Drill Highlights include: 4.0m at 0.47% copper and
71m at 0.15% copper, including 4.7m at 0.26% copper,
6.0m at 0.37% copper, and 24.5m at 0.21% copper
Trench Highlights include: 7.8m grading 2.37 g/t gold,
including 1.0m grading 12.3 g/t gold
Second Drill Rig Mobilized to Project
Vancouver, British Columbia--(Newsfile Corp. - January 23, 2024) - Velocity Minerals Ltd. (TSXV: VLC) (OTCQB: VLCJF) ("Velocity" or the "Company") announces receipt of drill results from the Iglika copper-gold property ("Iglika" or the "Property"), located in southeast Bulgaria. Exploration is ongoing and a second drill rig has been mobilized to the Property. The drill program is fully funded by Dundee Precious Metals Inc. ("DPM").
Drilling Highlights
Drill hole IDD-006 (Figure 1) intercepted 4.0m (from 99.5m depth) grading 0.47% copper, including 1.0m grading 1.77% copper. This is underlain by 70.9m (from 430.0m depth) grading 0.15% copper, including 24.5m grading 0.21% copper and 6.0m at 0.37% copper (Figure 2, Table 1).
In detail copper mineralization is hosted in a potassic-altered diorite porphyry with a moderate quartz-sericite-pyrite overprint. In cross-section the mineralized zone is located at the transition from a magnetic high to magnetic low (Figure 2). Drill hole IDD-006 result is viewed as geologically significant due to the presence of consistent copper mineralization over >70m, and also because the drill hole intersected multiple phases of diorite porphyry intrusion, which appears to correlate well with the geophysical magnetic modeling.
Drill hole IDD-007, located 1 km east of IDD-006 (Figure 1) is completed but geochemical assay results are pending. The drill hole intersected 266m (from 522.3m) of very intense phyllic alteration (quartz-sericite-pyrite+/-chalcopyrite) of volcaniclastic and volcanic rocks. The pyrite content is estimated at up to 10% and coincides with a geophysical chargeability high (Induced Polarization) anomaly, again providing confidence that blind geophysical targets across the Iglika property define priority drill targets.
Phase II drilling commenced in November 2023 and is planned at approximately 7,000m to test 13 drill targets (Figure 1), with 1,735m drilled in 2 drill holes in Q4 2023. The remaining c. 5,000m is scheduled to be completed in Q1 2024. A second drill rig was mobilised to the project in early January 2024. The drilling campaign is simultaneously focused on testing geochemical and geophysical targets as well as establishing geological stratigraphy on the property.
Figure 1. Geology map of the Iglika Property showing location of completed and planned drill holes.
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Figure 2. Cross-section showing Drill Hole IDD-006 and 3D magnetic susceptibility model as background.
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Table 1. Drill Results from Drill Hole IDD-006
| Drill hole ID | From (m) | To (m) | Interval (m) | Copper (%)* |
| IDD-006 | 99.5 | 103.5 | 4.0 | 0.47 |
| IDD-006 | 430.0 | 500.9 | 70.9 | 0.15 |
| incl. | 447.4 | 452.1 | 4.7 | 0.26 |
| incl. | 464.7 | 470.7 | 6.0 | 0.37 |
| incl. | 476.4 | 500.9 | 24.5 | 0.21 |
* Triger value 0.1% Cu, mean composite 0.2% Cu, minimum consequetive length of waste 3.0m and no top cut value. True thickness of mineralization is unknown and reported as drill core length.
Trenching Highlights
Mapping and rock chip sampling in the area of 4G target returned up to 4.6 g/t gold which was followed up with channel sampling (Figure 1 and Figure 3). A total of 12 channel samples (including one field duplicate) returned grades greater than 0.1 g/t gold, with best interval of 7.8 m grading 2.37 g/t gold, including 1.0m grading 12.3 g/t gold. Mineralization is hosted within an intense quartz stockwork in sub-cropping andesitic volcanics and volcanoclastic rocks. Gold mineralisation remains open and drill testing is planned in Q1 2024.
Figure 3. G4 target; subcroping mineralised andesitic volcanics - 7.8 m at 2.37 g/t gold
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About Iglika
The 97km2 property has potential for multiple mineral deposit types including copper porphyry, copper skarn, and epithermal gold. Surface exploration completed at the Property to date includes approximately 717 rock samples, 2,750 soil samples, 2,300 multi-horizon soil samples, 600-line km of magnetic data, 110-line km of induced polarization, and 15,000 radiometric measurements. This work, together with extensive mapping and prospecting, has identified multiple target areas for drill testing.
Quality Assurance / Quality Control
The work programs in Bulgaria are designed and supervised by Daniel Marinov, MAIG RPGeo, the Company's Vice President Operations 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 samples) or SGS Mineral Services laboratory in Bor, Serbia (drill core), for sample preparation and subsequent analysis. Drill core samples are prepared and analyzed by fire assay using a 30-gram charge and multi-element analysis with four acid digestion using an Inductively Coupled Mass Spectrometer in compliance with industry standards at SGS Mineral Services laboratory. 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 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. 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