Velocity Receives Positive Metallurgical Results at Rozino Gold Project, Southeast Bulgaria Reports Gold Recoveries Up To 92.9% Confirms Historical Gold Leach Results
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NR‐18‐07 March 21, 2018
Velocity Receives Positive Metallurgical Results
at Rozino Gold Project, Southeast Bulgaria
Reports Gold Recoveries Up To 92.9%
Confirms Historical Gold Leach Results
Vancouver, British Columbia – Velocity Minerals Ltd. (TSXV: VLC) (“ Velocity” or the “Company”) reports
results of bottle roll and stirred leach tests carried out on various grades of mineralized samples from the
Rozino gold project (“Rozino”), located in southeast Bulgaria. The test results show gold recoveries up to
92.9%. Test work was completed for Velocity by Wardell Armstrong.
Test results are comparable with historical results where gold recoveries for similar tests were reported
up to 93%. In fact, results across the spectrum of grind sizes, grades and the various tests completed are
broadly in agreement with historical results.
“Prior to optioning the Rozino project, Velocity completed exte nsive due diligence including review of all
historical metallurgical results. While our review of historic al metallurgy was positive, there is no
substitute for having our own data and we are happy to have received results which strongly corroborate
our initial assessment of the project,” stated Keith Henderson, Velocity’s President & CEO. “The agitated
leach testing included industry‐standard bottle roll and stirred leach tests carried out in Wardell’s UK
laboratories to assess potential gold recoveries for heap leach and tank leach processes respectively.
Velocity has initiated more detailed metallurgical assessments which will feed into our Preliminary
Economic Assessment planned for later this year.”
“These results confirm that the mineralization at Rozino is ver y simple with very low sulphide
concentrations related almost entirely to iron sulphides. The Rozino mineralization contains low levels of
carbon, which is positive for go ld recoveries,” stated Stuart M ills, Velocity’s Vice President Exploration.
“The results are very encouraging, and we believe that further test work will improve recoveries further.
The simple style of mineralization and very low sulphide content s a r e a m e n a b l e t o t h e a p p l i c a t i o n o f
modern extraction technologies that should ultimately reduce op erating costs and increase the
profitability of a potential project.”
Details of Metallurgical Testing
Following geostatistical analysis of gold mineralization at Rozi n o , t h r e e s a m p l e s w e r e s u b m i t t e d f o r
testing representing high‐grade (5.44g/t gold), medium grade (1 .18g/t gold) and low grade (0.5g/t gold)
mineralization. Fine agitated leach test work was carried out on the three samples, each sample being
milled to 75µm and with recoveries up to 92.9%. Coarse bottle r ol l t e st w ork w as c ar r i ed ou t on t h e
samples crushed to ‐1.7mm, returning gold recoveries up to 68.4% (Table 1).
For the Rozino Preliminary Economic Assessment (“PEA”), the Company intends to conduct concentration
tests aimed at producing a simple concentrate on site for transportation to the Gorubso Kardzhali A.D. CIL
NR18‐07 Continued March 21, 2018
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plant for vat leaching and gold recovery (see news release NR18‐04, February 22, 2018). The fine agitated
leach test results (Table 1) are representative of this potential gold recovery scenario. There are no
assurances that such assessment will produce positive economic results or that such results, even if
possible, will be included in the final PEA.
Average
Sample
Grade (g/t
Au)
Cyanide
Consumption
(kg/t)
Lime
Consumption
(kg/t)
Recoveries
(%)
Fine Agitated Leach Test Results
5.44 1.70 0.45 92.9
1.18 1.42 0.28 88.0
0.50 1.99 0.35 74.8
Coarse Bottle Roll Test Results
5.44 0.23 0.23 57.3
1.18 0.26 0.27 61.1
0.50 0.42 0.28 68.4
Table 1 Fine Agitated Leach & Coarse Bottle Roll Leach Results
from the Main Zone Rozino Gold Deposit, Bulgaria.
High Grade Medium
Grade Low Grade
Au (g/t) 5.44 1.18 0.50
Ag (g/t) 5.50 2.70 1.55
As (%) 0.003 0.004 0.034
Fe (%) 3.34 2.43 3.47
S TOTAL (%) 0.69 0.69 0.80
S ACID SOLUBLE(%) 0.01 0.02 0.02
S SULPHIDES (%) 0.67 0.67 0.78
C ORGANIC (%) 0.08 0.06 0.06
Table 2 Rozino Main Zone Metallurgical Sulphide Samples Head Gr ade Analyses
Cyanide and lime consumption was low, which is positive for future estimates of operating costs. Carbon
content in the samples was low, which is positive as higher carbon content can reduce gold recovery.
Finally, concentrations of deleterious elements are very low (Table 2).
NR18‐07 Continued March 21, 2018
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The results indicate that the mineralization at Rozino is more amenable to fine ore leaching, which was
expected based on previous assessment of historical results. At the finer grind size, the lower grade
(0.5g/t gold) sample showed lower recovery indicating that a small portion of the gold may be refractory.
Further work, consisting of diagnostic leaching is required to better understand phase gold deportment
in the Rozino samples.
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. The Agitated Leach and bottle rolls testing was carried out by Wardell Armstrong
International, UK on 3 samples taken from coarse reject samples prepared by the ALS Global Laboratory
in Romania. Velocity’s on‐site personnel subset materials usin g best international work practice and the
splits were security tagged and couriered directly to Wardell.
The 3 samples weighed 44.1kg and were screened at 1.7mm and the oversized stage crushed to 100%
passing 1.7mm prior to head assay at the ALS Laboratory in the UK. The samples were riffle split into 1kg
aliquots prior to testing and 3‐point grind calibration was con ducted on test materials to determine the
time required to grind material to 80% passing 75 µm for the fi ne stirred leach testing. The bottle rolls
were sequentially analyzed 6 times during a 72hr leach period to determine leach dynamics together with
cyanide and lime consumption. The kinetic cyanide strirred leach tests were sequentially analyzed over a
48hr period to determine leach dynamics together with cyanide and lime consumption.
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.
About Velocity Minerals Ltd.
Velocity is a gold exploration and development company focused 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.
Velocity Minerals has entered into an Exploration and Mining Al liance with Gorubso Kardzhali A.D., an
established and respected mining company in Bulgaria. Gorubso currently operates the underground
Chala Gold Mine (2006) and the K ardzhali Carbon In Leach (CIL) processing plant (2011), which produces
gold dore. The Alliance outlines the scope of a broad partners hip that includes an option to earn a 50%
beneficial interest in the Chala Mine, access to Gorubso’s gold processing plant in Kardzhali, and the ability
for Velocity to option any or all of Gorubso’s exploration properties.
NR18‐07 Continued March 21, 2018
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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,
b u t a r e n o t l i m i t e d t o , s t a t e m e n t s w i t h r e s p e c t t o : f u t u r e e x p loration 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”,
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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
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.
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