Velocity Minerals Ltd. Announces Recent Geochemical Survey Results at Orogrande
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/14/11 -- Velocity Minerals Ltd. (TSX: VLC) is pleased to announce further results of the continuing geochemical soil survey on the northern 100 claims the Company holds in the Orogrande mining district in Idaho County, Idaho. The claim group is comprised of 100 contiguous claims covering an area of approximately 2,000 acres adjacent to and south of Premium Exploration Inc.'s Friday-Petsite project in the historic Orogrande Mining Division in central Idaho. The field crew has now collected over 1,000 soil samples from a 50 km grid. To date 482 samples have been analyzed at Acme Analytical Laboratories in Vancouver, B.C. Approximately 500 soil samples collected are pending analysis.
The ongoing geochemical survey shows two separate anomalous trends for gold. The larger Penman-Homestake mine - Badger shaft anomaly, a northwest to southeast trending zone, has been extended from 700 meters in length (Feb. 8th 2011 Press Release) to 2,000 meters in length and remains up to 500 meters wide. This zone runs in a northwest to southeast direction near the center of the claim block and the anomaly remains open to the north and also to the southeast. The anomaly aligns with the Friday fault, a gold bearing structure which has been identified and drilled tested by Premium Exploration Inc. approximately 2.5 kilometers north of Velocity's claims and which appears from Premium's geophysical survey to continue through the Company's claim block.
The second anomaly lays in a north-south direction and also is 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.
To view the Map associated with this release, please visit the following link: http://media3.marketwire.com/docs/VLC914_F1.pdf.
The ground covered by the claims has received relatively little recent exploration. The district, however, is known to contain multiple gold occurrences and the Penman mine reportedly had a grade of 10.3 grams/tonne to 27.0 grams/tonne (0.3 to 0.8 ounces per ton) with some grades running much higher (The August 14th 1934 Spokane Chronicle reported a high grade assay of 22 ounces of gold).
The claims completely surround two patented claims that cover the mill site ruins and three adits from the Penman Mine.
Results and interpretations from this ongoing geochemical survey, which now covers approximately two thirds of the claim area, will be used to target potentially gold bearing structures in the upcoming drill program. The Company plans to drill from the patented claims (see July 18th, 2011 Access Agreement press release) targeting a large quartz vein system that was discovered and trenched by historical miners. This initial drilling program will attempt to delineate and quantify the swarm of 5 parallel quartz veins of which one vein the Penman vein was mined with 4 levels and had 1700 feet of underground workings.
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