ORIGINAL: Velocity Exercises Option to Acquire 70% Interest at the Makedontsi Project, Bulgaria
2021-11-16 09:00 ET - News Release
VANCOUVER, British Columbia, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSX.V: VLC) (“Velocity” or the “Company”) announces that it has delivered notice of option exercise (the “Exercise Notice”) to Gorubso-Kardzhali AD (“Gorubso”) for the Nadezhda property (the “Property”), which includes the Makedontsi project (“Makedontsi” or the “Project”). To fulfill the terms of the option agreement with Gorubso, Velocity was required to deliver an Environment Impact Assessment prepared in accordance with Chapter Six of the Bulgarian Environmental Protection Act. In addition, Velocity will sole-fund 2,000m of future drilling and deliver a Mineral Resource estimate prepared in accordance with National Instrument 43-101. Following delivery of the Exercise Notice, Velocity is deemed to have earned a 70% interest in the Property and to be in Joint Venture with Gorubso for the further development of the Property.
Makedontsi Project
Mineralization at Makedontsi is outcropping locally but elsewhere the prospective sediments are covered by a thin veneer of post-mineral limestone estimated to range from 10 to 30m thickness. Exploration to date, including 8 diamond holes and 14 reverse circulation holes, was completed to test the grade and extents of historical drilling. Drilling intersected mineralization, starting from surface, and the mineralization remains open for expansion. Future drilling will continue to test for extensions of mineralization.
Management Change
Velocity announces the retirement of Mr. Stuart A. Mills as Vice President, Exploration and as an Officer of the Company. Although Mr. Mills is retiring from his full-time position, he will be retained as Director of Geology and will continue to provide exploration services on a part-time basis.
“Stuart has been instrumental in defining ounces at our flagship Rozino project as well as overseeing all of our exploration activities in Bulgaria over the past 4 years. We are very pleased that Stuart will continue to provide his exploration insight and guidance,” stated Mr. Keith Henderson, President and CEO. “The Board of Directors also thanks Stuart for his contributions and wishes him the best in retirement.”
Sustainability & Reporting
Velocity plans to publish an ESG Report for 2021, which will provide details on activities related to sustainability, community engagement, Green House Gas (GHG) monitoring, as well as environmental projects and monitoring at the Rozino project. Our first annual ESG report, the 2020 ESG Report, was published on the Company’s website during this year and can be downloaded from www.velocityminerals.com.
Over the past four years, Rozino has advanced rapidly from initial exploration through to a positive prefeasibility study. As our exploration activities have ramped up, so too have our activities related to environmental monitoring, stakeholders and social engagement, as well as environmentally focused community projects.
More recently, we have initiated a new recycling project in the municipality of Ivaylovgrad, where the Rozino project is located. The recycling project involved design and manufacture of collection facilities for plastic bottles, which were placed in publicly accessible locations. Velocity staff manage the collection of plastics as well as processing and transportation of the material for recycling off-site. This is the first time that recycling facilities have been available in Ivaylovgrad and interest from the local population has exceeded all expectations.
A new environmentally focused community project includes installation of honeybee hives at the Rozino site. Honeybees are highly sensitive to their environment, and we view their co-exitance with our exploration activities as a positive indicator that we are effectively managing noise and other environmental factors.
These and other sustainability projects will be described in detail in our planned 2021 ESG Report.
About Velocity Minerals Ltd.