Velocity Minerals Ltd. provided exploration update. Pursuant to a letter agreement dated June 8, 2023 (the Option Agreement), Velocity has received notice from Dundee Precious Metals (DPM) that DPM intends to terminate the Iglika property (Iglika) Option Agreement effective July 30, 2024. During the term of the Option Agreement to date, DPM has spent approximately $3.5 million on surface exploration, drilling and associated costs, completing a total of 10,428m of diamond drilling, with drillholes averaging 613m in depth.

Following completion of DPM's drill program, the best drill intersection is 71m at 0.15% copper, including 4.7m at 0.26% copper, 6.0m at 0.37% copper, and 24.5m at 0.21% copper. Recently, drilling at the project intersected 24.5m at 0.21% copper, 7.0m at 0.23% copper, and 3.3m at 1.61 g/t gold. Best results are from the Chai Dere propylitic alteration zone (Chai Dere), where mineralization has been intersected in a total of 3 drill holes, along approximately 750m of strike length.

Drill spacing leaves ample space for discovery of additional copper mineralized zones. A total of 15 follow-up drill holes have been planned and are currently being permitted. The Iglika prospecting license is currently awaiting approval of an application for a two-year extension and once drill permitting is also completed, drilling of targets can begin.

The Company is seeking to secure a new drill partner to complete target testing at Chai Dere and throughout the Iglika property.