Velocity Minerals Ltd. provided an update on project generation work in northern Greece. The Company has been active in Greece for approximately 18 months, visiting historical mineral occurrences, completing geological mapping, rock sampling and prospecting. In connection with this generative strategy, the Company announced that it has been granted an exploration license located in northern Greece.
Miriofito Copper-Gold Mineralization. Historically reported copper-gold mineralization has been observed in outcrop by the Company's technical team during their reconnaissance work. Chip-channel rock sampling by the Company (n=36) over widths of 1m to 3m returned encouraging grades from below detection up to 6.61 g/t gold, 0.3% copper, and 4.2 g/t silver.
Miriophito is a polymetallic copper-gold-silver-lead-zinc vein-replacement type system hosted in a carbonate rock environment at the strongly sheared contact with mica and amphibolite schists. Gold-bearing sphalerite-chalcopyrite-covelline-galena-pyrite quartz veins are found in carbonate and in a strongly sheared marble-schist contact as well as at places controlled by low-angle northwest faults in silicified mica gneiss. The Company is targeting carbonate replacement mineralisation similar to that observed at the Olympias deposit which is owned by Eldorado Gold (15.1 Mt at 8.97 g/t gold, 146 g/t silver, 4.9% lead, and 6.5% zinc) and is part of the same belt.
