VANCOUVER, BC, February 1, 2017 – GMV Minerals Inc. (the “Company” or “GMV”) (TSX-V: GMV) is pleased to report results from 8 of 15 holes in its reverse circulation drill program designed to extend the known mineralization on its Mexican Hat gold property in S.E. Arizona. All holes are outside of the existing resource.
The Company is pleased to announce that it has extended the known area of its mineralization by another 420 meters. 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.
The H2 Zone (targeted with seven holes) was encountered at shallower levels than expected in all holes, and intersections include; 6m of 0.40 gpt gold, 6m of 0.25 gpt gold, 9m of 0.89 gpt gold, and 6 m of 0.30 gpt gold, extending the H2 Zone 420 m to the southeast. An additional zone was encountered in GMV 2016-1, 3m of 0.59 gpt gold, and in GMV 2016-2, 3m of 0.29 gpt gold. The 060o striking AN, A, B, C, and D zones were not encountered in one hole (GMV 2016-13), but were intersected in a second hole. The results from seven additional holes are pending. GMV 2016-14 encountered multiple mineralized intercepts including 3 m of 1.06 gpt gold, 3 m of 1.55 gpt gold, and a broad zone of 39.7 m of 0.38 gpt gold including 9m of 0.97 gpt gold and 21.3m of 0.56 gpt gold (includes 6m of 1.07 gpt gold). The five 060o zones are extended up to 110 m by the drilling completed to date with the deepest intercepts being 160m below surface.
All holes intersected multiple hematite-bearing zones, typically associated with mineralization. Significant intersections occurred in all holes except GMV 2016-3, and 13 and include:
|RC Hole||From (m)||To (m)||Interval (m)||Gold (gpt)|
Ian Klassen, GMV’s CEO remarked, “We are pleased to extend the H2 Zone and encounter additional mineralization to the southeast, beyond the previous limits of our resource. GMV 2016-14 encountered multiple intercepts as expected, adding strike length to the established large resource blocks and providing a deeper cut on the VF zone. The balance of the holes includes deeper targeting on the larger 060o zones as well as another step out to the northeast of GMV 2016-14. We look forward to receiving those assays shortly”.
The Company also wishes to confirm that diamond drilling will commence this week at the Hernandez Hill, a newly discovered epithermal target 500 m northeast of the Mexican Hat mineralization. This target was identified by geology and surficial geochemistry and supported by recent AMT geophysical results.
An expanded program of geophysical and geochemical surveying has been conducted. The AMT surveys have been completed covering the Hernandez Hill area and portions of the Epithermal Zone and have identified higher resistivity anomalies coincident with the mapped silicified domains at Hernandez Hill plus others. This is interpreted to represent extensions of the silicified domains to depth. A soil geochemistry anomaly of elevated mercury, antimony, arsenic and thallium overlies Hernandez Hill. The Company believes that these volatile gold pathfinder elements indicates a high potential for a buried epithermal precious metal deposit. Re-examination and sampling the historical core on site has identified a significant silver intercept in MH 11-12 (128 gpt Ag over 3.04 m with elevated Hg, Sb, W, Tl). This is the closest drill hole to the silicification at Hernandez Hill, 90 m south of southern-most observed chalcedonic quartz in andesite.
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. 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.