Velocity Options Iglika Gold-Copper Project, Southeast Bulgaria

VANCOUVER, British Columbia, July 08, 2020 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSX.V: VLC) (“Velocity” or the “Company”) announces that it has executed a letter agreement with Balkan Mineral Development OOD (the “BMD”) for an exclusive option (the “Option”) to acquire a 100% interest in the 105 km² Iglika gold-copper property (“Iglika” or the “Property”), located in southeastern Bulgaria. The project is located in the westernmost portion of the prolific Tethyan belt that transects Bulgaria and hosts a number of epithermal gold and porphyry copper-gold mineral deposits and operating mines. 

Iglika Project Highlights

• Under-explored property, located in a highly prospective precious and base metal mineral belt
• Potential for both epithermal gold and porphyry copper deposits
• Existing surface geochemistry and multiple drill-ready targets
• Comports well with Velocity’s “Hub and Spoke” exploration and development strategy - located close to Velocity’s portfolio of advanced gold projects in southeast Bulgaria

Figure 1: Location of the Iglika property & principal known regional mineral belts is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/2b02868f-164c-4835 ... 

Priority Targets and Planned Exploration

Velocity will be principally targeting epithermal gold systems with surface exploration and drill testing - several drill targets exist on the large property package (Figure 2).  Geophysical surveys will be undertaken on the copper porphyry targets in order to determine the best path forward.

Lalkovo – Epithermal gold target - historical exploration trenching returned 40.7m grading 1.18 g/t gold.  A single drill hole in this area intersected 6.5m grading 1.02 g/t gold.  Planned work includes soil sampling, geophysics and drilling.

Voden – Epithermal gold target with abundant anomalous surficial rock samples, including grab samples up to 9.56 g/t gold and trench sampling up to 4m grading 1.31 g/t gold.  No prior drill testing, planned work includes soil sampling, geophysics and drilling.

Koruba – Outcropping porphyry copper mineralization with associated large untested copper anomaly. The target is untested by drilling and planned work includes geophysics.

Sharkovo – Porphyry target defined by an extensive magnetic anomaly under recent cover.  Planned work includes geophysics.

Iglika - Approximately 42,000m of historical drilling has been completed on the Iglika property, most of which was focused on the Iglika copper-gold skarn deposit, which is not of immediate interest to Velocity as a target.  The diorite intrusion peripheral to the skarn mineralization was not been systematically sampled and is known to be mineralized.