VELOCITY MINERALS LTD ORD - VLCJF STOCK NEWS

Velocity Minerals Ltd. has received approval for a 3-year work program at the Dangovo Prospecting License in Bulgaria. The Ministry of Energy’s approval allows for drill testing to commence in 2023. The Dangovo property is adjacent to the Makedontsi project, where a historical gold resource is recorded. Velocity aims to explore potential gold extensions from Makedontsi, indicated by previous geophysical surveys. The initial drilling program will cover 2,000 meters. This approval is the final step in the regulatory process following the acquisition of the property in late 2022.

Velocity Minerals Ltd. (TSX.V: VLC) announced the appointment of Gerrie van der Westhuizen to its board of directors, following the resignation of Chris Batalha. This change aligns with a strategic investment agreement with Artemis Gold Inc. Van der Westhuizen brings over 20 years of mining industry experience and will also serve as CFO starting January 1, 2023. His background includes significant roles in financing and M&A activities within resource companies in Africa and North America.

Velocity Minerals Ltd. provides updates on its exploration projects in Bulgaria, focusing on ongoing drilling at the Iglika copper-gold project and planned activities at the Rozino gold deposit and the newly acquired Dangovo property. The Iglika project targets multiple mineral types, with drilling commencing in August. Rozino holds a 464,000-ounce gold deposit, with upcoming drilling aimed at high-priority targets. The Dangovo license is set for drill testing in Q4 2022, expanding the Makedontsi project. Additionally, the company granted stock options to a subsidiary director.

Velocity Minerals Ltd. held its annual general meeting on June 24, 2022, where shareholders approved all presented motions. A total of 115,802,047 shares, accounting for 72.25% of the outstanding shares, were voted on. Key approvals included the number of directors, appointment of auditors, and the ratification of a stock option plan, with all motions receiving 100% approval. Additionally, the company published its 2021 ESG Report, focusing on emissions reduction, diversity, and employee safety, along with various community initiatives.

Velocity Minerals Ltd. has commenced drilling at the Voden gold exploration target in Bulgaria's Iglika project. Positive results from mechanical channel samples include significant gold grades, such as 3.3m @ 12.14 g/t, with highlights of 1.0m @ 37.9 g/t. The targets are based on extensive geological work indicating gold mineralization over a 2 km length. Phase I drilling aims to explore gold deposits from the surface to 200m depth. Additionally, the company granted stock options to staff, amounting to 4.35 million shares at $0.30 each, representing 5.9% of issued stock.

Velocity Minerals Ltd. announced promising exploration results from the Rudarka project in southeast Bulgaria, revealing significant gold-in-soil anomalies and channel sampling highlights. The soil geochemistry survey identified a gold-in-soil anomaly over 250m x 100m, and initial channel sampling yielded noteworthy grades, including 8.2m grading 1.31 g/t gold. Additional drilling is necessary to verify these findings. The company plans further channel sampling to prioritize targets for drilling. The results support the project's potential for mineralization, aligning with Velocity's strategy of developing a centralized operation.

Velocity Minerals Ltd. has filed a revised NI 43-101 technical report for the Rozino gold project in Bulgaria, dated December 15, 2021. The report, prepared by CSA Global, outlines the pre-feasibility study for the project and is available on SEDAR and the company's website. Velocity, with a focus on southeastern Bulgaria, aims to develop a low-cost centralized 'Hub and Spoke' operation, owning interests in multiple properties including Rozino. This strategic development could enhance its production capabilities in the emerging district.

Velocity Minerals Ltd. has released an updated National Instrument 43-101 technical report for its Obichnik gold project in southeastern Bulgaria, revealing an Inferred Mineral Resource estimate of 3.21 million tonnes at an average grade of 1.21 g/t, totaling 123,000 ounces of gold. Significantly, metallurgical assessments indicate gold recovery rates of 95% for oxide and transitional materials and 96% for fresh/sulphide materials. Based on recent data, these estimates utilize advanced resource modeling techniques and closely monitor quality assurance protocols throughout the testing process.

Velocity Minerals Ltd. has delivered an Exercise Notice to Gorubso-Kardzhali AD for the Nadezhda property, earning a 70% interest in the property. The Makedontsi project shows mineralization from surface, with future drilling planned to test extensions. Also announced is the retirement of VP Exploration Stuart A. Mills, who will continue part-time. The company is set to release a detailed ESG report for 2021, highlighting its sustainability initiatives, including recycling and honeybee projects at Rozino.