ,300m of diamond
drilling in 2017 and publishing a maiden Inferred Mineral Resource Estimate in Q1 2018; 17Mt @ 1.15g/t
gold for 629,000 ounces at 0.5g/t cut -off grade with 8.2Mt @ 1.68g/t gold for 443,000 ounces at 0.8g/t
cut-off grade. Approximately 90% of estimated resources at depths of less than 110m from surface and
less than 1% below 150m from surface. Mineralization remains open for expansion.
The Company continues to drill in 2018 with a view to publishing an updated mineral resource estimate
and preliminary economic assessment (“PEA”) in Q3 2018, approximately one year after initiating
exploration. On completion of the PEA, the Company will exe rcise its option for a 70% interest in the
project and will move forward in joint venture with its Bulgarian partner.
About the Balkan Gold Project
Velocity formed an Exploration and Mining Alliance (“Alliance”) with Bulgarian operating partner Gorubso
Kardzhali A.D. (“Gorubso”) in February 2018. The Alliance is the cornerstone of the Balkan Gold Project.
Within the Balkan Gold Project, the Company’s portfolio of assets in Bulgaria includes exclusive access to
a modern, centrally located CIL plant for processing of material from gold projects in the surrounding area.
The Company has negotiated an option to earn a 70% interest in any or all of seven advanced gold
projects, including the Rozino Project where drilling is ongoing. In addition, the Company has negotiated
an option to earn a 50% interest in the operating Chala Gold Mine.
The Alliance area covers all existing and future Gorubso and Velocity projects within an area of 10,400km2
covering the prospective Eastern Rhodope Gold Mining District in southeastern Bulgaria.
The Agreement contemplates the exploration, development, and mining of the various projects within
the Alliance area and provides for an option/joint venture mechanism by which Velocity and Gorubso will
partner to maximize value for both companies.
About Velocity Minerals Ltd.
Velocity is a gold exploration and development company focused on eastern Europe. The Company’s
management and board includes mining industry professionals with over 100 years of 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 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
NR18-09 Continued March 28, 2018
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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 : Th is 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 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 ex pressed 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 propert y,
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 production, 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 finan cial 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, environmental 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.
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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