Velocity Minerals Ltd. announced that it has received approval for its proposed 3-year work program at the Dangovo Prospecting License. The approvals received from the Ministry of Energy enable drill testing to begin in 2023. The Dangovo property is contiguous with the Company's Makedontsi project, where a historical resource is registered with the Bulgarian State.

Dangovo was acquired to explore for potential extensions of known gold mineralization at Makedontsi. Prospective lithologies are overlain by a thin layer of post-mineral limestone and drilling completed by the Company within the Makedontsi property indicates that the host-lithologies are preserved. Velocity has completed a geophysical survey (Controlled Source Audio-frequency Magnetotellurics (CSAMT)) and data is interpreted to indicate that gold bearing structural zones from the Makedontsi property may extend undercover onto the Dangovo property.

These form the primary targets for initial drill testing which will be tested with an initial 2,000m drill program. The Dangovo property was acquired by staking and the prospecting license contract with the Ministry of Energy was signed in late 2022. Approval of the 3-year work program is the final step in the approval process.