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News Releases
| July 06, 2010 Velocity Minerals Ltd. Announces Commencement Of Drilling On Cassiar Moly Property | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Velocity Minerals Ltd. is pleased to announce that drilling has commenced on its Cassiar Moly property located near Cassiar in northern British Columbia. Due to inclement weather and the early onset of winter conditions in 2009, the first drill hole was suspended at 260 feet before reaching the intended target zone. That initial hole is being continued this season with, depending on results, at least three additional holes to follow. Of note, although the intended target, a mineralized shear zone, was not reached before drilling was suspended, the first drill hole had anomalous Mo. values from the surface to total depth of 260 ft. Unexpectedly and of tremendous encouragement to management, assay results showed a grade of 0.02% Mo. from 62 feet to 260 feet. Surface and underground geological work strongly suggest that the mineralization is related to a north-northeast trending fault system that may represent a deep feeder structure. Vertical persistence to at least 250 metres from surface has been shown and the mineral zones found underground are open along strike and at depth. Last season the Company successfully rehabilitated the extensive adit on the property, completed surface and underground sampling to relocate previously reported high grade mineralization and produced computer models of the results. Three zones of significant mineralization, sequentially named Zone A, Zone B, and Zone C, were encountered in the underground workings: Zone A represents mineralization found in the cross cut, Zone B represents mineralization found in the last 140 meters of the main drift and Zone C represents mineralization found in the first 60 meters of the main drift. Results and details of these zones are summarized below. Zone A is an area of mineralization found throughout the 268 meters length of the cross-cut and most likely represents a high grade extension of the mineralized N-NE structures found in Zone B. Fifty four chip channel samples were collected in Zone A, of which thirty six samples, totalling 20.6 meters in sample length, assayed 0.1% Mo or higher, including sample 732979 (0.25 meters of 7.9% Mo), sample 732975 (0.5 meter of 3.5% Mo) and sample 732971 (1.0 meter of 1.1% Mo). Selected results from Zone A are shown in Table 1. Table 1 - Select Results from Zone A
Zone B, mineralization found in the last 140 meters of the main drift, comprises a number of N-NE trending mineralized structures. Mineralization typically occurs as fine grained molybdenite(MoS2) along faults, but also occurs as coarse grained veins and as disseminations. Eighty-five chip channel samples were collected in Zone B, variously from the left or right rib. Twenty five samples, representing 12.75 meters in total sample width, assayed 0.1% Mo or higher. An additional 38 samples, representing 25.4 meters in total sample length, assayed 0.01% Mo or higher. Selected results from this zone are shown in Table 2. Table 2 -- Select Results from Zone B
Zone C consists of mineralization associated with a N-NE structure located in the first 60 meters of the main drift. This structure is sub-parallel to the main drift. Several E-NE trending mineralized structures also cross cut this zone. In total, nine chip channel samples were collected in Zone A. The three samples collected in the back (roof) represent the N-NE structure and the six samples collected along the ribs (sides) represent crossing structures. Table 3 summarizes results from this zone. Table 3 -- Select Results from Zone C
This news release has been reviewed and approved by Erik A. Ostensoe, P. Geo., Velocity's Qualified Person for purposes of its Cassiar, B. C. area projects. Velocity Minerals Ltd. is a company dedicated to the acquisition and development of advanced or high-grade mineral properties. Velocity presently owns the mineral rights to two molybdenum projects in northern British Columbia (Mt. Haskin and Cassiar Moly), a gold prospect in Southeast British Columbia (Keremeos) and is actively pursuing other properties internationally. Kenneth R. Holmes, Chairman. The TSX has neither approved nor disapproved of the information contained herein. Contact: Jeremy Yaseniuk Investor Relations Velocity Minerals Ltd. Toll Free: (866) 920-3266 info@velocityminerals.com | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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