Velocity Drill Testing High Priority Geochemical Target at Rozino Gold Deposit, Southeast Bulgaria

Announces Management Changes

VANCOUVER, British Columbia, Dec. 05, 2019 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Company”) announces that it has received results from a soil geochemistry survey at the South Zone target, approximately 1km south of Main Zone at the Rozino gold deposit (“Rozino”), southeast Bulgaria (Figure 1).  Drill testing of the targets has commenced.

Additionally, three prospective areas in the immediate vicinity of Rozino have been screened by large-scale soil and stream sediment surveys (Figure 2).  The Company categorizes these targets, located 1 to 6 km from the Rozino deposit, as having potential to share common infrastructure with the Rozino deposit if a significant discovery were to be made.  As potential add-ons, these targets have been prioritized for regional geochemical screening.  Results of the regional surveys are pending.

South Zone Soil Geochemistry

Results from the South Zone soil geochemical survey have identified a high-priority drill target, approximately 1km south of the Rozino deposit (Figure 1).  A total of four drill holes are planned to test the South Zone target and drilling has commenced. 

Soil sampling has identified a large coherent gold anomaly (21-point, 25 x 25m grid) within recently mapped sediments that are the same as those hosting the Rozino gold deposit.  The soil geochemistry at Rozino is characterised by anomalous gold with very low concentrations of silver, arsenic and antimony that are associated with the higher levels of the mineralising system.

These high-level pathfinder elements are associated with the non-gold bearing portion of the Rozino deposit and the definition of gold in soils (with peak values >1g/t gold) with a Rozino multielement signature is very encouraging.

“The soil results within the recently identified target formation, potentially represent the ‘sweet spot’ of the mineralising system and are very encouraging,” stated Stuart Mills, Velocity’s Vice-President Exploration. “The company has immediately started a wide spaced four-hole drill program to be completed before year-end.”

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/67bf0559-04bd-4ef7 ...

Regional Geochemical Surveys

Velocity have recently completed geochemical screening with 974 regional soil samples at Tumbata and 38 stream sediment drainage samples at Vis & Arpa (Figure 2).  All 3 targets represent distinct pull-apart sedimentary basins within the 6km long Ivaylovgrad structural corridor.