Velocity Minerals Ltd. Announces Resumption of Geochemical Survey at Orogrande
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/15/11 -- Velocity Minerals Ltd. (TSX: VLC) is pleased to announce that a company field crew has resumed a geochemical soil survey on the Company's A-claims in the Orogrande mining district in Idaho County, Idaho.
The 2011 geochemical survey is intended to infill around the perimeter of the historical patented (40 acre) Penman/Homestake claim and also to extend the surveyed area to the southeast of the original 'A' claims thus covering the anomaly discovered from the 2010 geochemical survey.
The 'A' claim group is 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.
Velocity's management is confident that this phase 2 geochemical survey along with a planned geophysical survey will lead directly to delineating diamond drill locations which will target structural zones in the historical Badger Shaft area that are anomalous in gold.
While the ground covered by the 'A' claims has received relatively little recent exploration, the district is known to contain multiple gold occurrences with some grades running as high as 0.8 ounce(22.7grams) per ton. The claims completely surround two small patented claims that contain the previously mined (1896 to 1941) Homestake Mine.
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 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.
Forward-Looking Information
This release includes certain statements that may be deemed 'forward-looking statements'. All statements in this release, other than statements of historical facts, that address events or developments that the Company expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words 'expects', 'plans', 'anticipates', 'believes', 'intends', 'estimates', 'projects', 'potential' and similar expressions, or by words indicating that events or conditions 'will', 'would', 'may', 'could' or 'should' occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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