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Vela Minerals Ltd
Symbol VLA
Shares Issued 10,574,711
Close 2015-06-01 C$ 0.025
Market Cap C$ 264,368
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Vela samples up to 5.03% Cu, 2,520 ppb Au at Mavis Bank

2015-07-07 15:18 ET - News Release

Mr. Derrick Strickland reports

VELA MINERALS COMPLETES WORK PROGRAM ON THE MAVIS BANK AND PORT ANTONIO PROPERTIES, JAMAICA, WEST INDIES

Vela Minerals Ltd.'s crews have completed groundwork on the Mavis Bank and Port Antonio special exclusive prospecting licences located in Jamaica, West Indies.

Port Antonio concession -- Coopers Hill area

Geochemical analysis of seven rock chip samples taken over a 900-by-1,300-metre area averaged 2.35 per cent copper and 239 parts per billion gold. The highest copper values are associated with chalcocite veins and fracture filling.

Elevated precious metal values that occur in two rock chip samples from the area west of Trowell Gate breccia/agglomerate indicate a new prospective area for copper-silver-gold-bearing mineralization.

                         ROCK SAMPLE RESULTS IN 2015

Sample ID    Au (ppb)    Ag (ppm)     Cu (ppm)     Cu (%)     Zn (ppm)      Zn (%)

938921            28        6.77       23,000        2.3           93
938922   Less than 5        7.66       21,300       2.13         94.1
938923           730        16.8       26,100       2.61         90.1
938924           185        40.1       48,300       4.83         65.4
938925           221          24       23,000        2.3      116,000        11.6
938926            50        2.78        7,390       0.74       11,000         1.1
938927           465        57.5       15,100       1.51        1,610

Previous work in the Coopers Hill area has outlined numerous precious and base metal-bearing mineral exploration targets. The chalcocite-bornite-bearing Trowell Gate intrusion is interpreted as a vertically emplaced high-level intrusive breccia pipe that has potential for a buried intrusive related copper (silver-gold)-bearing hydrothermal system at depth.

Bellevue area

A total of 26 geology stations within the 1.5-by-1.5-kilometre area of the leached lithocap was mapped and sampled in order to identify lithology, minerals, alteration and textures.

The Bellevue area is underlain by andesitic-dacitic volcanic rocks (porphyritic and fine-grained tuffs/flows) which are cut by occasional two- to five-metre-wide Cretaceous granodiorite-diorite intrusive dikes/sills. The Bellevue lithocap is characterized by widespread argillic alteration and strong bleaching of country rock accompanied by 2 to 8 per cent limonite (goethite and jarosite), hematite, chlorite, sericite, zeolite, and kaolinite as disseminations and fracture fillings.

Extensive bleaching and argillic alteration (illite and sericite), co-extensive with the zone of strong, hematitic and goethitic limonite staining in the three- to 30-metre-thick leached cap, correlate with induced polarization and magnetometer survey positive anomalies, suggesting that the area has potential for porphyry deposit types. The higher-grade gold-bearing quartz veins that outcrop in the Swinging Gate Spring area indicate potential for quartz-sulphide vein (and breccia stockwork) epithermal deposit type mineralization.

Based on geological models, the Coopers Hill area has potential for stockwork/disseminated-type mineralization located at approximately several hundred to over 1,000 metres in depth, and shares the same age of mineralization as Oz Minerals' Bellas Gate deposit located 45 kilometres west, and Barrick Gold's Pueblo Viejo deposit located in the Dominican Republic. The Coopers Hill area also compares favourably with Copper Creek (Bunker Hill district, Arizona), which is marked by surface exposures of hydrothermal breccia bodies.

Mavis Bank concession -- BBQ River-Lime Tree areas

Recent exploration work has outlined a large, highly anomalous copper-gold-bearing system. The areas of anomalous geochemical response are indicative of buried undiscovered mineralization.

 
                             BBQ RIVER-LIME TREE ROCK SAMPLES

Sample ID    Au (ppb)  Ag (ppm)   Cu (ppm)   Cu (%)   Pb (ppm)   Zn (ppm)   Zn (%)   As (ppm)

938931            10      0.63      7,470                 5.9        210                13.3
938932   Less than 5      0.87     16,000      1.6       26.6        328                 513
938933   Less than 5      1.52     20,200     2.02       45.2      2,420                 490
938934             6      3.84      8,430                38.5       37.1                 936
938935   Less than 5      3.61      9,210                19.3      1,530               1,540
938936   Less than 5      1.87      6,720                28.4      2,270                 838
938937   Less than 5         2      7,870                20.8      1,510                 529
938938            14      21.7     29,000      2.9       54.1      1,210               3,010
938939            94       418     40,700     4.07        2.2        105                74.2
938940            10      2.81     18,700     1.87       50.2     12,400     1.24      2,430
938941            15      3.15     12,600     1.26       36.8        683                 657
938942           100      10.5     50,291     5.03         87      1,350               3,140
938943   Less than 5      1.63      5,790                53.2        388                 809
938944             6      2.47     11,300     1.13       23.6        311               1,940
938945           158      1.81      8,080                 1.7       48.7                  63
938946         2,520      3.85     12,400     1.24        5.7       22.5                30.1
938947           107      0.48      7,680                 5.6       65.8                20.7
938948           354      0.24     10,700     1.07        1.9       47.1                13.7
938949            47       1.4     23,400     2.34       14.8        186                 449

Based on an approximately 1,650-by-600-metre area and a thickness of 30 to 50 metres, the theoretical dimensions of the supergene zone are approximately eight million tonnes. The area near Phillips Gully hosts the widest and thickest section of the Wagwater formation in the BBQ River valley, and is postulated as a thickening basinal environment of deposition in which cross-faulted and late-stage hydrothermal fluids have the greatest potential for economic mineralization. The hydrothermal system at Barbecue River is interpreted as low-temperature geothermal and low-sulphidation environments (250 to 400 degrees C).

Metal zonation and different environments of deposition of gold-bearing hydrothermal solutions explain why rock chip samples taken at Lime Tree contain elevated gold values (average for five samples is 637.2 parts per billion gold). The interpretation of elevated gold at Lime Tree is sediment-hosted gold being derived from magmatic hydrothermal fluids and deposited on the peripheries of the base of the thickening Wagwater formation, and may occur up to several kilometres from progenitor intrusions.

The Barbecue River sediment-hosted, copper-oxide area represents an economically attractive exploration target of significant size and grade.

Samples were shipped directly from Kingston, Jamaica, to AGAT Laboratories in Mississauga, Ont., for 32-element ICP and gold geochemical analysis.

Technical information in this news release has been reviewed by Derrick Strickland, PGeo, a qualified person as defined in National Instrument 43-101.

We seek Safe Harbor.

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