Velocity Reports Positive Exploration Results at Zlatusha Copper-Gold Property, Bulgaria
Velocity Reports Positive Exploration Results
at Zlatusha Copper-Gold Property, Bulgaria
Vancouver, British Columbia--(Newsfile Corp. - November 22, 2023) - Velocity Minerals Ltd. (TSXV:
VLC) (OTCQB: VLCJF) ("
Velocity
" or the "
Company
") provides an update on its ongoing exploration
program at the Zlatusha exploration license ("
Zlatusha
" or the "
Property
"), located in Bulgaria.
Velocity
holds the Property under an option agreement, pursuant to which Velocity has an exclusive option to
acquire up to a 75% interest in the Property (see previous news release January 24, 2023).
Zlatusha is
the Company's exploration focus and initial drilling is planned for H1 2024.
Exploration Update
Velocity has confirmed the presence of several magmatic-hydrothermal centers with outcropping
copper-gold mineralization hosted in rocks of favourable upper Cretaceous age and composition.
Extensive geophysical and geochemical surveys have been completed as well as mapping and
prospecting programs.
Work completed includes:
Airborne Magnetic Survey
- 2,361 line-km drone-based magnetic survey, with preliminary data
generating several large-scale, high priority targets (
Figure 1
).
Interpretation of the magnetic data
and targeting is ongoing and planned to be completed in Q4 2023;
Soil Geochemistry
- 1400 soil samples establishing anomalies at the Rosoman target (
Figure
3
).
Soil sampling is ongoing throughout the remainder of this very large property;
Radiometric Surveys
- completed on multiple targets with interpretation and targeting ongoing;
and
Mapping and Prospecting
- completed over multiple property-wide traverses including portable
XRF analysis of more than 600 rock samples and discovery of new outcropping mineralized
zones.
An initial drill program is planned for H1 2024 with a focus on discovery of copper-gold porphyry
mineralization.
Regional Setting
Zlatusha Property is located within a Tier One porphyry copper-gold and epithermal belt, which transects
Serbia and Bulgaria (
Figure 2
).
The local geological setting at Zlatusha Property is similar to the Timok
Magmatic complex, located 95 km to the northwest in Serbia (hosting the Bor, Majdanpek and Cukaru
Peki copper-gold deposits) and the Panagyurishte Orefield, located 65 km to the east in Bulgaria
(hosting operating mines such as Chelopech, Elatsite and Asarel).
Approximately 5km southwest of
Zlatusha, the Milin Kamuk mine is under construction.
No modern systematic exploration has been
carried out at Zlatusha and the Company considers the Property to be prospective for the discovery of
additional deposits.
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.
Total Magnetic Intensity data collected at Zlatusha together with mineral occurrences.
Interpretation and targeting are ongoing.
To view an enhanced version of this graphic, please visit:
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Figure 2.
Map showing the location of the Zlatusha Property within the prospective Tethyan copper-
gold mineral belt transecting Serbia and Bulgaria and highlighting the location of operating
mines, formerly operating mines, and mines under development.
To view an enhanced version of this graphic, please visit:
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Exploration Results
Rosoman Soil Geochemistry
Velocity completed a geochemical soil survey in the vicinity of a known mineral occurrence called
Rosoman.
A total of 1,040 soil samples were collected on a 100x50m grid defining four significant soil
anomalies (
Figure 3
).
Rosoman Gold Zone
- predominantly gold-silver anomaly covering an area of 500m x 300m.
Historical drilling within this anomaly returned values of up to 11m grading 4.33g/t gold (from 109.0
to 120.0m depth) and 11m grading 3.63g/t gold (from 2.7 to 13.7m depth)
Satellite Anomaly
- large 1000m x 350m area with very intense outcropping hydrothermal
alteration and characterized by anomalous pathfinder elements
Ostra Mogila
- predominantly copper-molybdenum anomaly over 1000m x 300m
Rosoman South
- predominantly copper anomaly south of the main Zlatusha gold zone
All of the prospects above fall within broader-scale northeast-trending hydrothermal alteration envelop
with a surface footprint extending over 2200m x700m that includes several zones of phyllic alteration
amongst widespread argillic and both transitioning to proximal and distal propylitic mineral
assemblages.
The alteration surface footprint coincides with low magnetic susceptibility anomaly
obtained from the soil reference samples and is further confirmed by the Property-wide drone magnetic
survey.
Figure 3.
Soil Geochemistry assays for gold, silver, copper and molybdenum
To view an enhanced version of this graphic, please visit:
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Regional Geology Traverses
A series of regional traverses have been completed across the Property to gain more understanding of
the volcanic stratigraphy, genetic types of hydrothermal alteration, and the distribution and volcano-
sedimentary stratigraphy.
During the geological traverses several copper showings were identified with anomalous copper grades
analyzed with a portable XRF, including up to 12.8% copper at Rosoman, 0.8% to 4.6% copper near
Rosoman village, up to 5% copper at Pishtane, and 0.03% to 5.2% at Mala Rakovitsa. Additional follow-
up work is planned to cover the new identified Cu showings.
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, 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), 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 with 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 and Kalabak copper-gold exploration properties.
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:
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 including, without limitation,
statements regarding the exercise of the First Option or the Second Option by Velocity, the entering into
of the Definitive Agreement, the formation of the Joint Venture, and the anticipated business plans and
timing of future activities of the 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 it will obtain TSX
Venture Exchange acceptance, if applicable, 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 availability 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, the fact that the
Company's interest in the Property is an option only and there is no guarantee that such interest, if
earned, will be certain, 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, 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 latest Management 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.
- 30 -
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