During the last quarter of 2014, under the supervision of Dr. David Webb, Ph.D, two trench locations were selected for their historically representative average mineralization (0.5gpt/Au to 1.5 gpt/Au material). Both trenches were located in fractured and altered latite. A total of 2,492 kg of mineralized rock was collected and bagged on site and shipped directly to McClelland Laboratories, a leading metallurgical testing facility in Sparks, Nevada.
All tests conducted on GMV’s bulk samples were supervised by Mr. John Fox, P.Eng who remarked “These are good recoveries for gold at very easily attained crush sizes. The high gold recoveries for the 20% of material greater than 1.5” (38 mm) plus in sample T3 (94.6% gold recovery) suggests that Run of Mine leaches might provide reasonable recoveries.”
“Roger Newell, Ph.D., former Chief Geologist at Newmont Mining Corp., and current member of GMV’s Advisory Board, stated “I have had the opportunity to review numerous gold recovery/column leach results in the western US and in Mexico, and these test results, which are from a leading laboratory, suggest that leach times and gold recoveries are directly in line with some of the better projects that I am familiar with. These initial results confirm that further gold recovery studies are certainly justified.”
Test results from two large samples of mineralized rock crushed to 80% finer than 1.5” (38mm) minus yielded gold recoveries of 95.0% and 77.1% based upon a 90 day leach cycle. Reducing the test material to -3/4” (19 mm) minus yielded gold recovery at 96.6% and 91.6% respectively. The mineralized rock was received at the lab where bulk densities and weights were measured. Each trench sample was treated separately. Head assays were measured by fire assay (in triplicate) and by cyanide soluble analysis. Multi-element ICP scans were taken.
Two bottle roll tests were conducted on each trench sample, one at 80% minus 10 mesh (-1.7 mm) and one at 80% minus 200 mesh (-0.074 mm). Samples were crushed to 80% -1.5” (38 mm) minus and head assays were collected on 10 screened fraction from each trench. Approximately 260 kg from each trench were loaded into columns for 90 days of leach testing and leach solution samples were collected daily after the initial start-up. This was followed by nine days of rinsing and one day for draining. The columns were emptied, the samples were dried and 10 screened fractions were assayed from each column and the loaded carbon was also assayed.
Gold recoveries from Trench 3 (head grade 1.53 gpt gold) were 95.0% after 90 days under leach. Trench 12 (head grade 1.33 gpt gold) had gold recoveries of 77.1% at a 38mm crush. Screened analysis show excellent gold recoveries across all size ranges for sample Trench 3 whereas Trench 12 shows sensitivity in recoveries to particle size with lower gold recoveries in the coarser size fraction (>19 mm) and recoveries of gold for the finer size fraction <25 mm of 83.3% and for material <19 mm (3/4”) recoveries are 91.6%. Silver content on both samples were very low at 1.4 and 2.0 gpt respectively and silver recoveries were negligible.
A summary of the metallurgical test results and leach rate profiles is contained in table format within the release.
Ian Klassen, GMV’s CEO stated “We are very encouraged with these results that provide continuing support for the potential outcome of a low cost heap leach operation at the Mexican Hat gold deposit. GMV intends to develop the Mexican Hat in an expeditious manner collecting additional information to allow for both expansion of the existing resource as well as assembling engineering data for input to the development of our Mining Plan.”
Table 1. Summary of Metallurgical Test Results, September, 2015
|Extracted||Tail Screen||Calc’d. Head||Assay Head|
Leach rates were very quick for T3 and T12 showed a positive leach slope and elevated solution grades at 90 days indicating gold was still leaching and that longer leach times would improve overall recoveries.
John Fox, P. Eng., Metallurgical Consultant for the Company and Dr. D.R. Webb, B.A.Sc., M.Sc., Ph.D., P.Geo are Qualified Persons as defined by National Instrument 43-101. They have reviewed and approved the contents of this press release. Mr. Fox and Dr. Webb verified the data by reviewing all available data and the work completed by McClelland Laboratories. No limitations were imposed on their review process. McClelland Laboratories is independent of GMV Minerals Inc.
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 inferred mineral resource of 23,452,000 tonnes grading 0.70 grams of gold per tonne hosting 531,400 troy ounces of gold. The project was initially explored by Placer Dome (USA) in the late 1980’s to early 1990’s. GMV is focused on developing the asset 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.
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GMV Minerals Inc.
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