Velocity Receives Positive Drill Results from Rozino Gold Project, Southeast Bulgaria Near-surface highlights include:
1
Lms
NR-20-16 July 21, 2020
Velocity Receives Positive Drill Results from
Rozino Gold Project, Southeast Bulgaria
Near-surface highlights include:
Drill hole RDD-191; 23.2m @ 0.95 g/t gold, incl. 10.0m @ 1.78 g/t gold
Drill hole RDD-183; 21.8m @ 0.88 g/t gold, incl. 6.0m @ 2.21 g/t gold
Vancouver, British Columbia – Velocity Minerals Ltd. (TSX .V: VLC) (“ Velocity” or the “ Company”)
announces results from 13 drill holes at the Rozino gold deposit (Table 1) and the Rozino South target
(Table 2). Mineralization is open at both areas and drilling is ongoing.
At the Rozino deposit, resource expansion drilling to the south of the known deposit has intersected
near-surface gold mineralization up to 200m south of the Preliminary Economic Assessment (“PEA”)
design pit limits (Figures 1 and 2). Intersections are close to surface and there are additional untested
areas into which this mineralization may extend . B oth infill drilling and additional step -outs are in
progress, aiming to expand the mineralization further south and east (Figure 3).
At the Rozino South target, drilling continues to intersect gold mineralization at depth. Drill hole RDD-
187 intersected 12.4m grading 0.83 g/t gold; mineralization appears to be thickening toward the south.
Follow up drilling is in progress, targeting near surface gold mineralization.
Figure 1: Drill section 11NW showing significant intersections in three 50m step-out drill holes,
extending mineralization up to 200m south from the PEA design pit limits.
NR-20-16 Continued July 21, 2020
2
Figure 2: Drill section 12NW showing a significant intersection located approximately 200m south of the PEA
design pit limits and showing the location of 3 follow-up holes.
Table 1: Significant, Near-Surface Exploration Drill Results at Rozino Gold Deposit
The drill intersections disclosed here have not yet been included in a resource model and true thickness of
mineralization has not yet been determined. Drill holes are designed to intersect mineralization perpendicular or
close to perpendicular. Drill intersections are calculated using a 0.2 g/t gold trigger, a minimum 0.5 g/t gold
composite, and a maximum of 3 metres consecutive waste.
Table 2: Significant Exploration Drill Results at Rozino South Target
The drill intersections disclosed here have not yet been included in a resource model and true thickness of
mineralization has not yet been determined. Drill holes are designed to intersect mineralization perpendicular or
NR-20-16 Continued July 21, 2020
3
close to perpendicular. Drill intersections are calculated using a 0.2 g/t gold trigger, a minimum 0.5 g/t gold
composite, and a maximum of 3 metres consecutive waste.
Figure 3: Mapping showing location of Rozino drill holes completed, planned drill holes and the PEA
design pit limits.
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.
NR-20-16 Continued July 21, 2020
4
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 at ALS’ Romanian
laboratory. A sample split of the milled material is shipped to ALS’ Irish laboratory for multi- element
analysis using an inductive ly coupled Mass Spectrometer. 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 metres 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 NI 43-101 and the Company’s Vice President Exploration. Mr. Mills is not
independent of the Company.
About Velocity Minerals Ltd.
Velocity is a gold 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 gold district produce gold concentrates for trucking to a central processing plant for
production of doré. The Company envisi ons staged open pit mining of satellite deposits and processing
in a currently operating carbon-in-leach (CIL) plant. Velocity has a 70% interest in the Tintyava prospecting
licence, which includes theRozino gold project, option agreements to earn a 70% interest in the Obichnik,
Makedontsi and Sedefche gold projects, and an option agreement to earn a 100% interest in the Iglika
project. 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.
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.
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 statements can be identified by words such as “pro forma”, “plans”, “expects”,
NR-20-16 Continued July 21, 2020
5
“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 achieve d. 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 Tintyava property, 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 o f 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 o f 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 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, changes in laws, regulations and
policies affecting mining operation s, 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 re lated 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 o f 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.
- 30 -