Vancouver, British Columbia--(Newsfile Corp. - March 13, 2025) - Velocity Minerals Ltd. (TSXV: VLC) (OTCQB: VLCJF) ("Velocity" or the "Company") provides an update on project generation work in northern Greece. The Company has been active in Greece for approximately 18 months, visiting historical mineral occurrences, completing geological mapping, rock sampling and prospecting. In connection with this generative strategy, the Company is pleased to announce that it has been granted an exploration license located in northern Greece ("Miriofito" or the "Property") (Figure 1).
Figure 1: Regional Map and location of the Miriofito Property showing location of major porphyry, epithermal and skarn / replacement deposits.
Historically reported copper-gold mineralization has been observed in outcrop by the Company's technical team during their reconnaissance work. Chip-channel rock sampling by the Company (n=36) over widths of 1m to 3m returned encouraging grades from below detection up to 6.61 g/t gold, 0.3% copper, and 4.2 g/t silver (Table 1).
Miriophito is a polymetallic copper-gold-silver-lead-zinc vein-replacement type system hosted in a carbonate rock environment at the strongly sheared contact with mica and amphibolite schists. Gold-bearing sphalerite-chalcopyrite-covelline-galena-pyrite quartz veins are found in carbonate and in a strongly sheared marble-schist contact as well as at places controlled by low-angle northwest faults in silicified mica gneiss.
The Company is targeting carbonate replacement mineralisation similar to that observed at the Olympias deposit which is owned by Eldorado Gold (15.1 Mt at 8.97 g/t gold, 146 g/t silver, 4.9% lead, and 6.5% zinc) and is part of the same belt. Copper-gold porphyry targets will also be evaluated due to the proximity of known porphyry deposits in the belt (Figure 1).
Readers are cautioned that the Olympias deposit discussed above is an adjacent property and that Velocity has no interest in or right to acquire any interest in the deposit, and that mineral deposits on adjacent or similar properties, and any production therefore or economics with respect thereto, are not in any way indicative of mineral deposits on Velocity's Miriofito property or the potential production from, or cost or economics of, any future mining of any of Velocity's mineral properties.
Next Steps
The planned work program includes stream sediment screening of the entire exploration license as well as regional and detailed geological mapping. Geochemical rock and soil sampling and hydrothermal spectral analysis. Various geophysical surveys are planned to include 110-line km of ground magnetics, 20-line km of IP Resistivity and ground gamma spectrometry. This initial work program is designed to delineate priority targets for drill testing and is expected to be the subject of a planned initial NI 43-101 Technical Report. The Company continues to evaluate additional staking and tender opportunities in the region.
Figure 2: Large mineralized boulder recorded in marble quarry displaying carbonate replacement pyrrhotite-magnetite+/-pyrite interlayer in marble. 1m chip channel sample (73998, Table 1) grades 6.61 g/t gold, 0.3% copper, with trace silver, zinc and lead.
The Company announces that it has granted 3,565,000 common share stock options (each, an "Option") to various directors, officers, employees and consultants of the Company and its affiliates. The Options entitle the holder to purchase shares at a price of $0.17 per share for a period of 5 years from the issue date. Options will vest over 3 years, beginning 6 months from the date of issue and vesting in equal tranches bi-annually thereafter. Including this issuance, the Company has now set Options representing 8.0% of the issued and outstanding stock.
About Miriofito
The Miriofito property falls within the Kilkis mineral district which is part of the Greek segment of the Serbo-Macedonian metallogenic province host of world class copper-gold deposits. The 9.72km2 property has potential for multiple mineral deposit types including carbonate replacement, vein and copper porphyry. The license is granted for an initial 3-year period. The project is in a remote, unpopulated area, located outside Natura 2000 environmental protection areas.
Quality Assurance / Quality Control
The work programs in Greece are designed and supervised by Georgi Magaranov, P. Geo., Qualified Person as defined by National Instrument 43-101, consulting geologist 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 for sample preparation and subsequent analysis. All rock samples are assayed using 30-gram fire assay with atomic absorption finish and ME-ICP41. Quality Assurance and quality control procedures include the systematic insertion of standards and duplicates into the sample streams. Field duplicate samples are taken every 25 samples and standards and blanks are inserted after every 20th sample. All data collected in the field and assay results from the laboratories are routinely verified and entered in a master database.
Qualified Person
The technical content of this release has been approved for disclosure by EurGeol Georgi Magaranov, a Qualified Person as defined by NI 43-101. Mr. Magaranov is not independent of the Company as he is a consultant to the Company and holds incentive stock options.
About Velocity Minerals Ltd.
Velocity is a precious metal and copper explorer focused in Europe. Velocity has entered into definitive agreements to sell all of its Bulgarian assets, through a share purchase and option agreement made as of February 24, 2025 with Türker Global Madencilik Sanayi Ve Ticaret A.Ş.. Closing is subject to customary conditions precedent, including, without limitation, receipt of all necessary shareholder, board, third party and regulatory (including TSXV) consents and approvals. The Transaction requires a favourable vote of 66 2/3% of the votes cast by Velocity shareholders and Velocity has set a shareholder meeting date of April 15, 2025, to approve the Transaction.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable Canadian and U.S. securities legislation. All statements, other than statements of historical fact, included herein including, without limitation, the anticipated business plans and timing of future activities of the Company, are forward-looking statements. Although the Company believes that such statements are reasonable, it can give no assurance that such expectations will prove to be correct. Often, but not always, forward looking information can be identified by words such as "pro forma", "plans", "expects", "may", "will", "should", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", "believes", "potential" or variations of such words including negative variations thereof, and phrases that refer to certain actions, events or results that may, could, would, might or will occur or be taken or achieved. In making the forward-looking statements in this news release, the Company has applied several material assumptions, including without limitation, that market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the future development of the Property in a timely manner, the availability of financing on suitable terms for the development, construction and continued operation of the Property, and the Company's ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking information. Such risks and other factors include, among others, operating and technical difficulties in connection with mineral exploration and development and mine development activities at the Property, estimation or realization of mineral reserves and mineral resources, requirements for additional capital, future prices of precious metals and copper, changes in general economic conditions, changes in the financial markets and in the demand and market price for commodities, possible variations in ore grade or recovery rates, possible failures of plants, equipment or processes to operate as anticipated, accidents, labour disputes and other risks of the mining industry, delays or the inability of the Company to obtain any necessary permits, consents or authorizations required, including TSX Venture Exchange acceptance, financing or other planned activities, changes in laws, regulations and policies affecting mining operations, currency fluctuations, title disputes or claims limitations on insurance coverage and the timing and possible outcome of pending litigation, environmental issues and liabilities, risks relating to epidemics or pandemics, and their impact on the Company's business, risks related to joint venture operations, and risks related to the integration of acquisitions, as well as those factors discussed under the heading "Risk Factors" in the Company's annual management's discussion and analysis and other filings of the Company with the Canadian Securities Authorities, copies of which can be found under the Company's profile on the SEDAR+ website at www.sedarplus.ca.
Readers are cautioned not to place undue reliance on forward looking statements. Except as otherwise required by law, the Company undertakes no obligation to update any of the forward-looking information in this news release or incorporated by reference herein.
