Velocity Minerals Ltd. announced receipt of drill results from the Iglika copper-gold property ("Iglika" or the "Property"), located in southeast Bulgaria. Exploration is ongoing and a second drill rig has been mobilized to the Property. The drill program is fully funded by Dundee Precious Metals Inc. ("DPM").

Drill hole IDD-006 intercepted 4.0m (from 99.5m depth) grading 0.47% copper, including 1.0m grading 1.77% copper. This is underlain by 70.9m (from 430.0m depth) grading 0.15% copper, including 24.5m grading 0.21% copper and 6.0m at 0.37% copper. In detail copper mineralization is hosted in a potassic-altered diorite porphyry with a moderate quartz-sericite-pyrite overprint.

In cross-section the mineralized zone is located at the transition from a magnetic high to magnetic low. Drill hole IDD-006 result is viewed as geologically significant due to the presence of consistent copper mineralization over >70m, and also because the drill hole intersected multiple phases of diorite porphyry intrusion, which appears to correlate well with the geophysical magnetic modeling. Drill hole IDD-007, located 1 km east of IDD-006 is completed but geochemical assay results are pending.

The drill hole intersected 266m (from 522.3m) of very intense phyllic alteration (quartz-sericite- pyrite+/-chalcopyrite) of volcaniclastic and volcanic rocks. The pyrite content is estimated at up to 10% and coincides with a geophysical chargeability high (Induced Polarization) anomaly, again providing confidence that blind geophysical targets across the Iglika property define priority drill targets. Phase II drilling commenced in November 2023 and is planned at approximately 7,000m to test 13 drill targets, with 1,735m drilled in 2 drill holes in Fourth Quarter 2023.

The remaining c. 5,000m is scheduled to be completed in First Quarter 2024. A second drill rig was mobilised to the project in early January 2024. The drilling campaign is simultaneously focused on testing geochemical and geophysical targets as well as establishing geological stratigraphy on the property.

Drill Results from Drill Hole IDD-006. Drill hole IDD-004, 99.5, 103.5, 4.0, 4.0, 0.15, incl., 447.4, 452.1, 4.7, 0.26, incl., 464.7, 470.7, 6.0, 0.37, incl., 476.4, 500.9, 24.5, 0.21. Triger value 0.1% Cu, mean composite 0.2% Cu, minimum consequetive length of waste 3.0m and no top cut value.

This work, together with extensive mapping and prospecting, has identified multiple target areas for drill testing. Quality Assurance /Quality Control. The work programs in Bulgaria are designed and supervised by Daniel Marinov, MAIG RPGeo, the Company's Vice President Operations who is responsible for all aspects of the work, including the quality control/quality assurance program.

On-site personnel at the project rigorously collect and track samples which are then security sealed and shipped to ALS Global laboratory in Romania (soil samples) or SGS Mineral Services laboratory in Bor, Serbia (drill core), for sample preparation and subsequent analysis. Drill core samples are prepared and prepared and prepared and prepared for sample preparation and initial analysis. Drill core samples were prepared and prepared and prepared to sample preparation and subsequent analysis.