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Velocity Provides Exploration and Drilling Update, Iglika Copper Gold Project, Bulgaria
Drilling highlights include: 2.5m grading 2.78 % copper, and 14.5m grading 0.89 % copper (incl. 3...
About this update from Velocity Minerals Ltd.
[{"type":"text","content":"Velocity Provides Exploration and Drilling Update, Iglika Copper Gold Project, BulgariaDrilling highlights include: 2.5m grading 2.78 % copper, and 14.5m grading 0.89 % copper (incl. 3.0m grading 2.27 % copper)Vancouver, British Columbia--(Newsfile Corp. - September 25, 2023) - Velocity Minerals Ltd. (TSXV: VLC) (OTCQB: VLCJF) (\"Velocity\" or the \"Company\") announces results from initial drilling at the Iglika copper-gold project (\"Iglika\"), located in southeast Bulgaria. Exploration at Iglika is funded 100% by Dundee Precious Metals Inc. (\"DPM\"), under the terms of a binding letter agreement (the \"Letter Agreement\") whereby Velocity has granted to DPM an exclusive option to acquire a 75% interest (the \"Option\") in and to the Iglika copper-gold prospecting license (the \"Property\") (previous news release NR23-09 dated June 12, 2023). Drilling HighlightsThe Iglika property has potential for multiple mineral deposit types including copper-gold porphyry, copper skarn, and epithermal gold. Iglika Phase I drilling was focused on the area surrounding the historical Iglika copper skarn (\"Iglika Skarn\"), where historical exploration included 34,200m of drilling and 1,620 m of underground exploration adits, from which Velocity's team has developed a detailed 3D model of the known skarn deposit. DPM has completed 3,275m of drilling in five drill holes, with four drill holes in and around the Iglika Skarn area and one drill hole at the Sitovo copper-gold occurrence to the north (Figure 1). Drilling has simultaneously focused on testing targets and establishing geological stratigraphy on the property, with drill holes reaching a maximum depth of 849m (average 655m to date). Encouraging results from Phase I drilling were received with all drill holes intersecting multiple intervals of highly anomalous copper and/or gold mineralization. Highlights include 2.5m at 2.78 % copper & 1.84 % zinc, and 14.5m at 0.89 % copper & 0.78 % zinc, including 3.0m at 2.27 % copper & 1.95 % zinc. Anomalous drill intercepts are listed in Table 1 and Table 2. Mineralization at the Iglika Skarn is represented by bornite, covellite and chalcopyrite hosted in marbles and calc-schists and is often associated with magnetite (Figure 2).Property-Wide ExplorationPrior to DPM's involvement in the Property, Velocity's extensive exploration progra...