VANCOUVER, BC, October 26, 2017 – GMV Minerals Inc. (the “Company” or “GMV”) (TSX-V: GMV) is pleased to announce that it has received assay results from the six drill holes testing the eastern limits of the known extent of the Mexican Hat gold deposit yesterday. All drill holes intersected significant gold mineralization including 2.07 gpt gold over 18.3 m and 0.73 gpt gold over 18.3 m in MHRC 17-6. Drill hole MHRC 17-3 terminated in mineralization with the last 21.3 m of the hole returning 0.39 gpt gold.
All drill holes reported here encountered multiple intercepts of hematized and/or limonitized volcanic rocks that are typically associated with gold mineralization. Samples were collected throughout the extent of the drilling and submitted to Bureau Veritas labs together with certified standards and blanks. The current NI #43-101 resource was calculated with a 0.2 gpt gold cut-off, so all assays that exceed the cut off are considered material and further support an open pit heap leach extraction model.
|Drill hole||From (m)||To (m)||Length (m)||Gold (gpt)|
* correlates to H2 Zone.
The eastern margin of the mineralization at the Mexican Hat deposit was not well defined by previous drilling, with many of the drillholes completed in a less than optimal orientation to define either the 060o or 120 o trending zones. The Company’s latest drill holes, together with those it completed in 2016 will allow for better modeling of the mineralization in this area which should allow for one or more 060 o trending zones to be added to the seven already identified. Additional zones appear to exist to the northwest of the established resource as identified from the 2017 core drilling.
Mr. Ian Klassen, President of GMV remarked, “We continue to intersect gold-bearing hematite-altered volcanic rocks characteristic of the known mineralization southeast of the established mineral resource at the Mexican Hat deposit. All drilling here was to the southeast testing for further northwest-dipping 060 degree mineralized zones as shown on the linked map: https://www.gmvminerals.com/projects/maps-sections/ . Later this year, we look forward to updating our resource calculation at the Mexican Hat considering the deeper intersections encountered, the significant nature of the step-out drilling grades and the overall enhanced understanding of the deposit”.
The Company will report on three holes testing the 1200 degree striking H2 Zone south of its current limits and an additional three drill holes completed on a new gold zone, first identified by Placer Dome (USA), located 2 km north of the Mexican Hat Mineral Resource.
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.