Velocity reports drill results on the Rozino gold project in southeastern Bulgaria

illustration 1

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

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

The highlights include:

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

Drill hole RDD-254; 17.3 m at a grade of 1.01 g / t gold,

Borehole RDD-260; 33.3 meters grading 0.67 g / t gold

VANCOUVER, British Columbia, September 22, 2021 (GLOBE NEWSWIRE) – Velocity Minerals Ltd. (TSX.V: VLC) (“speed” or the “society“) Provides an update on positive drilling results from its flagship Rozino gold project in southeastern Bulgaria (“Rozino“, or the “Project“). Results from 30 new holes include 17 holes with significant gold intercepts. Exploration drilling in areas adjacent to the Rozino Pre-Feasibility Study (News Release NR-20-18, Aug 31, 2020) and initial exploration drilling on selected gold-in-soil anomalies near Rozino were recently completed.

Borehole ID

From (m)

To the)

Interval (m)

Gold (g / t)

Gold top cut (g / t)

RDD-254

3.50

20.80

17.30

1.01

RDD-258

73.90

76.80

2.90

0.80

RDD-258

133.90

138.90

5.00

11/10

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 sections highlighted in the Rozino project.

The drill intercepts disclosed in Table 1 have not yet been included in a resource model and the true width of the mineralization has not yet been determined. The holes are designed to intersect the mineralization perpendicularly or almost perpendicularly. The drill intercepts in Table 1 were calculated with a top cut of 40 g / t gold, a 0.2 g / t gold trigger, a minimum of 0.5 g / t gold composite, and a maximum of 3 meters of consecutive drop . A single 1 meter sample of RDD-258 returned 49.2 ppm gold and a significant intersection was consequently intersected to 40 g / t from the top, returning 5 meters of 8.27 g / t gold. Full lists of consecutive drill intercepts are posted on the company’s website.

Figure 1: Map of Rozino showing the location of the drill holes reported in this news 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, the company’s Vice-President Exploration, who is responsible for all aspects of the work, including the quality control / assurance program. The on-site project staff rigorously collect and track samples, which are then security sealed and sent to the ALS Global Laboratory in Romania. Samples used for the results described here are prepared and analyzed by fire assay in ALS’s Romanian laboratory using a 30 gram load in accordance with industry standards. A partial sample of the ground material from the drilling program located in the Rozino basement is being delivered to ALS’s Irish laboratory for multi-element analysis with an inductively coupled mass spectrometer. Field duplicates, blanks and independently controlled reference material (standards) are added to each batch of samples. All drill intercepts in this news release are calculated with a 0.2 g / t gold trigger, a minimum of 0.5 g / t gold composite, and a maximum of 3 meters of consecutive decline.

Qualified person

The technical content of this news release has been approved for disclosure by Stuart A. Mills, BSc, MSc, CGeol, a Qualified Person under NI 43-101 and the company’s vice president of exploration. Mr. Mills is not independent from 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 with multiple projects in this emerging gold district producing gold concentrates for shipment to a central processing facility to produce Doré. The company plans to gradually mine satellite deposits and process them in a processing facility currently in operation. Velocity owns 70% of the Tintyava Property, which includes the Rozino Gold Project, 70% of the Momchil Property, which includes the Obichnik Gold Project, and 100% of the Iglika Property. The Company has entered into an option agreement to acquire a 70 percent interest in the Makedontsi Gold Project. Velocity’s management and board of directors include professionals from the mining industry with combined experience in Europe, Asia and America as employees of large mining companies, as well as founders and executives of young to medium-sized public companies. The team’s experience includes all aspects of mineral exploration, resource definition, feasibility, financing, mining and mining, and a track record of managing public companies.

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]
Internet: www.velocityminerals.com

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

This press release contains certain “forward-looking statements” within the meaning of applicable Canadian and US securities laws, including the United States Private Securities Litigation Reform Act of 1995. All statements contained herein, other than statements of historical fact, including, but not limited to, statements relating to future exploration and testing work being carried out on the project; Use of funds; and the company’s future business and operations are forward-looking statements. Often, but not always, forward-looking statements are accompanied by words such as “pro forma”, “plan”, “expect”, “will”, “can”, “should”, “budget”, “planned”, “estimates”, “forecasts” “,“ Intends, ”“ anticipates, ”“ believes, ”“ potentially ”or variations of such words, including negative variations thereof, and phrases relating to specific acts, events or results that may, could, would, occur or could or will be ingested or reached. The Company has made several material assumptions in the forward-looking statements in this press release, including, but not limited to, market fundamentals that will result in continued demand and precious metal prices, receipt of all necessary approvals, licenses and regulatory approvals in connection with the timely future exploration and development of the Company’s projects, the availability of funding 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 could cause actual results, performance or accomplishments of the company to differ materially from future results, performance or accomplishments expressed or implied in the forward-looking information. These risks and other factors include, but are not limited to, operational and technical difficulties associated with mineral exploration and development and mine development activities for the Project, including the geological mapping, prospecting and sampling programs for the Project, actual results of exploration activities, estimates or realization of mineral and mineral resources, timing and amount of estimated future production, cost of production, capital expenditure, cost and timing of development of new deposits, if any, availability of adequate supplies of water and other materials, requirements for additional capital to fund the company’s business plan, future Precious metal prices, changes in general economic conditions, changes in the financial markets as well as the demand and market price for raw materials, possible fluctuations in the ore grade or the Recovery rates, potential plant, equipment or process failures to function as expected, accidents, labor disputes and other mining industry risks, delays in obtaining governmental and regulatory approvals (including the TSX Venture Exchange), permits or funding, or in the process of obtaining Completion of development or construction activities, risks related to 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, legal disputes or restrictions on insurance coverage and the existence, timing and possible outcomes of legal disputes, environmental issues and liabilities, risks associated with joint venture operations and risks associated with the Integration of Acquisitions, as well as the factors discussed under the heading “Risk Factors” in the Company’s Annual Discussion and Analysis and other filings by the Company with the Canadian securities authorities, copies of which are four nd under the Company’s profile on the SEDAR website below 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 in this press release or to be incorporated herein by reference except as required by law.

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