Velocity Minerals Ltd. provided an update on its portfolio of exploration projects in Bulgaria, including: Ongoing drilling at the Iglika copper-gold project; Planned drilling of priority targets surrounding the Rozino gold deposit.; Planned drilling at the newly issued Dangovo property, contiguous with the Company's Makedontsi gold project. Iglika Drilling- The Iglika property has potential for multiple mineral deposit types including copper porphyry, copper skarn, and epithermal gold. Upcoming drilling will focus on the area surrounding the historical Iglika copper skarn, where historical exploration included 34,200 m of drilling and 1,620 m of exploration adits.

Velocity's team has developed a detailed 3D model of the skarn deposit and has integrated that knowledge into subsequent exploration. Velocity's extensive geochemical and geophysical exploration on the license has 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 more than 10 target areas for drill testing. Drilling planned for August includes drill holes targeting near-surface epithermal gold mineralization.

Drilling proximal to the skarn will test for additional copper skarn mineralization and potential porphyry mineralization underlying the skarn. Drill permissions were recently received from the local municipality and drilling is expected to begin in August. Drilling at the Voden gold target concluded in July with 9 drill holes for a total of 1,275m.

Several low-grade gold intersections were returned, including 4m at 0.51 g/t gold at surface but in general the drill results were disappointing, and no further work is planned. Rozino Drilling- The Company's Rozino asset is a 464,000-ounce Prefeasibility Stage gold deposit that is moving through permitting (11.8Mt at 1.22 g/t gold for 464,000 ounces at a 0.5 g/t cut-off grade). The Tashlaka South target is located 600m southeast from Rozino (Figure 2) and is represent by outcropping sinter zones extending over 700m along a northwest trend.

Tashlaka South has no anomalous gold at surface, but carries anomalous pathfinder elements (As, Sb, Ba, Hg and Ag) with anticipated high-grade gold in boiling zones at depth. Historical drilling from 2006 returned 16.3m at 0.86 g/t gold and 24 g/t silver (217.8 to 234.1m) including 9m at 1.28 g/t gold and 39.5 g/t silver related to an interpreted ‘upper level of boiling' associated with crustiform-colloform banded and bladed carbonate pseudomorph textures. This historical drilling has never previously been followed-up.

Based on limited historical drilling gold grades along the Tashlaka structure increase at depth, and drill testing is planned to target postulated higher gold grades at depth. Between Tashlaka and Rozino, an untested shallow, structurally controlled sediment hosted gold target lies along the northeast trending Tashlaka Fault Zone. In this area, 600m strike length of permissive Rozino host-rock is essentially untested.

Permitting is nearing completion for drill testing of these two high priority targets in Fourth Quarter 2022. An initial 1,500m of drilling is planned. Dangovo Drilling- The Company is finalizing permissions for drill testing of the Dangovo prospecting license in Fourth Quarter 2022.

The 870-hectare Dangovo Prospecting License contract with the Ministry of Energy has been executed and the Company is awaiting final approval of the proposed work program from the Ministry of Environment. The property significantly expands the footprint of the existing Makedontsi project where a historical resource is registered in the Bulgarian State Balance. The Dangovo prospecting license represents potential extensions of known mineralization to the east of Makedontsi.

Prospective lithologies are overlain by a thin layer of post-mineral limestone and drilling completed within the Makedontsi property indicates that the host-lithologies are preserved. Geophysical CSAMT survey data is interpreted to indicate the existence of structural zones which will be primary targets for initial drill testing. An initial 2,000m drill program will test priority targets east of Makedontsi.