Velocity Exercises Option to Acquire 70% Interest at the Makedontsi Project, Bulgaria Announces Management and Sustainability Updates
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NR-21-15 November 16, 2021
Velocity Exercises Option to Acquire 70% Interest
at the Makedontsi Project, Bulgaria
Announces Management and Sustainability Updates
Vancouver, British Columbia – Velocity Minerals Ltd. (TSX .V: VLC) (“ Velocity” or the “ Company”)
announces that it has delivered notice of option exercise (the “Exercise Notice”) to Gorubso-Kardzhali AD
(“Gorubso”) for the Nadezhda property (the “ Property”), which includes the Makedontsi project
(“Makedontsi” or the “Project”). To fulfill the terms of the option agreement with Gorubso, Velocity was
required to deliver an Environment Impact Assessment prepared in accordance with Chapter Six of the
Bulgarian Environmental Protection Act. In addition, Velocity will sole-fund 2,000m of future drilling and
deliver a Mineral Resource estimate prepared in accordance with National Instrument 43-101. Following
delivery of the Exercise Notice, Velocity is deemed to have earned a 70% interest in the Property and to
be in Joint Venture with Gorubso for the further development of the Property.
Makedontsi Project
Mineralization at Makedontsi is outcropping locally but elsewhere the prospective sediments are covered
by a thin veneer of post-mineral limestone estimated to range from 10 to 30m thickness. Exploration to
date, including 8 diamond holes and 14 reverse circulation holes, was completed to test the grade and
extents of historical drilling. Drilling intersected mineralization , starting from surface , and t he
mineralization remains open for expansion . Future drilling will continue to test for extensions of
mineralization.
Management Change
Velocity announces the retirement of Mr. Stuart A. Mills as Vice President, Exploration and as an Officer
of the Company. Although Mr. Mills is retiring from his full-time position, he will be retained as Director
of Geology and will continue to provide exploration services on a part-time basis.
“Stuart has been instrumental in defining ounces at our flagship Rozino project as well as overseeing all
of our exploration activities in Bulgaria over the past 4 years. We are very pleased that Stuart will continue
to provide his exploration insight and guidance,” stated Mr. Keith Henderson, President and CEO. “The
Board of Directors also thanks Stuart for his contributions and wishes him the best in retirement.”
Sustainability & Reporting
Velocity plans to publish a n ESG Report for 2021 , which will provide details on activities related to
sustainability, community engagement, Green House Gas (GHG) monitoring, as well as environmental
projects and monitoring at the Rozino project. Our first annual ESG report, the 2020 ESG Report , was
published on the Company’s website during th is year and can be downloaded from
www.velocityminerals.com.
NR-21-15 Continued November 16, 2021
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Over the past four years, Rozino has advanced rapidly from initial exploration through to a positive
prefeasibility study. As our exploration activities have ramped up, so too have our activities related to
environmental monitoring, stakeholders and social engagement, as well as environmentally focused
community projects.
More recently, we have initiated a new recycling project in the municipality of Ivaylovgrad, where the
Rozino project is located. The recycling project involved design and manufacture of collection facilities
for plastic bottles, which were placed in publicly accessible locations. Velocity staff manage the collection
of plastics as well as processing and transportation of the material for recycling off -site. This is the first
time that recycling facilities have been available in Ivaylovgrad and interest from the local population has
exceeded all expectations.
A new environmentally focused community project includes installation of honeybee hives at the Rozino
site. Honeybees are highly sensitive to their environment, and we view their co -exitance with our
exploration activities as a positive indicator that we are effectively managing noise and other
environmental factors.
These and other sustainability projects will be described in detail in our planned 2021 ESG Report.
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 centra l processing plant for production of
doré. Velocity has a 70% interest in the Tintyava pro perty, 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 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.
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 Director of Geology . Mr. Mills is not
independent of the Company.
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
NR-21-15 Continued November 16, 2021
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Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in polici es 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 t o, statements with respect to
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 forma”, “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 precious 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 condition s, 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, risks relating to epidemics or pandemics s uch 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 practices, currency
fluctuations, title disputes or c laims 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
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 informa tion. 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.