VANCOUVER, BC, November 22, 2017 - GMV Minerals Inc. (the “Company” or “GMV”) (TSX-V: GMV) is pleased to announce that the Winter 2016 and the Summer 2017 step out drill programs conducted on the Mexican Hat gold property have concluded with 23 of 28 drill holes encountering gold mineralization above the previously established 0.2 gpt cut-off that had been used for inclusion into a Mineral Resource.
This year’s exploration has discovered new zones to the north and to the east of the previous reported NI 43-101 Mineral Resource, adding 18.6 Hectares to the surface extent of the mineralization. Please see the attached link: https://www.gmvminerals.com/site/assets/files/1393/2017-gmv-mexican-hat-mineralization-expansion.jpg
Tetra Tech Inc. Completes Audit of 2015 Resource Estimate & Is Engaged to Co-Author New Resource
At the recommendation of Dr. D.R. Webb, Ph.D., P.Geo., P.Eng., the Company’s Acting Project Manager, GMV has engaged Tetra Tech Inc. to co-author GMV’s new resource estimate calculation and updated NI 43-101. Tetra Tech provides a full range of mining services to the natural resource extraction industry, with 16,000 employees and a global presence. GMV is confident that the investing community will recognize the Company’s commitment to the highest standards of engineering and science through this engagement.
The Company looks forward with positive anticipation as these drill intercepts and assays are incorporated into its upcoming revised NI 43-101 resource. In keeping with GMV’s management policy to double check data wherever financially prudent, earlier this year Dr. Webb (QP) engaged Tetra Tech to audit methods, procedures and findings in conjunction with GMV’s 2015 NI 43-101 filing on its Mexican Hat Resource. The audit has now been completed, the methodology was reaffirmed, and a number of minor recommendations to improve the resource outcomes were proposed.
Metallurgical testing since 2016 has shown materially better gold recoveries than had been used in the previous resource calculation. The introduction of the potential for run of mine (ROM) processing could mean a significant reduction in processing costs. “Mr. John Fox, P. Eng., the Company’s metallurgist previously reported in reference to testing completed in 2017, “these results together with more comprehensive bottle roll testing have confirmed that no significant differences or issues exist from all known mineralized rock-types from the property. This demonstrates substantial potential for a low-cost ROM or ROM plus screening and single stage crush operation for the property. The results are materially better than average results for ROM testing, when compared to currently operating open pit heap leach operations in the world, thus confirming that this low-cost recovery method presents a viable option for the gold recovery of the deposit’s lower-grade material.”
Ian Klassen, GMV’s President commented, “Even with an exceptionally aggressive drill step-out pattern the Mexican Hat deposit remains open to the North, South and East, as well as to depth. Management believes that the previously calculated strip ratio of 1.5 to 1, used to establish cut-off grades for resource purposes could be improved with the inclusion of work completed over the past year. The next few months will provide the data and guidance for the 2018 exploration plan. 2017 has been a very productive year for the Mexican Hat Resource. We certainly look forward to the updated NI 43-101”.
Shortly, the Company expects to receive results on three holes completed on a new gold zone, first identified by Placer Dome (USA), located 2 km north of the Mexican Hat Mineral Resource. Once received, the Company will announce the results.
Dr. D.R. Webb, Ph.D., P.Geo., P.Eng. 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 (Webb, D.R., 2015, on SEDAR). 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
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.