Business
Velocity Announces Commencement of Phase II Drilling at Iglika Property, Bulgaria
Vancouver, British Columbia--(Newsfile Corp. - November 14, 2023) - Velocity Minerals Ltd. (TSXV:...
About this update from Velocity Minerals Ltd.
[{"type":"text","content":"Velocity Announces Commencement of Phase II Drilling at Iglika Property, BulgariaVancouver, British Columbia--(Newsfile Corp. - November 14, 2023) - Velocity Minerals Ltd. (TSXV: VLC) (OTCQB: VLCJF) (\"Velocity\" or the \"Company\") announces that drilling has restarted at the Iglika copper-gold property (\"Iglika\" or the \"Property\"), located in southeast Bulgaria. The drill program is fully funded by Dundee Precious Metals Inc. (\"DPM\").Phase II Drilling HighlightsThe phase II drill program is planned at approximately 7,000m of drilling in 13 drill holes (Figure 1), with 2,500m planned to be completed by year end and the remainder in Q1 2024. The drilling campaign is simultaneously focused on testing geochemical and geophysical targets as well as establishing geological stratigraphy on the property, with drill holes planned to reach a maximum depth of 1,000m. Drilling completed in August 2023 totaled 3,275m, which together with the current Phase II will total approximately 10,075m. Holistic Exploration ApproachThe property has potential for multiple mineral deposit types including copper porphyry, copper skarn, and epithermal gold. Surface exploration completed at the Property to date includes approximately 610 rock samples, 2,750 soil samples, 2,300 multi-horizon soil samples, 600-line km of magnetic data, 110-line km of induced polarization, and 15,000 radiometric measurements. This work, together with extensive mapping and prospecting, has identified multiple target areas for drill testing. Quality Assurance / Quality ControlThe work programs in Bulgaria are designed and supervised by Daniel Marinov, MAIG RPGeo, the Company's Vice President Operations 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 (soil samples) or SGS Mineral Services laboratory in Bor, Serbia (drill core), for sample preparation and subsequent analysis. Drill core samples are prepared and analyzed by fire assay using a 30-gram charge and multi-element analysis with four acid digestion using an Inductively Coupled Mass Spectrometer in compliance with industry standards at SGS Mineral Services laboratory. Soil samples are prepared in compliance with i...