Velocity Minerals Ltd. provides an update on its ongoing exploration program at the Zlatusha exploration license ("Zlatusha" or the "Property"), located in Bulgaria. Velocity holds the Property under an option agreement, pursuant to which Velocity has an exclusive option to acquire up to a 75% interest in the Property. Zlatusha is the Company's exploration focus and initial drilling is planned for H1 2024.

Velocity has confirmed the presence of several magmatic-hydrothermal centers with outcropping copper-gold mineralization hosted in rocks of favourable upper Cretaceous age and composition. Extensive geophysical and geochemical surveys have been completed as well as mapping and prospecting programs. Zlatusha Property is located within a Tier One porphyry copper-gold and epithermal belt, which transects Serbia and Bulgaria. The local geological setting at Zlatusha Property is similar to the Timok Magmatic complex, located 95 km to the northwest in Serbia (hosting the Bor, Majdanpek and Cukaru Peki copper-gold deposits) and the Panagyurishte Orefield, located 65 km to the east in Bulgaria (hosting operating mines such as Chelopech, Elatsite and Asarel).

Approximately 5km southwest of Zlatusha, the Milin Kamuk mine is under construction. No modern systematic exploration has been carried out at Zlatusha and the Company considers the Property to be prospective for the discovery of additional deposits.