The results confirm and expand on the work completed by past operators, revealing economically significant gold values distributed over an area 640 m long and 525 m wide in multiple zones transecting Tertiary volcanic rocks. Individual zones can be traced discontinuously for over 525 metres and attain true widths up to 42 m on surface.
Table 1. Selected results from 2014 composite chip sampling.
|Summary||Length (m)||Grade (gpt/Au)|
These surface trench results reveal that the gold enriched zones appear to correlate well in three dimensions. Drill results from previous operators show down-dip continuity of these zones to depths of 200 m or more (deepest drillholes). The zones are open along strike and to depth, and additional subparallel zones may exist.
A total of 495 samples were collected including 41 field blanks and 20 field duplicate samples. In addition, 68 standards were inserted into the sample stream. All samples were analyzed for 37 elements on 30 gm samples digested in aqua regia and analyzed using ICP mass spectrometer techniques (Acme Analytical Laboratories Ltd., AQ 252) and all samples returning gold values >0.1 gpt were re-analyzed using 30 gm fire assay with atomic adsorption techniques (Acme Analytical Laboratories Ltd., FA431). Initial examination of the data shows the analytical results to be acceptable for the level of work completed.
Placer Dome reported an estimate of 5,234,000 tonnes grading 0.926 grams per tonne using a 0.345 gpt (0.01 ounce per ton) cut-off (M. Gray, 1990). This resource is a Historic Resource under NI 43-101 and is referenced here for completeness. Placer Dome’s estimate was based upon indicator kriging of 18,934 meters of drilling in 120 RC holes and 17 diamond drill holes. This historic estimate is not reported in current classifications as Measured, Indicated or Inferred Resources, however, reserves (not equivalent to NI 43-101 Proven, Probable, and Possible Reserves) were estimated from this data using a 45 degree pit, a 0.345 gpt cut-off and a 90% recovery resulting in a 183 meter deep pit and a 5:1 strip ratio, to yield 3,720,000 tonnes grading 0.960 grams per tonne containing 103,320 ounces of gold. No top-cut was reported. Roughly 50% more mineralization was believed to fall within this conceptual pit in sparsely drilled areas between mineralized domains (Gray, 1990). Subsequent work by others supports this assertion, however no additional resource work has been completed.
Ian Klassen, President states “Our Phase 1 program was designed to test and confirm, to a high level of certainty, the grades and widths of gold mineralization previously identified on the Mexican Hat Property, complete property scale reconnaissance mapping, and detailed mapping of the individual zones. In the end, we have succeeded in doubling the strike extent and increasing the width of the zone by 70% over what had been reported by Placer Dome in 1990. As we investigate the possibilities of a near surface, heap leach operation, we will now follow up with a program to assess the grade and tonnage of the mineralization using 3D modeling techniques, the metallurgy and geotechnical properties of the rocks, and other engineering parameters which will commence upon receipt of the final report of this phase of work”.
The resources and reserves reported above are historical estimates, reported for completeness and are not NI 43-101 compliant mineral resources or reserves estimates. They have been calculated in industry standard form current as of the time reported (1990) and there are no concerns as to the sampling, assaying or resource methodology. GMV is not treating the historical estimate as current mineral resources or mineral reserves. No blanks were reported, but duplicate and repeat samples (10%) are acceptable for this level of work. Further work is needed to confirm the grade, distribution and metallurgy of the mineralization to determine and define a NI 43-101 compliant mineral resources estimate. The Historic Estimates reported here are not to be considered NI 43-101 Resources or Reserves.
Dr. D.R. Webb, B.A.Sc. (Engineering), M.Sc. Ph.D., P.Geo. is a qualified person within the meaning of NI 43-101. Dr. Webb has reviewed and is responsible for the technical details of this release.
About GMV Minerals Inc.
GMV Minerals Inc. is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100% owned subsidiary, has a 100% interest in a Mining Property Lease commonly referred to as the Mexican Hat project, located in Cochise County, Arizona, USA. The Mexican Hat property contains an historic gold resource, which was initially explored by Placer Dome (USA) in the late 1980’s to early 1990’s. GMV is focused on developing the asset by confirming the presence of the historic resources and realizing the full mineral potential of the property through near term gold production.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release or has in any way passed upon the merits of the transaction and has neither approved nor disproved the contents of this press release.
For further information please contact:
GMV Minerals Inc.
Tel: (604) 899-0106