Velocity Minerals Ltd.
TSX : VLC

Velocity Minerals Ltd.

October 20, 2009 12:11 ET

Velocity Minerals Ltd. Measures 10.5 Meters of .648% Moly on Surface

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 20, 2009) - Velocity Minerals Ltd. (TSX:VLC) announces analytical results from recent surface sampling of the Cassiar Moly molybdenum property located in the Cassiar District of northern British Columbia. The property has historic surface and underground workings that were further explored during the 2009 field season. In particular a 3500 foot adit was de-iced and re-entered for sampling and mapping purposes. Further details of work at Cassiar Moly and the Mt. Haskin properties will be released when all remaining analytical data have been received.

An area on surface of high grade molybdenum mineralization that had previously been explored by trenching, the "Main Zone", was re-sampled under the supervision of Mr. Gerry Diakow, President of Velocity Minerals Ltd. One point five (1.5) metre continuous chip samples were taken from two parallel lines that were oriented north-south and spaced 2.5 metres apart.

Samples numbered 850485 to 850489, from the easternmost line, average 0.395% Mo over 7.5 metres.

Samples numbered 850490 to 850496, from the westernmost line, average 0.648% Mo over 10.5 metres.

Company prospectors located and sampled previously recorded mineral zones as follows:

Sample number 850497, from a site 300 metres west of the Main Zone, returned 0.714% Mo over 1.5 metres.

Samples numbered 850498 to 850500, from a site 1.2 km southeast of the Main Zone, returned respectively 0.290% Mo, 0.965% Mo and 0.168% Mo.

Sample number 732763, from a site 700 metres east of the Main Zone, returned 2.238% Mo over 1.5 metres.

Mr. Gerry Diakow, President of Velocity, stated, "We are very pleased with our findings on the surface of Cassiar Moly and can now visualize an exploration model of what appears to be a sheer zone that is populated with this high-grade molybdenum mineralization. We believe that we have relocated the surface showings that are related to the mineralization present in the adit 700 feet below the surface outcroppings. We are also extremely pleased to have found Sample number 732763 which is a new discovery for us and quite removed from the Main Zone. Our revised exploration model suggests that the mineralization on the Cassiar Moly property is more extensive than we originally believed."

Analyses were determined by Acme Analytical Laboratories Ltd. of Vancouver, B. C., an ISO 9001 certified assay and analytical service that observed appropriate quality control and quality assurance protocols by inserting standards, blank samples and replicate analyses.

In the next few weeks, the Company expects to be able to release assay results of samples recently taken from the adit on the Cassiar Moly property.

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 molybdenum mineral properties. Velocity presently owns the mineral rights to two molybdenum projects in northern British Columbia (Mt. Haskin and Cassiar Moly) and is actively pursuing other properties in North America and internationally.

Kenneth R. Holmes, Chairman

The TSX has neither approved nor disapproved of the information contained herein.

Contact Information

  • Velocity Minerals Ltd.
    Jeremy Yaseniuk
    Investor Relations
    (604) 689-7411 or Toll Free: (866) 920-0567
    info@velocityminerals.com