All the interest has disappeared.
Velocity Minerals begins drilling at Iglika
2022-05-31 10:45 ET - News Release
Mr. Keith Henderson reports
VELOCITY COMMENCES DRILLING AT IGLIKA GOLD - COPPER PROJECT, BULGARIA
Velocity Minerals Ltd. has commenced drilling at the Voden gold exploration target, located in the Iglika project in Bulgaria. Surface exploration at Voden has defined multiple drill targets based on soil and channel sampling of gold mineralized outcrops. Positive results have defined several high-priority, shallow drill targets, which will now be tested. Voden Channel Sampling Results Positive mechanical channel sampling results were received from the Voden target, located in the eastern portion of the Project. Highlights of continuous channel samples include 3.3m @ 12.14 g/t gold, including 1.0m @ 37.9 g/t gold, and 8.0m @ 1.79 g/t gold, including 3.0m @ 2.81 gold (Figure 1, Table 1). Mechanical channel sampling was completed over two selected target areas to further define outcropping gold mineralization over approximately 1m wide surface outcrop samples.
Voden Drilling
Drill targets at the Voden target are primarily defined by gold-in-soil anomalies, which occur over approximately 2 km strike length (east-west) by 0.5 km (north-south). Gold-in-soil values, ranging from below detection to >150 ppb, are supported by mineralization in rock chip samples peaking at 56 g/t gold. Results of mechanical channel sampling of outcrops are disclosed in this news release and provide further support for drill targets.
Mapping indicates that rocks underlying the Voden target are primarily metamorphosed granites and sediments (of assumed Paleozoic age), intruded by probable Upper Cretaceous dykes. Sampling of outcrops suggests that gold mineralization may be hosted within quartz and/or quartz-carbonate veinlets and stringers, which appear to occur within all lithologies and therefore all lithologies have potential to host gold mineralization. The area of gold anomalies is bounded to the south by a faulted contact with Paleozoic basement rocks.
Velocity is targeting discovery of near-surface gold mineralization. Phase I drilling is currently in progress and is designed to test for gold mineralization from surface to a depth of approximately 200m.
Iglika Prospecting License
Exploration to date within the large 100 km2 Iglika prospecting license has included mapping, soil sampling, rock chip sampling, channel sampling, as well as extensive geophysics (ground magnetic survey and induced polarization survey). Exploration results define multiple drill targets at Iglika, of which the Voden target is the first to be tested. The Company plans on drill testing additional target areas at Iglika, in due course.
Incentive Stock Options
The Company announces that it has granted 4,350,000 common share stock options (each, an "Option") to various directors, officers, employees and consultants of the Company and its affiliates. The Options entitle the holder to purchase shares at a price of $0.30 per share (which price is 13% above the 5-day market VWAP) for a period of 5 years from the issue date. Options will vest over 3 years, beginning 6 months from the date of issue and vesting in equal tranches bi-annually thereafter. Including this issuance, the Company has now set Options representing 5.9% of the issued and outstanding stock.
Quality Assurance / Quality Control
The work programs were designed and supervised by Daniel Marinov, RPGeo, the Company's Vice-President Operations, who is responsible for all aspects of the work, including the quality control/quality assurance program. Sample material was collected over about 5cm width and 2-3cm depth in channels cut by battery powered portable diamond saw, with sample volume approximately equivalent to a half HQ drill core with average weight of 3.1 kg (range 1.6 kg to 6.1 kg). The samples are collected over approximately 1.0m length (range 0.7m to 1.5m). On-site personnel at the project rigorously collect and track samples which are then security sealed and shipped to Eurotest-Control EAD laboratory in Sofia, Bulgaria. Samples used for the results described herein are prepared and analyzed by fire assay using an Aqua regia digest of 50-gram charge with Atomic Absorption Spectrometry finish in compliance with industry standards at Eurotest-Control EAD laboratory in Sofia, Bulgaria. When gold grade exceeds 10 g/t the assay is repeated using a 20-gram charge with gravimetric finish. A 0.5-gram sample split of the milled material is prepared and analyzed by Aqua regia digest and ICP-AES finish for 35 elements in compliance with industry standards at Eurotest-Control EAD laboratory. Field duplicate samples, blanks and independent controlled reference material (standards) are added to each batch of samples. All significant channel sample composites are calculated using a 0.2 g/t gold trigger, a minimum 0.5 g/t gold composite, and a maximum of 3 metres consecutive waste.
Qualified Person