VANCOUVER, British Columbia, Jan. 17, 2023 (GLOBE NEWSWIRE) — Velocity Minerals Ltd. (TSX.V: VLC) (“Speed” or “Company”) announces that it has received approval for the proposed three-year work program for the Dangovo Geoexploration License (“Dangovo“). The approvals received from the Ministry of Energy allow drilling tests to begin in 2023.
Dangovo real estate details
The Dangovo estate is adjacent to the Makedonts project (Figure 1), where the historical resource is registered in the Bulgarian state. Dangovo was acquired to explore potential extensions of known gold mineralization at Makedonts (Figure 2). Potential lithologies are overlain by a thin layer of post-mineral limestone, and drilling by the Company on the Makedonts property indicates that the host lithologies are preserved. Velocity has completed a geophysical survey (controlled source acoustic frequency magnetotellery (CSAMT)) and the data is interpreted to indicate that the gold-bearing structural zones on the Makedonts property may extend to the Dangovo property. These are the main objectives of the initial drilling test, which will be tested with the initial 2000 m drilling program.
Figure 1. A map of the Makedontsi and Dangovo properties in SE Bulgaria showing the historic Makedontsi deposit, interpreted geology and potential exploration areas is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8bd3a432-44aa-4930-a541-1cae72518dcb.
The Dangovo property was acquired by participation, and the license agreement for the geographic offer was signed with the Ministry of Energy at the end of 2022. The approval of the 3-year work program is the final stage of the approval process.
Figure 2: A schematic cross-section of the Makedontsi and Dangovo properties showing the interpreted target horizon not tested by drilling at Dangovo is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/153ca0b1-6699-4633-9672-b133f3bcaf25.
Quality Assurance / Quality Control
The Bulgarian work programs are designed and supervised by Daniel Marinov, MAIG RPGeo, Vice President of Corporate Operations, who is responsible for all aspects of the work, including the QA/QA program. Geophysical surveys are carried out by geophysical consultants using the latest technologies, with results checked by an independent geophysicist for quality control. The raw data are processed and corrected and the results are interpreted by 2 independent groups of geophysicists under the guidance of company staff.
Qualified Person
The technical content of this publication has been approved for public release by Daniel Marinov, RPGeo, NI 43-101 Qualified Person and Corporate Vice President. 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 on Eastern Europe. In Bulgaria, Velocity has a 70% interest in the Tintyava property, which includes the pre-production Rozino deposit. Velocity also has a 70% interest in the Momchili property (which includes the Obichnik project), a 70% interest in the Nadežda property (which includes the Makedonts project), a 70% interest in the Dangovo property (which is an adjacent project to Makedonts), and a 100% interest in the Iglika property. Velocity’s management and board are comprised of mining industry professionals with European, Asian and American experience as employees of major mining companies, as well as founders and senior executives of junior and mid-level state-owned companies. The team’s experience includes all aspects of mineral exploration, resource definition, feasibility, finance, mine development and mine operation, as well as experience in managing listed companies.
On behalf of the Board of Directors
“Keith Henderson”
President & CEO
For more information, please contact:
Keith Henderson
Phone: +1-604-484-1233
Email: info@velocityminerals.com
Network: www.velocityminerals.com
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This press release contains forward-looking statements and forward-looking information (collectively, “forward-looking statements”) within the meaning of applicable Canadian and US securities laws. All statements contained herein, other than statements of historical fact, 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. Forward-looking statements are typically identified by words such as: “believes,” “expects,” “anticipates,” “intends,” “forecasts,” “plans,” “may,” “should,” “would,” “would.” “, “potential,” “intended,” or variations of such words and phrases and similar expressions that by their nature refer to future events or results that may, could, could, may or will occur or be taken or achieved. Forward-looking statements include known and unknown risks, uncertainties and other factors that could cause the Company’s actual results, results or achievements to differ materially from the future results, results or achievements expressed or implied in the forward-looking information. Such risks and other factors include, but are not limited to, statements about the Company’s anticipated business plans and timing of future operations; the Company’s ability to obtain sufficient financing to fund its business operations and plans, delays in obtaining government and regulatory approvals (including TSX Venture Exchange), permits or financing, changes in laws, regulations and policies affecting mining, currency fluctuations, ownership disputes ses or claims, environmental issues and liabilities, risks related to epidemics or pandemics (e.g., 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, ownership disputes, the Company’s inability to obtain necessary permits, consents, representations or authorizations, the timing and potential outcome of any pending litigation, environmental issues and liabilities and related risks, the operations of joint ventures and other risks and uncertainties disclosed in the Company’s continuous disclosure documents. All of the Company’s Canadian disclosures can be accessed at www.sedar.com and readers are encouraged to review these materials.
Readers are cautioned not to place undue reliance on forward-looking statements. The Company undertakes no obligation to update any forward-looking statement in this press release or by reference herein, except as otherwise required by law.
