Velocity Minerals Ltd. Announces Geochemical Survey Results at Orogrande
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 02/08/11 -- Velocity Minerals Ltd. (TSX: VLC) is pleased to announce the results of a geochemical soil survey on the first 60 claims the Company staked (A1 to A60) in the Orogrande mining district in Idaho County, Idaho. The A claim group is comprised of 60 contiguous claims covering an area of approximately 1240 acres adjacent to and south of Premium Exploration Inc.'s Friday-Petsite project in the historic Orogrande Mining Division in central Idaho near an area known for past gold production. The field crew collected over 300 soil samples from a 8.4 km grid centered on the A claims.
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The geochemical survey shows two separate anomalous areas for gold. The Penman-Homestake mine area is the larger of the two at 700 meters in length and up to 500 meters wide. This zone runs in a northwest to southeast direction near the center of the claim block and the anomaly is open to the north and also to the southeast. The anomaly aligns with the Friday fault, a drill tested gold bearing structure identified by Premium Exploration Inc., located approximately 3 kilometers to the North.
The second anomaly lays in a north-south direction also 700 meters in length and 300 meters at its widest dimension. This anomaly is situated in the same direction and orientation as the Monday fault, one of the western most mineralized structures targeted by Premium Exploration Inc.
Results and interpretations from this geochemical survey, which covers approximately one third of the A-claim area, will be used to target potentially gold bearing structures in the upcoming drill program. The Company presently has sufficient funds to carry out a first round of drilling and is commencing the permitting application process immediately. As a result of the survey, the Company has also commenced staking additional claims along the eastern boundary of the A claim block.
The ground covered by the A claims has received relatively little recent exploration. The district, however, is known to contain multiple gold occurrences with some grades running as high as 0.8 ounce (22.7 grams) per ton. The claims completely surround two patented claims that cover the mill site and three adits from the Homestake Mine, which is located in the Crooked River watershed, southeast of Grangeville, Idaho.
The information that forms the basis of this News Release has been prepared under the supervision of David S. Boyer, MSc., CPG, an independent professional geologist engaged by the Company and a Qualified Person (as defined in NI 43-101). However, some of the data referred to herein was obtained from government files, other historical sources and third party news releases, all of which are believed to be reliable but which have not and cannot be verified.
Velocity Minerals Ltd. is a public company dedicated to the acquisition, exploration and development of molybdenum, gold and other mineral resources. In addition to the Company's two Cassiar, B.C. area properties, its Southeastern B.C. gold prospect and its Idaho claims, several other opportunities in the mining industry in North America and elsewhere are actively being pursued.
On behalf of the Board of Directors,
Kenneth R. Holmes, Chairman
The TSX has neither approved nor disapproved of the information contained herein.
Contacts:
Velocity Minerals Ltd.
Jeremy Yaseniuk
Investor Relations
(604) 689-7411 or Toll Free: (866) 920-0567
info@velocityminerals.com
www.velocityminerals.com