VANCOUVER, BC, May 8, 2017 – GMV Minerals Inc. (the “Company” or “GMV”) (TSX-V: GMV) is pleased to announce that it has received an Interpretive Report summarizing several geophysical surveys completed at the Mexican Hat Gold project in southeast Arizona.
Zonge International Inc., a leading provider of geophysical field services, consulting and instrument development to geoscientists and geotechnical engineers worldwide, has completed extensive geophysical surveys for GMV Minerals including; (a) Audio-Frequency Magnetotellurics, (b) Gravity, and (c) Ground Magnetics. The primary objective of the surveys was to collect data that could be used to create electrical resistivity models that would guide mineral prospecting efforts and to identify drill targets in the area.
Highlights of the summary include:
- Mexican Hat mineralization correlates well with a magnetic low and resistivity low (weak conductors) and has traced mineralization to depths of 500 meters for resistivity anomalies. Currently, GMV has drill data to a depth of only 200 meters utilized within its current NI 43-101 report.
- Overburden cover is less than (<) 50 meters deep across the survey area. This has been confirmed by past drilling.
- Additional new target zones have been identified demonstrating low resistivity occurrences 100 meters south of Hernandez Hill (associated with an isolated magnetic low) and over the northern 800 meters to 1,000 meters on all three test lines, with evidence of low magnetic response over portions of this anomaly.
Ian Klassen, President of the Company says “Zonge International’s interpretation demonstrates that the known mineralized domains are characterized by both magnetic lows and more conductive zones, as expected for mineralization that is associated with hematite and carbonate in fractured rocks. We are extremely pleased that this mineralization has been traced to depths of at least 500 meters below surface. Other similar geophysical responses can be found in broad areas to the north that have no bedrock exposure and have not yet been drilled. These responses represent terrific exploration targets that require additional follow-up work. Confirmation of shallow cover over the bedrock was expected and supports GMV’s low cost exploration and conceptual open pit extraction model. Additional geophysical surveys are being planned to extend the survey over an even broader area.”
GMV has completed its first diamond drillhole MHC 17-6, a 75m step-out to the west of the nearest drillhole completed on the Mexican Hat Deposit. It has intersected six hematite and carbonate-altered brecciated and fractured volcanic rocks, some with limonite alteration, before ending in fine-grained siliceous siltstones presumed to be Bisbee Group sediments at a depth of 217m. Three of the zones intersected correlate with the N, AN, and H2 Zones and three of the zones occur to the north of the N Zone and appear to correlate with trench exposures and two historic drillholes completed by previous operators. MHC 17-7 has been collared from the same location but is being drilled 30 degrees to the east of MHC 17-6 together with the third hole MHC 17-8, which will provide information to enable solids to be constructed for resource purposes.
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.