VANCOUVER, BC, March 2, 2015 - GMV Minerals Inc. (the “Company” or “GMV”) (TSX-V:GMV) is pleased to announce that it has received the results of its National Instrument 43-101 (NI# 43-101) compliant, independent Mineral Resource estimate completed by D.R. Webb, B.A. Sc., M.Sc., Ph.D., P.Geol. & B.T. Malahoff, B.Sc., P.Geo. (the “Authors”) on the Company’s wholly-owned Mexican Hat Gold project (the Mexican Hat Property”) located approximately 120 km (75 miles) southeast of Tucson in Cochise County, Arizona (the “Report”). The Report is entitled “Technical Report on a Geological Assessment of the Mexican Hat Property, Cochise County, Arizona, USA.” The effective date of the report is February 20, 2015.
Highlights of the NI #43-101 include:
- Inferred resource of 531,400 ounces of gold
- Mineralization is open in all directions and at depth
- The resource assumes an open pit scenario suited to a heap leach extraction process
- Preliminary metallurgical studies demonstrate recoveries ranging from 88.4% and 96%
Sum of all blocks (composites cut to 20 gpt Au) for eight solids plus blocks outside of solids, Mexican Hat Property. All blocks are considered Inferred Mineral Resource.
|Cut-off (gpt Au)||Tonnes||Grams||Grade||Ounces Au|
The Mexican Hat Property hosts mineralization that is open in all directions. The resource calculation is from the surface to a depth of 200m (approx. 660ft) which represents the extent of drilling to date. In addition, geology supports the continuation of mineralization below the 200 metres assayed so far.
Host rock types include Tertiary trachy-basalts, trachy-andesite, latites, and in places, rhyolite. Mineralization is fracture controlled in generally steeply-dipping oxidized structures up to 100 m wide and up to 560 m long (open) associated with carbonate, hematite, +/- limonite, epidote, chlorite, sericite and k-spar. Silicification is present but generally weak.
Preliminary metallurgical testing (Bottle roll testing) completed at Bureau Veritas in Richmond, B.C. under the supervision of Laurion Consulting Ltd confirms recoveries between 88.4% and 96% for 1.66 mm and 0.11 mm trench samples leached at similar conditions at 50% solids, for 72 hours at 0.25 g/l NaCN and pH of 10.0 to 10.5. The results from a 2.5 tonne sample collected for column testing is pending.
During the 1990’s drilling conducted by Santa Fe Pacific Mining on adjacent lands (the “Adjacent Lands”) resulted in significant economic gold mineralization encountered in eleven holes. The Adjacent Lands are 100% owned by GMV. The drill results for the Adjacent Lands have not been included into the current resource model as yet.
The Authors conducted a data compilation program that identified the development potential of the property, largely based upon the previously drilled 156 holes totaling 21,527.5 metres (m). This was followed by a program of mechanized trenching and property-scale mapping and sampling, drill core re-sampling and bulk sampling to confirm the nature and grade of mineralization.
Further exploration is potentially beneficial, however the Authors recommend a focus on development, initiating engineering and permitting studies in parallel with condemnation drilling to establish locations for waste dumps and leach pads.
Ian Klassen, President and Chief Executive Officer remarked, “We are very pleased with this technical report as it exceeds our expectations and we are now focusing our attention on preparing a Mine Plan for submission to the State regulators in Q2 of 2015. GMV shareholders can look forward to a promising year in 2015 as we continue to advance the development of this excellent project.”
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.
A copy of the full Technical Report will be available on the Company’s website at www.gmvminerals.com and on SEDAR within 45 days.
Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Mineral Resource estimates do not account for mineability, selectivity, mining loss and dilution. These Mineral Resource estimates are Inferred Mineral Resources that are normally considered too speculative geologically to have economic considerations applied to them that would enable them to be categorized as Mineral Reserves. There is also no certainty that these Inferred Mineral Resources will be converted to Measured or Indicated Mineral Resources through further drilling, or into Mineral Reserves, once economic considerations are applied. Even if Mineral Resources are established, they may not be economically viable. This is due to geological, mining engineering, metallurgical engineering, environmental, socio-economic, taxation, political, infrastructure, legal, and other issues that may impact the conceptual target. Establishing mineral reserves, economic viability and feasibility involve comprehensive exploration, geological analysis and interpretation and engineering, amongst other things, which has not yet been done by the Company.
The Mineral Resource estimates referenced in this press release use the term “Inferred Mineral Resources”. While these terms are defined in and required by Canadian regulations (under NI 43-101), these terms are not recognized by the U.S. Securities and Exchange Commission (“SEC”). “Inferred Mineral Resources” have a great amount of uncertainty as to their existence, and great uncertainty as to their economic and legal feasibility. The SEC normally only permits issuers to report mineralization that does not constitute SEC Industry Guide 7 compliant “reserves” as in-place tonnage and grade without reference to unit measures. Under Guide 7, mineralization is not permitted to be classified as “proven” or “probable” reserves until a “final” or “bankable” feasibility study has been conducted and all necessary permits, including environmental permits, are in hand (or their issuance is imminent). U.S. investors are cautioned not to assume that any part or all of mineral deposits in these categories will ever be converted into reserves. GMV Minerals Inc. is not an SEC registered company.
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.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
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.
For further information please contact:
GMV Minerals Inc.
Tel: (604) 899-0106
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES -
This news release may contain forward-looking statements based on assumptions and judgments of management of the Company regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. Forward-looking statements in this news release include statements regarding the Inferred Mineral Reserve, preparation of a Mine Plan and further development of the Mexican Hat Property. The Company disclaims any intention or obligation to revise or update such statements except as may be required by law.