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Velocity Minerals Exercises Option to Acquire 70% Interest at the Makedontsi Project, Bulgaria
VANCOUVER, British Columbia, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSX.V: VLC) (“Velocity” or the “Company”) announces that it has delivered
About this update from Velocity Minerals Ltd.
[{"type":"text","content":" VANCOUVER, British Columbia, Nov. 16, 2021 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSX.V: VLC) (“Velocity” or the “Company”) announces that it has delivered notice of option exercise (the “Exercise Notice”) to Gorubso-Kardzhali AD (“Gorubso”) for the Nadezhda property (the “Property”), which includes the Makedontsi project (“Makedontsi” or the “Project”). To fulfill the terms of the option agreement with Gorubso, Velocity was required to deliver an Environment Impact Assessment prepared in accordance with Chapter Six of the Bulgarian Environmental Protection Act. In addition, Velocity will sole-fund 2,000m of future drilling and deliver a Mineral Resource estimate prepared in accordance with National Instrument 43-101. Following delivery of the Exercise Notice, Velocity is deemed to have earned a 70% interest in the Property and to be in Joint Venture with Gorubso for the further development of the Property. Makedontsi Project Mineralization at Makedontsi is outcropping locally but elsewhere the prospective sediments are covered by a thin veneer of post-mineral limestone estimated to range from 10 to 30m thickness. Exploration to date, including 8 diamond holes and 14 reverse circulation holes, was completed to test the grade and extents of historical drilling. Drilling intersected mineralization, starting from surface, and the mineralization remains open for expansion. Future drilling will continue to test for extensions of mineralization. Management Change Velocity announces the retirement of Mr. Stuart A. Mills as Vice President, Exploration and as an Officer of the Company. Although Mr. Mills is retiring from his full-time position, he will be retained as Director of Geology and will continue to provide exploration services on a part-time basis. “Stuart has been instrumental in defining ounces at our flagship Rozino project as well as overseeing all of our exploration activities in Bulgaria over the past 4 years. We are very pleased that Stuart will continue to provide his exploration insight and guidance,” stated Mr. Keith Henderson, President and CEO. “The Board of Directors also thanks Stuart for his contributions and wishes him the best in retirement.” Sustainability & Reporting Velocity plans to publish an ESG Report for 2021, which will provide details on activities related to sustainability, ...