Velocity Expands North Zone Success With Positive Trench Results

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VANCOUVER, British Columbia , Nov. 14, 2017 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSXV:VLC) (“” or the “”) announces that it has received analysis of trench sampling that expands mineralization southeast of drill hole RDD-007 (Figure 1).  Historical soil geochemistry and trench anomalies are extended to the southeast by Velocity’s Trench RTR-01, which identify a coherent zone of surface mineralization measuring 150m by 150m.  Drill testing is planned for Q4.

Figures accompanying this announcement are available at

Figure 1: 

Figure 2: 

Main Zone has been the focus of systematic 50 to 100m step-out drilling since late July 2017 when Velocity began drilling at the Rozino Project.  Drill holes RDD-007, RDD-008, and RDD-009 are exploration drill holes outside of Main Zone and all contained significant intersects which expand the extent of mineralization at Rozino. 

To the south of Main Zone, drill hole RDD-009 intersected 27.0m grading 2.64g/t gold from surface (previous news release NR17-11).  A top-cut of 40g/t was applied to this intersection and the uncut grade was 6.03g/t gold.  This discovery was quickly followed up by drill holes RDD-017 and RDD-021.  Results from both drill holes are pending. 

RDD-008 intersected 41.7m grading 0.86g/t gold and 33.95m grading 0.79g/t gold (previous news release NR17-11) and follow-up is planned in the coming weeks.  RDD-007 and North Zone are discussed below. Note that the current exploration model has not had sufficient drill testing to be able to determine true thickness of mineralization. 

Prior to Velocity’s involvement, North Zone was defined by historical soil geochemistry and historical trench sampling.  The historical data sets defined a significant drill target requiring validation and confirmation.

RDD-007 intersected 22.4m grading 0.8g/t gold, 8.0m grading 0.62g/t gold, and 9.0m grading 0.57g/t gold (previous news release NR17-10) and gave strong support to the target.  Management decided to follow-up with Trench-01, with 157 linear metres of trenching.

The results from this trench include higher-grade zones within a broad envelope of mineralization (Figure 2).  Composites of greater than 0.5g/t gold (using 0.2g/t cut-off and maximum 2m internal dilution) are outlined in Table 1 together with internal high-grade zones. 

This compelling target now has multiple layers of support for surface mineralization over at least 150m by 150m, which is open at depth.  Velocity will complete additional drill testing in Q4 2017. 

The Company also announces that it has granted stock options to certain consultants of the Company to purchase up to 250,000 common shares of the Company in accordance with the terms of the Company's stock option plan. The stock options are exercisable on or before November14, 2022, and each option is exercisable for one common share of the Company at a price of $0.31 per share. 

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.  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.  Field duplicate samples, blanks and independent controlled reference material (standards) are added to every batch.  Trenches were hand excavated to bed rock and systematically channel sampled at 1m intervals.  A full suite of QA/QC standards, blanks and field duplicates were inserted within the sample 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 2 meters consecutive waste. 

Historical soil sampling was undertaken by Hereward Ventures between 2001 and 2005.  A total of 2,179 samples were collected on a 50m x 20m grid with a long axis oriented 145°.  Analysis was carried out by ACME Laboratories in Vancouver, Canada, using a 36 element ICP-MS determination. 

A total of 72 historical trenches were excavated by Hereward Ventures and Asia Gold between 2001 and 2006 for a total of 4,090m taking 2,411 continuous chip samples.  The results identify a number of significant mineralised zones that have not been adequately drill tested.

Note that true thickness of trench intersections in this news release, whether new or historical, are unknown until sufficient drill testing has been completed.

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.

Velocity is a gold exploration and development company focussed on eastern Europe.  The Company’s management and board includes mining industry professionals with 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 good availability of experienced mining professionals in a favourable cost environment.  Foreign mining companies are successfully operating in Bulgaria. 

Local knowledge and experience are essential components of mining investment in a foreign jurisdiction.  Velocity Minerals has entered into a number of option agreements with Gorubso Kardzhali A.D. ("Gorubso"), an established and respected mining company in Bulgaria.  Gorubso operates the underground Chala Gold Mine (2006) and the Kardzhali Carbon In Leach (CIL) processing plant (2011), which produces gold dore.  Gorubso is the first and only company in Bulgaria to have secured a permit for cyanide-related processing of gold ores.  Velocity’s management has a long-standing relationship with Gorubso as well as significant previous experience in Bulgaria and elsewhere in the region. 

On Behalf of the Board of Directors

For further information, please contact:Keith HendersonPhone: +1-604-638-3456E-mail: Web:

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.

More news and information about Velocity Minerals Ltd.

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Globe Newswire: 14:15 GMT Tuesday 14th November 2017

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