Velocity Minerals Expands Obichnik Gold Deposit, Southeast Bulgaria

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[{"type":"text","content":" Highlights include: Drill hole ODD-006; 29.1m @ 2.46 g/t gold (incl. 5.9m @ 6.95 g/t gold) Drill hole ODD-008; 9.3m @ 2.82 g/t gold (incl. 2.0m @ 12.43 g/t gold) VANCOUVER, British Columbia, Sept. 03, 2019 (GLOBE NEWSWIRE) -- Velocity Minerals Ltd. (TSXV: VLC, OTCQB: VLCJF, Frankfurt: VMSP) (“Velocity” or the “Company”) announces that it has received additional drill results from one of four high priority targets, Durusu Tepe (Target 1), at the Obichnik gold project (“Obichnik”), Momchil property, southeast Bulgaria (Table 1, Figure 1).  Initial drill results (see news release July 15, 2019 for details) included 43.4m grading 3.89 g/t gold and 27.5m grading 1.24 g/t gold.  Expansion drilling confirms the continuity of high-grade epithermal gold mineralization 100 metres to the east, including 29.1m grading 2.46 g/t gold and 9.3m grading 2.82 g/t gold (Figure 1).  Mineralization remains open for expansion. Durusu Tepe Step Out Drill Results The gold mineralization is associated with intensely silicified volcanics within a package of strong (phyllic) alteration.  Mineralization appears to be best developed within coarser grained volcanics; however, there is a strong structural control striking broadly east – west and dipping steeply to the north. Two significant, high-grade intersects were returned from drill hole ODD-006 (Table 1): An upper drill intersection from surface returned 9.7m grading 1.04 g/t gold including 3.3m grading 2.57 g/t gold.  A lower drill intersection returned 29.1m grading 2.46 g/t gold including 5.9m grading 6.95 g/t gold. Critically the intersections confirm the continuation of high-grade epithermal mineralization 100m along strike from drill hole ODD-001, which intersected 43.4m grading 3.89 g/t gold including 19.9m grading 7.87 g/t gold (see news release July 15, 2019).  Drill hole ODD-008 (Table 1) intersected 9.3m grading 2.82 g/t gold including 2.0m grading 12.43 g/t gold.  This intersection is located down-dip and within the same alteration zone as the high-grade epithermal mineralization intersected in hole ODD-006. Future Work at Obichnik Project With four priority targets defined by geophysics and surface geochemistry (Figure 2), exploration will be ongoing throughout the remainder of the year: Target 1; Durusu Tepe – two drill fences have been completed demonst...

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