• Iglika

    Drill targets with strong geochemistry and rock chip samples



Trucking distance to gold processing plant


Deposit type

Epithermal gold mineralization



Comprehensive surface exploration and diamond drilling

Iglika Option Terms

Velocity has entered into a binding letter agreement with Dundee Precious Metals Inc., whereby Velocity has granted to Dundee Precious Metals an exclusive option to acquire a 75% interest in and to the Iglika copper-gold prospecting license.

To exercise the Option in full and acquire a 75% interest in the Property, Dundee Precious Metals must (over a 5-year period):

  1. make a US$250,000 initial cash payment to Velocity;
  2. fund a total of 40,000 meters of drilling on the Property;
  3. fund and deliver a mineral resource estimate on a deposit located within the Property prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”);
  4. fund and deliver a prefeasibility study on a deposit located within the Property prepared in accordance with NI 43-101; and
  5. make a further US$1,500,000 cash payment to Velocity

If Dundee Precious Metals Inc. completes the Earn-In Requirements during the Option term, it shall acquire an indirect 75% legal interest in the Property, subject to an existing 2% net smelter returns royalty, and DPM and Velocity shall be deemed to have formed a joint venture for the continued exploration and development of the Property.  If a participant’s participating interest in the JV falls below 10%, that participant shall be required to transfer its participating interest to the other participant in exchange for the grant of an ongoing royalty to be paid at 2% of net smelter returns, half of which (being 1%) can be bought-out prior to a production decision for US$5,000,000.

Iglika Property

Dundee Precious Metals’ drill program at the Property has started. The planned drill program will consist of 24 drill holes for 10,000m, to test copper–gold porphyry, skarn and epithermal targets defined by geochemical and geophysical anomalies as well as detailed mapping, soil sampling and geophysical surveys to further refine drill targets.

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