Velocity Minerals Ltd. Announces Commencement of Work Program on Cassiar Moly
VANCOUVER, BRITISH COLUMBIA–(Marketwire – Sept. 16, 2008) – Velocity Minerals Ltd. (TSX:VLC) is pleased to announce that it has commenced a work program on its Cassiar Moly property 22 kilometers southwest of its Mt Haskin property near Cassiar in northern British Columbia.
As described in the Velocity Minerals news release of May 7, 2008, strong molybdenite mineralization with quartz and minor chalcopyrite occurs on the property as fracture fillings and replacement disseminations along with quartz and potash feldspathization. Approximately 3500 feet (1067 m) of underground workings 700 feet (210 m) below surface outcrops were previously directed to the molybdenite zones. As mentioned in the earlier release, there have prior reported surface occurrences from 0.20% Mo across 12 feet to 3.6% across 5 feet and the adit has reported high grade zones that run up to 4.17% MoS2 over a meter and a combined average grade across 3 meters of 1.64% MoS2. The quoted assays have not been verified in the field by a NI 43-101 Qualified Person and should be viewed with caution.
The work program will initially consist of surface sampling to relocate the high grade mineralization, rehabilitation of the adit to permit relocation of the underground high grade zones and computer modelling of the results. This initial phase will, depending on the results, be followed by a drill program to begin delineating the mineralization.
The known geology of this is particular property suggests that it has the potential to host both a lower grade high tonnage porphyry molybdenum deposit similar to Adanac Molybdenum Corporation’s Ruby Creek deposit and a high grade deposit similar to Roca Mines Inc. Max Molybdenum deposit.
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.
VELOCITY MINERALS LTD.
Kenneth Holmes, Chairman
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