Retransmission: Velocity Minerals Ltd.-Further Mt. Haskin Drill Results (Molybdenum)
Market Wire, November, 2008
Velocity Minerals Ltd. (TSX: VLC) is pleased to announce further assay results for the 2008 diamond drilling program on its Mt. Haskin property near Cassiar in Northern British Columbia. Thirteen drill holes with total length 11,244 feet were designed to confirm and possibly expand the historically reported non-NI 43-101 compliant molybdenum resource of 13.5 million tons grading 0.157% MoS2 (0.094% Mo). To view a map showing the locations of the historical drilling by Della Mines and the locations of the Company's 2008 drill holes please click on the following link: http://media3.marketwire.com/docs/vlcmap.pdf
Two of the holes, VEL-02-08 and VEL-03-08, previously announced (October 6, 2008) had intersections that carried molybdenum at levels greater than 2000 parts per million. Those samples have been re-assayed by Acme Analytical Laboratories Ltd. and the results for those holes have been updated as follows:
Drill Hole VEL-02-08, a vertical hole with a total depth 605 feet, has a near surface interval from 22 - 150 feet (128 feet) grading 0.132% Mo.
Drill Hole VEL-03-08, a vertical hole with total depth 595 feet, has a near surface interval from 15 - 125 feet (110 feet) grading 0.157% Mo, which includes an interval from 70 - 105 feet (35 feet) grading 0.20% Mo. The hole also has a deeper interval from 223 - 311 feet (88 feet) grading 0.154% Mo, which includes a interval from 223 - 255 feet (32 feet) grading 0.26% Mo.
The Company has also received assay results for holes VEL-04-08, VEL-06-08, VEL-07-08, VEL-08-08, VEL-09-08, VEL-10-08, the significant portions of which are as follows:
Drill Hole VEL-04-08, a vertical hole with total depth 1095 feet, has the following intervals:
----------------------------------------------- From (feet) To (feet) Width Percentage Mo. ----------------------------------------------- 9 275 266 .048 ----------------------------------------------- 440 820 380 .09 ----------------------------------------------- Including 480 495 15 .12 ----------------------------------------------- 520 630 110 .177 ----------------------------------------------- 520 545 25 .20 ----------------------------------------------- 550 595 45 .189 ----------------------------------------------- 600 630 30 .179 -----------------------------------------------
Drill Hole VEL-06-08, an inclined hole (-70 degrees) with total depth 867 feet, has the following intervals:
----------------------------------------------- From (feet) To (feet) Width Percentage Mo. ----------------------------------------------- 67 77 10 .10 ----------------------------------------------- 327 332 5 .08 ----------------------------------------------- 507 512 5 .10 ----------------------------------------------- 612 631 19 .11 -----------------------------------------------
Drill Hole VEL-07-08, an inclined hole (-45 degrees) with total depth 726 feet, has an interval from surface to 356 feet grading 0.06% Mo, which includes the following intervals:
----------------------------------------------- From (feet) To (feet) Width Percentage Mo. ----------------------------------------------- 9 21 12 .17 ----------------------------------------------- 36 71 35 .09 ----------------------------------------------- 106 116 10 .10 ----------------------------------------------- 301 346 45 .18 -----------------------------------------------
Drill Hole VEL-08-08, an inclined hole (-45 degrees) with total depth 586 feet, has a near surface interval from 26 to 376 feet (350 feet) grading 0.09% Mo, which includes the following intervals:
----------------------------------------------- Including From (feet) To (feet) Width Percentage Mo. ----------------------------------------------- 241 261 20 .51 ----------------------------------------------- 241 281 40 .333 ----------------------------------------------- 241 356 115 .21 ----------------------------------------------- 416 421 5 .78 -----------------------------------------------
The hole also has a deeper interval from 416-421 (5 feet) grading 0.78% Mo.
Drill Hole VEL-09-08, an inclined hole (-45 degrees) with total depth 1016 feet, has an interval from 366 - 561 feet (195 feet) grading 0.095% Mo, which includes the following intervals:
----------------------------------------------- Including From (feet) To (feet) Width Percentage Mo. ----------------------------------------------- 376 391 15 .31 ----------------------------------------------- 431 441 10 .11 ----------------------------------------------- 451 466 15 .12 ----------------------------------------------- 471 481 10 .25 ----------------------------------------------- 496 511 15 .12 ----------------------------------------------- 516 531 15 .09 ----------------------------------------------- 546 561 15 .10 -----------------------------------------------
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