VANCOUVER, BC, February 27, 2017 – GMV Minerals Inc. (the “Company” or “GMV”) (TSX-V: GMV) is pleased to announce preliminary results for another drill hole from its recently completed reverse circulation drill program designed to extend the known mineralization on its Mexican Hat gold property in S.E. Arizona. As was the case in the previous news releases (See: NR Feb 1 & Feb 21, 2017), this hole is expected to add to the existing resource.
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 Company wishes to release preliminary results for GMV 2016-11, with
Grade (gpt gold)
Figures are rounded and may not add up.
Intervals reported are downhole intervals. Further drilling is required to determine true widths.
An additional 64-metres of RC chips are still pending. The last four 3-metre samples of the long intersection (to 82.3 metres) ran 0.66, 0.55, 0.19, and 0.68 gpt gold, respectively. The last ten assays between 149.4 metres and 185.9 metres were generally low with one 3-metre sample grading 0.20 gpt and two 3-metre intersections at or near 0.1 gpt. Results for the interval between 82.3 metres and 146.3 metres remains to be reported by the analytical lab.
Ian Klassen, GMV’s CEO stated “This is an exceptional intersection, in terms of thickness, for Mexican Hat. It was drilled at azimuth 270o (due west) and is bracketed to the east and west by RC holes GMV 2016-1 and -3 which had been drilled at azimuth 180o (due south) testing to see if the north-dipping 120o striking H Zone was the only structure in the area. We believe that we have encountered new zones that are better tested with more east to west oriented drill holes. The Company plans to continue testing in this area to better define and expand this new discovery.”
The Company also wishes to clarify the sub-heading on its news release issued on Tuesday, February 21, 2017. The sub-heading included a cumulative intersection width and weighted grade calculation. These are used by the Company to assess drill holes where multiple gold bearing zones are encountered. It was inadvertently included in the final release and should have not been reported, or reported as a “cumulative” figure. The tabulated figures presented in that release are correct and can be relied upon. Management regrets the error and wishes to thank those interested parties who have brought it to the attention of the Company.
RC samples were collected using a rotary splitter at the drill, bagged, dried, and shipped by commercial carrier to Inspectorate America Corporation Laboratories in Sparks, Nevada. Certified standards and blanks were inserted into the sample stream prior to shipping, and laboratories standards, blanks and duplicates were analyzed and reported. Samples were prepared using PRP70-250 and analyzed using FA330 (fire assay) and AQ251 (ICP) methods. All gold values are reported from the FA330 results. All standards and duplicates reported acceptable 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. 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
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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.