VANCOUVER, BC, July 25, 2016 – GMV Minerals Inc. (the “Company” or “GMV”) (TSX-V:GMV) is pleased to announce that, as a result of its recently completed trench program, it has significantly extended an area of surface mineralization which now adjoins to the south of the Mexican Hat’s known gold mineralization. The Company announces the results of its 262.7 m mechanized trenching program completed in two trenches on its wholly-owned Mexican Hat gold project in Cochise County, southeastern Arizona, USA.
Two linear trenches were excavated across the projected trend of a zone of mineralization that forms part of the 531,400 ounce gold resource (see NI 43-101 report, amended February 29, 2016, www.sedar.com), between the established resource and other previously known drill holes completed by Sante Fe Mining (previous operator on an adjacent property). These properties have been consolidated and are now owned 100% by GMV Minerals.
The northern-most trench, Trench B is located along the projected trend of the 550 m long H2 Mineralized Zone, 280 m southeast of the eastern-most mineralization. Altered and mineralized latite tuff was encountered with assays as shown on the table below.
The southern-most trench, Trench A is located along the projected trend of the 550 m long H2 Mineralized Zone, 370 m southeast of the eastern-most mineralization. The western-most end of the trench encountered >3m of overburden and bedrock was not reached. The western-most end of the trench terminated close to the collars of some Santa Fe drill holes that had intersected significant gold mineralization. Altered and mineralized latite tuff was encountered with assays as shown on the table below.
|Trench||From (m)||To (m)||Length (m)||Gold grade (gpt)|
Ian Klassen, GMV’s President remarked “These trench results are very good news as they clearly demonstrate a material extension of the mineralized trend for a total distance of greater than 550 m into an area with significant historic drill hole results. This provides for an excellent opportunity to potentially extend gold resources.”
The Company confirms that these grades and widths are in line with the previous results that were used to develop the established resource. As such, it will conduct a drill program to test the area beneath the mineralized trenches and within Santa Fe’s previous drill target areas. In addition, a magnetic anomaly that is coincident with this mineralization extends to the limits of the geophysical survey, an additional 1.2 km to the southeast.
A total of 48 continuous chip samples were collected during this phase of exploration. In addition, 5 blanks and standards were inserted into the sample stream in the field, the laboratory inserted 15 blanks and standards confirmed accuracy in reporting. Duplicate samples from the field and duplicates inserted in the laboratory as well as repeat analyses in the laboratory confirmed precision in reporting.
Dr. D.R. Webb, B.A.Sc., M.Sc., Ph.D., P.Geo. is the Q.P. for this release within the meaning of NI 43-101 and has reviewed the technical content of this release and has approved its content.
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
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For further information please contact:
GMV Minerals Inc.
Tel: (604) 899-0106
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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. The Company disclaims any intention or obligation to revise or update such statements except as may be required by law.