Velocity Receives Positive Initial Drill Results from the Kazak Target, Rozino Gold Project, Southeast Bulgaria

Highlights include:
Drill Hole KDD-005; 13.0m @ 1.20 g/t gold, including 5.0m @ 2.24 g/t gold
Drill Hole KDD-004; 9.8m @ 1.13g/t gold

VANCOUVER, British Columbia, Sept. 17, 2020 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSXV: VLC) (“Velocity” or the “Company”) announces receipt of results for initial drill holes from the Kazak discovery (“Kazak”), Bulgaria.  Kazak is located approximately 2 km south of the Rozino deposit (“Rozino”), for which positive results of a prefeasibility study were recently announced (previous news release August 31, 2020).  Exploration drilling at Kazak (Figure 1) and other targets located close to Rozino are being prioritized because incremental ounces discovered within a few kilometres of Rozino could potentially be integrated into a Rozino feasibility study and use common infrastructure planned to be built at the Rozino site.

Highlights include:

• Kazak East - Exploration program has discovered near surface gold mineralization including results from the discovery drill hole KDD-004; 9.8m grading 1.13g/t gold and from drill hole KDD-005; 13.0m grading 1.20 g/t gold, including 5.0m grading 2.24 g/t gold (Figure 2).  An additional 4 drill holes are in planned at Kazak East.
• Kazak West - Drill hole KDD-003 intersected significant mineralization from 17.5m, returning 4.7m grading 0.57g/t gold.  Follow-up drilling is in progress.

“The discovery of gold mineralization at Kazak is important for the Rozino project, in that additional gold discoveries within trucking distance to a future mill at Rozino have the potential to add significant value to the project with relatively low capital additions,” stated Keith Henderson, Velocity’s President and CEO.  “Velocity’s exploration program has identified multiple exploration targets between Kazak and Rozino within a target corridor 5 km long and 2 km wide.  An aggressive program of exploration here and at other gold projects in the region aims to define additional gold resources that could potentially fit into Velocity’s ‘Hub & Spoke’ development model.”

Kazak Discovery Details

Drill targets at Kazak are centered on surface geochemical anomalies which can be traced over approximately 1.5 km of strike length. 

Gold in soil anomalies and gold in rock chip samples within the Kazak target area have led to prioritized drilling at Kazak East and Kazak West.  The results from the first 5 drill holes are reported in Table 1 below with both Kazak East and Kazak West targets returning significant drill intersects.  Drilling continues at the prospect with a further 3 drill holes completed (results pending) and an additional 8 drill holes planned in the coming weeks to test the extents of these discoveries.