Business
Velocity Reports Positive Exploration Results at Zlatusha Copper-Gold Property, Bulgaria
Vancouver, British Columbia--(Newsfile Corp. - November 22, 2023) - Velocity Minerals Ltd. (TSXV:...
About this update from Velocity Minerals Ltd.
[{"type":"text","content":"Velocity Reports Positive Exploration Results at Zlatusha Copper-Gold Property, BulgariaVancouver, British Columbia--(Newsfile Corp. - November 22, 2023) - Velocity Minerals Ltd. (TSXV: VLC) (OTCQB: VLCJF) (\"Velocity\" or the \"Company\") provides an update on its ongoing exploration program at the Zlatusha exploration license (\"Zlatusha\" or the \"Property\"), located in Bulgaria. Velocity holds the Property under an option agreement, pursuant to which Velocity has an exclusive option to acquire up to a 75% interest in the Property (see previous news release January 24, 2023). Zlatusha is the Company's exploration focus and initial drilling is planned for H1 2024. Exploration UpdateVelocity has confirmed the presence of several magmatic-hydrothermal centers with outcropping copper-gold mineralization hosted in rocks of favourable upper Cretaceous age and composition. Extensive geophysical and geochemical surveys have been completed as well as mapping and prospecting programs. Work completed includes:Airborne Magnetic Survey - 2,361 line-km drone-based magnetic survey, with preliminary data generating several large-scale, high priority targets (Figure 1). Interpretation of the magnetic data and targeting is ongoing and planned to be completed in Q4 2023; Soil Geochemistry - 1400 soil samples establishing anomalies at the Rosoman target (Figure 3). Soil sampling is ongoing throughout the remainder of this very large property;Radiometric Surveys - completed on multiple targets with interpretation and targeting ongoing; andMapping and Prospecting - completed over multiple property-wide traverses including portable XRF analysis of more than 600 rock samples and discovery of new outcropping mineralized zones. An initial drill program is planned for H1 2024 with a focus on discovery of copper-gold porphyry mineralization. Regional SettingZlatusha Property is located within a Tier One porphyry copper-gold and epithermal belt, which transects Serbia and Bulgaria (Figure 2). The local geological setting at Zlatusha Property is similar to the Timok Magmatic complex, located 95 km to the northwest in Serbia (hosting the Bor, Majdanpek and Cukaru Peki copper-gold deposits) and the Panagyurishte Orefield, located 65 km to the east in Bulgaria (hosting operating mines such as Chelopech, Elatsite and Asarel). Approximately 5km southwest of Z...