Velocity Mineral Stock Price, News & Analysis

Velocity Minerals Ltd. has entered into a binding letter agreement with Zelenrok EOOD, a subsidiary of Raiden Resources, granting an exclusive option to acquire up to a 75% interest in the Zlatusha gold-copper property in Bulgaria. This 195 km² site exhibits significant geological potential, with seven known mineral occurrences and a historical drilling total of 10,000m. Highlights include drill results of 3.63 g/t gold from surface samples. Velocity plans to commence surface exploration and drilling in Q2 2023, a move aimed at advancing its position in the lucrative copper-gold sector.

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.