VANCOUVER, BC, February 21, 2017 – GMV Minerals Inc. (the “Company” or “GMV”) (TSX-V: GMV) is pleased to report preliminary results from two additional holes 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 first batch of holes reported on February 1, 2017, both holes are adding to the existing resource.
The Company is pleased to announce that it has extended the known area of mineralization in the north of the Mexican Hat deposit by approximately 120 metres. 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 intersections on GMV 2016-8 are an approximately 30-meter lateral step out to the northeast on zones AN, A, and B, and are 30 meters deeper on the AN zone, 20 meters deeper on the A zone, and 20 meters deeper on the B zone. The intersections in GMV 2016-7 are similar lateral step outs as in GMV 2016-8. The two new intersections are located above 130 meters downhole (the first two intercepts in hole 2016-7-see below) and both are newly discovered zones. The Company is also pleased to confirm that this hole hit the AN zone 100 meters below previous drilling, 120 meters below previous intercepts on A zone, and 100 meters deeper on B zone.
The Company wishes to confirm that some infill sampling is pending on these two holes which may add to the reported intercepts’ grade and length. Both of these holes intersected multiple fractured hematite-bearing zones, typically associated with the known mineralization. Significant intersections occurred in both holes and include:
Figures are rounded and small rounding differences may appear.
The results from five additional holes are pending.
Ian Klassen, GMV’s CEO remarked, “We are pleased with these additional assays. As per our recent announcement on February 1, not only have we been able to extend the H2 Zone and encounter additional mineralization to the southeast, beyond the previous limits of our resource, but now we have also done the same to the northeast of the deposit. These results give us some of the deepest cuts into our zones and should translate well into additional tonnage and ounces”.
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.
The Company also wishes to confirm that diamond drilling at the Hernandez Hill, a newly discovered epithermal target 500 m northeast of the Mexican Hat mineralization has now concluded, and logging, sampling and assaying is in progress. This target was identified by geology and surficial geochemistry and supported by recent AMT geophysical survey.
The metallurgical testing on the Company’s bulk sample from Mexican Hat is completed and final assays on the residue are in progress at the lab. A detailed news release on this test will be issued once the results have been received.
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.