Vancouver, British Columbia – Velocity Minerals Ltd. (TSX.V: VLC, OTCQB: VLCJF) (“Velocity” or the “Company”) provides an update on the ongoing exploration program at the Zlatusha copper-gold project (“Zlatusha” or the “Project”), located in the prolific Tethyan Belt that has potential for epithermal, porphyry, and skarn deposit discoveries. Phase I drill testing is planned for Q2 2024, with an initial 3,000m of diamond drilling to test priority copper-gold target areas.
2023 Highlights and Project Background
Exploration completed in 2023 includes detailed mapping over priority targets, 1,800 soil samples, 660 rock samples, a 4,500-station ground radiometric survey, and a property-wide 2,400 line-km drone magnetic survey. The magnetic survey (Figure 1) has been key in identifying target areas for follow-up with detailed mapping, and geochemistry.
The Company has compiled a technical presentation summarizing the Zlatusha exploration project, which can be downloaded here. This document provides an in-depth view of the exploration progress of the Project, as well as details on methodologies and future plans, offering a clear overview for investors and stakeholders.
The Zlatusha Property is located within a Tier One porphyry copper-gold and epithermal belt, which transects Serbia and Bulgaria. The local geology is similar to the Timok Magmatic complex, which is located 95 km to the northwest of Serbia (hosting the world-class Bor, Majdanpek and Cukaru Peki copper-gold deposits). The Panagyurishte Orefield, located 65 km to the east in Bulgaria hosts operating copper-gold mines such as Chelopech, Elatsite and Asarel.Approximately 5km southwest of Zlatusha, the Milin Kamuk gold mine is under construction. No modern systematic exploration has been carried out and the Company considers the Property to be prospective for the discovery of these deposit types. In particular, the recent discovery of the high-grade Coka Rakita gold skarn deposit by Dundee Precious Metals has renewed interest in deposits of this type within the Tethyan Belt that have been historically overlooked.
2024 Outlook
Building on 2023’s successful exploration program, Velocity will initiate a 3,000m diamond core drilling program in Q2. Drill target definition and prioritization is ongoing and an update will be provided to shareholders before the commencement of the drill program.
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 the 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 to soil and rock sample references. A 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, and collected in kraft paper bags for drying in the 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 the company’s warehouse. Blanks and independently controlled reference material (standards) are 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 of Operations. Mr. Marinov is not independent of the Company as he is a director, officer, and 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 feasibility-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 copper-gold exploration property.
