Velocity Announces Drill Results at Rozino Gold Project in Southeast Bulgaria

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Figure 1

Map of Rozino showing the location of the drill holes reported in this press release.

Map of Rozino showing the location of the drill holes reported in this press release.

Highlights include:

Drill hole RDD-258; 5.0 m grading 10.11 g / t gold,

Drill hole RDD-254; 17.3 m grading 1.01 g / t gold,

Drill the RDD-260 hole; 33.3 m grading 0.67 g / t gold

VANCOUVER, British Columbia, Sep 22, 2021 (GLOBE NEWSWIRE) – Velocity Minerals Ltd. (TSX.V: VLC) (“Speed“or the”Society“) provides an update on the positive drilling results of its flagship Rozino gold project in south-eastern Bulgaria (“Rozino“, or the”Project“). Results from 30 new drill holes include 17 drill holes containing significant gold intersections. Exploration drilling of areas adjacent to the Rozino pre-feasibility study design pit (press release NR-20-18, August 31, 2020), as well as initial exploration drilling of certain gold anomalies in the ground located near Rozino have recently been completed.

Drill hole ID

From (m)

To M)

Interval (m)

Gold (g / t)

Top Cut in Gold (g / t)

RDD-254

3.50

20.80

5:30 p.m.

1.01

RDD-258

73.90

76.80

2.90

0.80

RDD-258

133.90

138.90

5.00

10.11

8.27

RDD-258

145.10

147.10

2.00

6.15

RDD-260

21.40

54.70

33.30

0.67

RDD-260

65.30

86.20

20.90

0.55

Table 1: Significant interceptions revealed at the Rozino project.

The drill intersections described in Table 1 have not yet been included in a resource model and the actual thickness of mineralization has not yet been determined. The drill holes are designed to intersect mineralization perpendicular or nearly perpendicular. The drill intersections in Table 1 are calculated using a top cut of 40 g / t gold, a trigger point of 0.2 g / t gold, a composite of gold of at least 0.5 g / t and a maximum of 3 consecutive meters of waste. A single 1 m sample of RDD-258 returned 49.2 ppm gold and therefore a significant gap was cut at the top at 40 g / t, returning 5 m at 8.27 g / t gold. Complete lists of consecutive drill interceptions are listed on the Company’s website.

Figure 1: Map of Rozino showing the location of the drill holes reported in this press release.
https://www.globenewswire.com/NewsRoom/AttachmentNg/183680df-a875-4d92-80bf-b6d0f66b9c82

Quality Assurance / Quality Control

The work program is designed and overseen by Stuart A. Mills, BSc, MSc, CGeol, Vice President Exploration of the Company, who is responsible for all aspects of the work including the quality control / assurance program. The on-site project staff collect and strictly monitor the samples which are then sealed and shipped to the ALS Global laboratory in Romania. Samples used for the results described here are prepared and analyzed by fire assay using a 30 gram load in accordance with industry standards at the Romanian ALS laboratory. A sample of the ground material from the drilling program hosted in the Rozino subsoil is shipped to the Irish ALS laboratory for multielement analysis using an inductively coupled mass spectrometer. Duplicate field samples, blanks and independent controlled reference material (standards) are added to each batch of samples. All drill intersections in this press release are calculated using a trigger point of 0.2 g / t gold, a gold composite of at least 0.5 g / t and a maximum of 3 consecutive meters of waste.

Qualified person

The technical content of this press 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 Southeast Bulgaria. Velocity’s strategy is to develop a low-cost centralized “Hub and Spoke” operation in which several projects in this emerging gold district produce gold concentrates for trucking to a central processing plant for the production of walleye. The Company is considering open-pit mining in stages of satellite deposits and processing in a processing plant currently in operation. Velocity owns a 70% interest in the Tintyava property, which includes the Rozino gold project, a 70% interest in the Momchil property, which includes the Obichnik gold project, and a 100% interest in the Iglika property. The Company has entered into an option agreement to acquire a 70% interest in the Makedontsi gold project. Velocity’s leadership and board of directors includes mining industry professionals with combined experience in Europe, Asia and the Americas as employees of large mining companies as well as founders and senior executives of small and medium-sized public enterprises. The team’s experience includes all aspects of mineral exploration, resource definition, feasibility, finance, construction and mining as well as a background in managing listed companies in stock Exchange.

On behalf of the board of directors

“Keith Henderson”

President and CEO

For more information, please contact:

Keith Henderson
Phone: + 1-604-484-1233
Email: [email protected]
Web: www.velocityminerals.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

This press release includes certain “forward-looking statements” within the meaning of applicable securities laws in Canada and the United States, including the U.S. Private Securities Litigation Reform Act 1995. All statements, other than statements of historical fact, included herein, including, but not limited to, statements regarding future exploration and testing performed on the Project; use of funds; and the future activities and operations of the Company, are forward-looking statements. Often, but not always, forward-looking statements can be identified by words such as “pro forma”, “plans”, “expects”, “will”, “may”, “should”, “budget”, ” expected ”,“ ”estimates”, “anticipates”, “intends”, “anticipates”, “believes”, “potential” or variations of these words, including negative variations thereof, and phrases referring to certain actions, events or results that may, could, would, could or will occur or be taken or achieved. In making the forward-looking statements in this press release, the Company has applied several important assumptions, including, but not limited to, market fundamentals will result in sustained demand and prices for precious metals, obtaining all permits, licenses and regulatory approvals required in connection with the future exploration and development of the Company’s projects in a timely manner, the availability of financing on appropriate terms for the exploration and development of the Company’s projects and the Company’s ability to comply with environmental, health and safety laws.

Forward-looking information involves known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to differ materially from the future results, performance or achievements expressed or implied by the information. prospective. These risks and other factors include, among others, operational and technical difficulties associated with mining exploration and development and mining development activities for the Project, including geological mapping, prospecting and sampling programs. for the Project, the actual results of exploration activities, the estimate or realization of mineral reserves and mineral resources, the timing and amount of estimated future production, production costs, capital expenditures, costs and the timing of the development of new deposits, if any, the availability of an adequate supply of water and other materials, the additional capital requirements to finance the business plan of the Company, future prices of precious metals, changes in general economic conditions, changes in financial markets and in the market demand and price of materials raw materials, possible variations in ore grade or recovery rates, possible failures of plants, equipment or processes to perform as intended, accidents, work r disputes and other risks in the mining industry, delays in obtaining government and regulatory approvals (including from the TSX Venture Exchange), permits or financing or in carrying out development or construction activities, risks associated with epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company’s business, financial condition and results of operations, changes in laws, regulations and policies affecting mining operations, hedging practices, currency fluctuations, title disputes or the limitations of claims on insurance coverage and the existence, timing and possible outcome of disputes, issues and t environmental responsibilities, the risks associated with joint venture operations and the risks associated with the integration of acquisitions, as well as the factors discussed under the heading “Risk Factors” in the Company’s annual MD&A and other filings of the Company with the Canadian Securities Administrators, 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-looking information. The Company assumes no obligation to update any forward-looking information contained in this press release or incorporated by reference herein, except as otherwise required by law.


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