Velocity Minerals Ltd. announced 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"). The 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. 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. Prior to DPM's involvement in the Property, Velocity's extensive exploration programs included 353 rock samples, 2,624 soil samples, 51 line km of magnetic data, and 111 line km of induced polarization, all of which has identified multiple target areas for drill testing.

DPM are applying a holistic exploration approach to the property to ensure that the best drill targets get tested. In addition to Velocity's already extensive exploration results, DPM are in the process of collecting 2,400 multi-horizon soil samples (on detailed 100m x 100m grid), 75 rock samples, 10,800 radiometric measurements (on variable 80m x 20m and 100m x 50m grids), extensive mapping and prospecting, as well as reprocessing of Velocity's extensive geophysical data set. Property-wide exploration will define priority drill targets for testing through the remainder of the year.

DPM have a firm commitment to complete 10,000m of drilling by 31 June 2024. With 3,275m completed to date, Velocity understands that an additional 2,500m will be completed in Fourth Quarter 2023, with the remaining 4,000m minimum slated for completion in First Quarter 2024. Phase II drilling is expected to begin in October 2023, subject to completion of permitting.