Welcome to our dedicated page for Velocity Mineral news (Ticker: VLCJF), a resource for investors and traders seeking the latest updates and insights on Velocity Mineral stock.
Velocity Minerals Ltd. (VLCJF) generates a steady stream of news related to precious metals and copper exploration in Eastern Europe, corporate transactions and shareholder approvals. Company releases provide detailed updates on its gold, silver and copper projects in Bulgaria and northern Greece, as well as on agreements with partners and investors.
Recent news has focused on the sale of Velocity’s Bulgarian assets, including its 70% interest in the prefeasibility-stage Rozino gold project and other Bulgarian mineral property interests, to Türker Global Madencilik Sanayi ve Ticaret A.Ş. Updates describe the definitive agreement, payment structure, shareholder approval of the transaction, and the initial tranche payment received. The company also reports on related arrangements such as a standby letter of credit benefiting its Bulgarian partner Gorubso-Kardzhali AD and a funding and technical services agreement under which Türker Mining finances work to keep the assets in good standing and advance feasibility and environmental studies.
News items also cover exploration and project generation activities, including the granting of the Miriofito copper-gold exploration license in northern Greece and planned work programs involving mapping, sampling and geophysical surveys. Additional releases describe the option agreement for the Toledo gold-silver property in Western Bulgaria, outlining historical exploration data, the historical mineral resource estimate treated as such by Velocity, and the staged cash payments required to exercise the option.
Investors following VLCJF can use this page to review transaction milestones, exploration updates, option agreements, governance decisions and strategic investment developments, including amendments to the investment agreement with Artemis Gold Inc. and the results of annual and special shareholder meetings. Bookmark this news feed to track how Velocity’s exploration portfolio and corporate structure evolve over time.
Velocity Minerals (TSXV: VLC) has entered into a binding letter agreement to acquire a 100% interest in the Toledo gold-silver property in Western Bulgaria. The property boasts a historical resource of over 500,000 ounces of gold, with extensive exploration including 27,500m of drilling. Key highlights include:
- Historical drill results of 80.7m grading 3.52 g/t gold from surface
- Six known mineralized bodies with exploration upside
- Option agreement requires US$4 million in cash payments over six milestones
- Upon exercise, Velocity will grant a 2% NSR royalty, with buyback options
The Toledo property shows geological similarities to gold deposits in the Yukon-Alaska Tintina Gold Belt. Velocity will have six years from the issuance of the mining concession to exercise the option fully.
Velocity Minerals (TSXV: VLC) has released its fourth annual ESG Report, detailing its commitment to environmental stewardship and community leadership. The report is accessible on the company’s website.
The company also amended its financial advisory agreement with Leede Jones Gable Inc., extending it by six months, issuing an additional 100,000 shares, and adjusting the success fee to 0.5% under certain conditions. This agreement helps Velocity explore strategic alternatives without guaranteeing specific outcomes or timelines. The amendment awaits TSX Venture Exchange acceptance.
Velocity Minerals (TSXV: VLC) announced the results of its 2024 Annual General Meeting (AGM) held on June 18, 2024, in Vancouver, British Columbia. At the AGM, all motions were successfully approved by shareholders. A total of 149,815,984 shares were voted, representing 76.36% of the issued and outstanding shares as of the record date. Key approvals included the election of directors Keith Henderson, Mark Cruise, Daniel Marinov, Gerrie van der Westhuizen, and Michelle Roth, each securing approximately 99.82% of the votes. Gerrie van der Westhuizen received a notably high approval rate of 99.99%. Additionally, the appointment of the auditor was approved with 100% of the votes, and the stock option plan was ratified with a 99.63% approval rate.
Velocity Minerals provided updates on its corporate strategies and exploration initiatives. The company is evaluating strategic alternatives, including the possible sale of its Rozino gold deposit, currently in the prefeasibility stage. Sensitivity analysis based on gold prices indicates the deposit's high responsiveness to price fluctuations, with an after-tax NPV5% ranging from $35.4M at $1,125/oz to $218M at $1,875/oz. Velocity owns 70% of Rozino and has an agreement to sell the asset on a 100% basis.
Velocity also announced that Dundee Precious Metals will terminate their Option Agreement on the Iglika property effective July 30, 2024. DPM has invested $3.5M in exploration, including significant copper and gold drill intersections. Velocity plans further drilling at Iglika, with 15 new drill holes awaiting permits and is seeking a new partner for further exploration.
Velocity Minerals has amended its Zlatusha Project Option Agreement with Raiden Resources, granting an exclusive option to acquire a 75% interest in the Zlatusha prospecting license. The company has announced management changes, appointing Ms. Dani Palahanova as Chief Financial Officer, replacing Mr. Darren Morgans. In addition, Velocity has granted 280,000 common share stock options and issued 125,000 common shares to Leede Jones Gable Inc. under the Advisory Agreement.
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