Velocity Discovers New Zone of High-Grade Gold at the Rozino South Target, Grading up to 5.23 g/t Gold

VANCOUVER, British Columbia, May 26, 2020 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSX.V: VLC) (“Velocity” or the “Company”) announces that it has received results from its ongoing discovery exploration program at the Rozino Project (“Rozino”), Bulgaria. 

Highlights:

• Expands currently defined mineralization at Rozino gold deposit – results pending for 3 drill holes and a further 5 drill holes planned.
• Discovers new zone of mineralization at Rozino South, grading up to 5.23 g/t gold, with multi-element geochemical signature as seen at Rozino deposit.
• Identifies several new gold targets at Kazak.

Velocity is actively exploring, with a program of drill-focused resource expansion and development of new target areas to the south of the currently defined, open-pittable Rozino gold deposit. Drilling at the Rozino South target (“Rozino South”), located 800m south of Rozino, has resulted in the discovery of a new mineralized zone grading up to 5.23 g/t gold. Surface exploration at the Kazak target (“Kazak”), located approximately 2km south of Rozino, is similarly producing positive exploration results. Velocity is actively exploring the exploration licence surrounding Rozino with the aim of generating targets for ongoing drill testing.

Rozino South Drilling

The Rozino South target is situated 800m south of the deposit and initial exploration drilling (Figure 1 and 2) has resulted in the discovery of high-grade gold mineralization: Drill hole RDD-177 returned 6.15m grading 1.18 g/t gold, including 1.15m grading 5.23 g/t gold from 203m.

The mineralization occurs in the same permissive sedimentary host rocks as the Rozino deposit and displays a similar multi-element geochemical fingerprint. Mineralization is open in all directions. Velocity is immediately commencing Phase II drilling on 50m step-outs to potentially expand this emerging new zone. To the south, the Rozino host rocks are covered by recent sediments and represent blind drill targets. 

Rozino Deposit Expansion Drilling

The Company has identified several target areas immediately south of the current Rozino gold deposit (Figure 3). Drill results from the first 50-metre step-out (RDD-176) returned two significant intersections of 4.0m grading 1.12 g/t gold, and 18.0m grading 0.56 g/t gold, including 4.0m grading 1.81 g/t gold. Three additional follow-up drill holes have been completed to date and results are pending.