Velocity Receives Approval for Work Program on its Dangovo Property, Bulgaria.
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NR-23-01 January 17, 2023
Velocity Receives Approval for Work Program on its
Dangovo Property, Bulgaria.
Vancouver, British Columbia – Velocity Minerals Ltd. (TSX.V: VLC) ( “Velocity” or the “Company”) announces
that it has received approval for its proposed 3 -year work program at the Dangovo Prospecting License
(“Dangovo”). The approvals received from the Ministry of Energy enable drill testing to begin in 2023.
Dangovo Property Details
The Dangovo property is contiguous with the Company’s Makedontsi project ( Figure 1 ), where a historical
resource is registered with the Bulgarian State. Dangovo was acquired to explore for potential extensions of
known gold mineralization at Makedontsi (Figure 2). Prospective lithologies are overlain by a thin layer of post-
mineral limestone and drilling completed by the Company within the Makedontsi property indicates that the
host-lithologies are preserved. Velocity has completed a geophysical survey (Controlled Source Audio -
frequency Magnetotellurics (CSAMT)) and data is interpreted to indicate that gold bearing structural zones from
the Makedontsi property may extend undercover onto the Dangovo property. These form the primary targets
for initial drill testing which will be tested with an initial 2,000m drill program.
Figure 1. Map of the Makedontsi and Dangovo properties, southeast Bulgaria, showing the historical
Makedontsi deposit, interpreted geology and prospective areas for exploration.
NR-23-01 Continued January 17, 2023
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The Dangovo property was acquired by staking and the prospecting license contract with the Ministry of Energy
was signed in late 2022. Approval of the 3-year work program is the final step in the approval process.
Figure 2: Schematic cross section across the Makedontsi and Dangovo properties, showing the interpreted
target horizon, which at Dangovo is untested by drilling.
Quality Assurance / Quality Control
The work programs in Bulgaria are designed and supervised by Daniel Marinov, MAIG RPGeo , the Company’s
Vice President Operations who is responsible for all aspects of the work, including the quality control/quality
assurance program. 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 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, officer, 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 includes the Makedontsi project), a 70% interest in the Dangovo property (which is contiguous with 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 def inition, 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
NR-23-01 Continued January 17, 2023
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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.
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 historical fact, included herein 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. Forward -looking
statements are typically identified by words such as: "believes", "expects", "anticipates", "intends", "estimates", "plans",
"may", "should", "would", "will", "potential", "scheduled" or variations of such words and phrases and similar expressions,
which, by their nature, refer to future events or results that may, could, would, might or will occur or be taken or achieved.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual
results, performance or achievements of the Com pany 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, statements as to the anticipated business plans and timing of futur e activities of the Company, the ability of the
Company to obtain sufficient financing to fund its business activities and plans, delays in obtaining governmental and
regulatory approvals (including of the TSX Venture Exchange), permits or financing, changes in laws, regulations and policies
affecting mining operations, currency fluctuations, title disputes or claims, environmental issues and liabilities, risks relating
to epidemics or pandemics such as COVID –19, including the impact of COVID –19 on the Comp any’s business, financial
condition and results of operations, changes in laws, regulations and policies affecting mining operations, title disputes,
the inability of the Company to obtain any necessary permits, consents, approvals or authorizations, the timing and possible
outcome of any pending litigation, environmental issues and liabilities, and risks related to joint venture operations, and
other risks and uncertainties disclosed in the Company’s continuous disclosure documents. All of the Company’s Canadian
public disclosure filings may be accessed via www.sedar.com and readers are urged to review these materials.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company does not undertake any
obligation to update any of the forward-looking statements in this news release or incorporated by reference herein, except
as otherwise required by law.
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