Velocity Minerals Provides Update for the Zlatusha Copper-Gold Project, Bulgaria
NR-24-03 February 12, 2024
Velocity Minerals Provides Update
for the Zlatusha Copper-Gold Project, Bulgaria
Vancouver, British Columbia – Velocity Minerals Ltd. (TSX.V: VLC, OTCQB: VLCJF) (“ Velocity” or the
“Company”) provides an update on the ongoing exploration program at the Zlatusha copper-gold project
(“Zlatusha” or the “Project”) , located in the prolific Tethyan Belt that has potential for epithermal,
porphyry, and skarn deposit discoveries. Phase I drill testing is planned for Q2 2024, with an initial 3,000m
of diamond drilling to test priority copper-gold target areas.
2023 Highlights and Project Background
Exploration completed in 2023 includes detailed mapping over priority targets, 1,800 soil samples, 660
rock samples , a 4,500-station ground radiometric survey, and a property -wide 2,400 line -km drone
magnetic survey. The magnetic survey (Figure 1) has been key in identifying target areas for follow up
with detailed mapping, and geochemistry.
The Company has compiled a technical presentation summarizing the Zlatusha exploration project, which
can be downloaded here. This document provides an in-depth view of exploration progress at the Project,
as well as details on methodologies and future plans, offering a clear overview for investors and
stakeholders.
The Zlatusha Property is located within a Tier One porphyry copper -gold and epithermal belt, which
transects Serbia and Bulgaria. The local geology is similar to the Timok Magmatic complex , which is
located 95 km to the northwest in Serbia (hosting the world class Bor, Majdanpek and Cukaru Peki copper-
gold deposits). The Panagyurishte Orefield, located 65 km to the east in Bulgaria hosts operating copper-
gold mines such as Chelopech, Elatsite and Asarel. Approximately 5km southwest of Zlatusha, the Milin
Kamuk gold mine is under construction. No modern systematic exploration has been carried out and the
Company considers the Property to be prospective for the discovery of these deposit types (Figure 2). In
particular, the recent discovery of the high -grade Coka Rakita gold skarn deposit by Dundee Precious
Metals has renewed interest in deposits of this type within the Tethyan Belt that have been historically
overlooked.
Readers are cautioned that the mines and deposits discussed above are adjacent properties and that Velocity has no
interest in or right to acquire any interest in the deposit, and that mineral deposits on adjacent or similar properties,
and any production therefore or economics with respect thereto, are not in any way indicative of mineral deposits on
Velocity’s properties or the potential production from, or cost or economics of, any future mining of any of Velocity’s
mineral properties.
Figure 1. Map showing Zlatusha Prospective Mineral Trend with Interpretative
Magnetic Lineaments overlain on Gridded RTP Magnetic Data
Figure 2. Schematic Cross Section Across the Zlatusha Project Illustrating the location of known Copper-Gold occurrences and
Conceptual Exploration Deposits Types that are being targeted.
2024 Outlook
Building on 2023's success ful exploration program, Velocity will initiate a 3,000m diamond core drilling
program in Q2. Drill target definition and prioritization is ongoing and an update will be provided to
shareholders prior to the commencement of the drill program.
Quality Assurance / Quality Control
The work program at Zlatusha Property was designed and supervised by Vasil Dimitrov, CGeol FGS , the
Company's Senior Geologist, 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 (soil and rock samples) for sample preparation and
subsequent analysis. Soil samples are prepared in compliance with industry standards at ALS’ Romanian
laboratory then a sample split of the milled material (pulp) is shipped to ALS’ Irish laboratory for Trace
Detection Limit method for a gold plus multi-element package by aqua regia digestion for acid extractable
gold - 25g. Field duplicate samples, blanks and independent controlled reference material (standards) are
added to every batch.
Portable XRF (Olympus Vanta M) and Magnetic Susceptibility (KT -9 kappameter) analysis are applied on
soil and rock sample references. Portable XRF analyzer is used to evaluate the concentration of certain
elements in rocks and soils providing rapid information to field geologists without waiting for laboratory
results. The portable XRF readings provide an effective screening tool for selecting samples for traditional
laboratory chemical analysis. The assays of the pXRF analysis are indicative, but accuracy is not equivalent
to laboratory analysis. Soil samples are sieved in the field with 40mesh ( -1mm) stainless steel sieve,
collected in kraft paper bags for drying in storage area. After sample splitting, material is taken from each
sample for portable XRF analysis and stored in small transparent zip -lock bags with sample ID tags.
Samples are scanned on both sides and the XRF measurements are averaged by the portable XRF.
Representative rock sample specimens are selected from the field geologist then scanned with portable
XRF in company’s warehouse. Blanks and independent controlled reference material (standards) scanned
with portable XRF and the results are compared with laboratory analysis. Additional portable XRF QA/QC
measurements are taken from “Coin” and “Blank” material (provided by Olympus) for tool calibration
before and after scanning of each batch of samples.
Geophysical surveys are carried out by geophysical consultants using up -to-date technologies, with the
results checked by a third -party independent geophysicist for quality control. Raw geophysical data is
processed and corrected, and the results are interpreted by 2 independent groups of geophysicists under
the direction of Company staff.
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, off icer, shareholder, and holds incentive stock
options.
About Velocity Minerals Ltd.
Velocity is a precious metals and copper explorer focused in Eastern Europe. In Bulgaria, Velocity has a
70% interest in the Tintyava property, which includes the prefeasibility -stage Rozino deposit. Velocity
also has a 70% interest in the Momchil property (which includes the Obichnik project), a 70% interest in
the Nadezhda property (which in cludes the Makedontsi project), and a 70% interest in the Dangovo
property (which is contiguous with the Makedontsi project). The Company holds a 100% interest in the
Iglika copper-gold exploration property and recently entered into an option agreement wi th DPM who
have an option to earn a 75% interest in the property. The Company has also entered into agreements to
acquire a 75% interest in the Zlatusha copper-gold exploration property.
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 contains forward -looking statements and forward -looking information (collectively, "forward -
looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other
than statements of historic al fact, included herein including, without limitation, statements regarding the exercise
of the Option by DPM, the entering into of the Definitive Agreement, the formation of the JV, and the anticipated
business plans and timing of future activities of th e Company, are forward -looking statements. Although the
Company believes that such statements are reasonable, it can give no assurance that such expectations will prove
to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma",
"plans", "expects", "may", "will", "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, that market fundamentals will result in sustained precious metals demand and prices, the receipt
of any necessary permits, licenses and regulatory approvals in connection with the future development of the
Property in a timely manner, the availabilit y of financing on suitable terms for the development, construction and
continued operation of the Property, and the Company’s ability to comply with environmental, health and safety
laws.
Forward-looking statements involve 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 at the Property, estimation or realization of mineral reserves and mineral
resources, requirements for additional capital, future prices of precious metals and copper, 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 or the inability of the Company
to obtain any necessary permits, consents or authorizations required, including TSX Venture Exchange acceptance,
financing or other planned activities, changes in laws, regulations and policies affecting mining operations, currency
fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of
pending litigation, environmental issues and liabilities, risks relating to epidemics or pandemics such as COVID- 19,
including the impact of COVID- 19 on the Company's business, 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.sedarplus.ca.
Readers are cautioned not to place undue reliance on forward looking statements. Except as otherwise required by
law, the Company undertakes no obligation to update any of the forward- looking information in this news release
or incorporated by reference herein.