Velocity intersects broad intervals of gold mineralization at its advanced Rozino Gold Project, Southeast Bulgaria.
1
NR‐17‐10 October 2, 2017
Velocity intersects broad intervals of gold mineralization at its
advanced Rozino Gold Project, Southeast Bulgaria.
Highlights include 41.0 metres @ 1.19 g/t gold & 13.9 metres @ 2.32 g/t gold.
Mineralization remains open for expansion.
Vancouver, British Columbia – Velocity Minerals Ltd. (TSXV: VLC) (“ Velocity” o r t h e “Company”)
announces that it has received laboratory results for three additional diamond drill holes at the Company’s
advanced Rozino gold project (“Rozino” or the “Project”), locat ed within the Tintyava prospecting and
exploration licence area in southeastern Bulgaria (Table 1). A ll three boreholes intersected broad zones
of gold mineralization which demonstrate excellent continuity and further support the potential for a
near‐surface, bulk tonnage, open pit development project. Dril ling at Rozino is ongoing with eleven drill
holes completed to date and mineralization remains open for expansion.
Holes RDD‐005 and RDD‐006 are 50m steps outs from holes previously released (see NR17‐05 and ‐06 for
details). RDD‐005 (Figure 3) retur ned 3 intersects above 0.5 g /t gold for over 50m of cumulative
mineralization, including 13.9m @ 2.32 g/t gold. Hole 6 return ed 3 intersects above 0.5 g/t gold for over
80m of cumulative mineralization, including 41.0m @ 1.19 g/t gold (Figures 1 & 3).
Figure 1: Drill Intersect from Velocity Hole RDD‐006 at Rozino. Results for RDD‐002 were released previously.
NR17‐10 Continued October 2, 2017
2
RDD‐007 collared approximately 200m to the northeast of the mai n Rozino target and was designed to
test the potential depth extents of historic trench results. T he hole intersected mineralized sediments
grading 0.80 g/t gold over 22.4, before passing into faulted gra n i t e s r e t u r n i n g 2 a d d i t i o n a l i n t e r s e c t s .
T h e s e r e s u l t s a r e v e r y e n c o u r a g i n g a n d a p r o g r a m o f t r e n c h i n g to better define the nature of the
mineralization is underway prior to further drill testing of this target later this year.
Table 1: Drill Results from Velocity Drill Holes RDD‐005, ‐006 & ‐007 at Rozino.
Drillhole From (m) To (m) Th ickness (m)^ Gold (g/t)
RDD‐005 28.8 39.3 10.5 0.52
and 55.1 81.9 26.8 0.68
and 118.9 132.8 13.9 2.32
RDD‐006 62.0 94.0 32.0 0.69
and 109.0 117.0 8.0 0.93
and 124.0 165.0 41.0 1.19
including 122. 0 136.0 14.0 2.58
RDD‐007 25.3 47.7 22.4 0.80
and 67.7 75.7 8.0 0.62
and 80.7 89.7 9.0 0.57
^ The current exploration model has not had sufficient drill testing to be able
to determine true thickness of mineralization.
Figure 2: Drill Intersect from Velocity Hole RDD‐007 at Rozino.
NR17‐10 Continued October 2, 2017
3
Figure 3: Location of Velocity’s drill holes. Holes completed are shown in black. Results have been returned for
holes 1 through 7. A total of eleven holes have been completed and drilling is ongoing.
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 2 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.
NR17‐10 Continued October 2, 2017
4
About Velocity Minerals Ltd.
Velocity is a gold exploration and development company focussed on eastern Europe. The Company’s
management and board includes mining industry professionals wit h 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.
The Company’s portfolio of advanced gold exploration assets is currently in Bulgaria, which is a member
of the European Union (2007) and an attractive destination for mining investment. 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 like Canada, Peru and Chile. Bulgaria also boasts a corporate tax rate
of only 10% and the country’s education system has yielded a go od availability of experienced mining
professionals in a favourable cost environment. Foreign mining companies are successfully operating in
Bulgaria.
Local knowledge and experience are essential components of mining investment in a foreign jurisdiction.
Velocity Minerals has entered into a number of option agreement s with Gorubso Kardzhali A.D.
("Gorubso'), an established and respected mining company in Bul garia. Gorubso operates the
underground Chala Gold Mine (2006) and the Kardzhali Carbon In Leach (CIL) processing plant (2011),
which produces gold dore. Gorubso is the first and only company in Bulgaria to have secured a permit for
cyanide‐related processing of gold ores. Velocity’s management has a long‐standing relationship with
Gorubso as well as significant previous experience in Bulgaria and elsewhere in the region.
On Behalf of the Board of Directors
"Keith Henderson"
President & CEO
For further information, please contact: Keith Henderson
Phone: +1‐604‐638‐3456
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 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
s t a t e m e n t s c a n b e i d e n t i f i e d b y w o r d s s u c h a s “ p r o f o r m a ” , “ p l ans”, “expects”, “may”, “should”, “budget”,
“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, “believes”, “potential” or variations of such words
including negative variations thereof, and phrases that refer t o 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 resu lts, performance or achievements of the Company
t o d i f f e r m a t e r i a l l y f r o m a n y f u t u r e r e s u l t s , p e r f o r m a n c e o r a chievements expressed or implied by the forward‐
looking information. Such risks a n d o t h e r f a c t o r s i n c l u d e , a m ong others, operating and technical difficulties in
connection with mineral exploration and development and mine de velopment activities for the Tintyava property,
including the geological mapping, prospecting and sampling programs for the projects, the fact that the Company’s
NR17‐10 Continued October 2, 2017
5
interests in the Tintyava proper ty is only an option and there is no guarantee that the in terest, 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 futur e 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, change s 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 a ctivities, 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 integrati on 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 lo oking 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.
‐ 30 ‐