Velocity Minerals Ltd. announced the commencement of drilling at the Voden gold exploration target, located in the Iglika project, Bulgaria. Surface exploration at Voden has defined multiple drill targets based on soil and channel sampling of gold mineralized outcrops. Positive results have defined several high-priority, shallow drill targets, which will now be tested.

Positive mechanical channel sampling results were received from the Voden target, located in the eastern portion of the Project. Highlights of continuous channel samples include 3.3m @ 12.14 g/t gold, including 1.0m @ 37.9 g/t gold, and 8.0m @ 1.79 g/t gold, including 3.0m @ 2.81 gold. Mechanical channel sampling was completed over two selected target areas to further define outcropping gold mineralization over approximately 1m wide surface outcrop samples.

Drill targets at the Voden target are primarily defined by gold-in-soil anomalies, which occur over approximately 2 km strike length (east-west) by 0.5 km (north-south). Gold-in-soil values, ranging from below detection to >150 ppb, are supported by mineralization in rock chip samples peaking at 56 g/t gold. Results of mechanical channel sampling of outcrops are disclosed in this news release and provide further support for drill targets.

Mapping indicates that rocks underlying the Voden target are primarily metamorphosed granites and sediments (of assumed Paleozoic age), intruded by probable Upper Cretaceous dykes. Sampling of outcrops suggests that gold mineralization may be hosted within quartz and/or quartz-carbonate veinlets and stringers, which appear to occur within all lithologies and therefore all lithologies have potential to host gold mineralization. The area of gold anomalies is bounded to the south by a faulted contact with Paleozoic basement rocks.