Highlights of 2020 include: Positive Rozino prefeasibility study completed returning an after-tax IRR of 27.4%.
22,500m of drilling completed in 2020
Total of
Entered into option agreement to acquire 100% of 105 km2 Iglika gold project
'2020 was our most productive year since the Company began its first exploration program at the Rozino gold project in 2017,' stated
The Company is actively drilling at Rozino, Obichnik and Makedontsi. From early February, 5 rigs will be operating across various projects.
In 2020, approximately 9,400m of exploration drilling was completed within 4km of Rozino resulting in the discovery of two promising zones of mineralization at Rozino South and Kazak. Additional exploration drilling of these targets, and additional targets in the area, is in progress. Any resource additions near Rozino have the potential to utilize common infrastructure planned to be built at Rozino.
Near surface potential was tested in 2020 by completing approximately 8,800m of exploration drilling with notable exploration success at the Durusu gold target and discovery of new mineralized zones at Sivri Tepe and Premka targets. Additional exploration drilling is currently in progress.
During 2020, a program of integrated exploration including geochemical sampling and geophysics was undertaken to assess potential for 'blind' mineralization amenable to open pit mining under a thin post mineralization limestone cover sequence. Exploration drilling for 2021 has begun.
During 2020 the Company entered into an option to acquire a 100% interest in the 105 km2 Iglika gold-copper property. The project is located in the westernmost portion of the prolific Tethyan belt that transects
In 2020, the company completed extensive rock and soil sampling as well as ground magnetic and induced polarization (IP) geophysical surveys with results and interpretation pending. Additional surface exploration is planned with exploration drilling expected to begin in Q2.
Appointment of Corporate Secretary
The Company announces that it has appointed
About
Velocity is a gold exploration and development company focused on southeastern
Contact:
Tel: +1-604-484-1233
Email: info@velocityminerals.com
Web: www.velocityminerals.com
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This news release includes certain 'forward-looking information' within the meaning of Canadian securities legislation and 'forward-looking statements' within the meaning of the United States Private Securities Litigation Reform Act of 1995 (collectively 'forward looking statements'). Forward-looking statements include predictions, projections and forecasts and are often, but not always, identified by the use of words such as 'seek', 'anticipate', 'believe', 'plan', 'estimate', 'forecast', 'expect', 'potential', 'project', 'target', 'schedule', 'budget' and 'intend' and statements that an event or result 'may', 'will', 'should', 'could' or 'might' occur or be achieved and other similar expressions and includes the negatives thereof. All statements other than statements of historical fact included in this release, including, without limitation, statements regarding the Financing and the expected use of proceeds therefrom, the Company's anticipated exploration plans and the timing of future activities of the Company are forward-looking statements that involve various risks and uncertainties. There can be no assurance that such statements will prove to be accurate and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements are based on a number of material factors and assumptions including, without limitation, that market fundamentals will result in sustained precious metals demand and prices, the receipt of any necessary permits, licenses and regulatory approvals in connection with the Financing and the future exploration and development of the Company's projects, the availability of financing on suitable terms for the exploration and development of the Company's projects and the Company's ability to comply with environmental, health and safety laws.
Forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and other factors include, among others, actual exploration results, changes in project parameters as plans continue to be refined, results of future resource estimates, future metal prices, changes in the financial markets, availability of capital and financing on acceptable terms, risks relating to epidemics or pandemics such as COVID-19, including the impact of COVID-19 on the Company's business, financial condition and results of operations, general economic, market or business conditions, uninsured risks, changes of regulations or laws, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, delays in obtaining governmental and regulatory approvals (including the final approval of the Financing by the
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