VANCOUVER, BC, SEPTEMBER 10, 2019– GMV Minerals Inc. (the “Company” or “GMV”) (TSX-V: GMV) is pleased to announce that the Company has received the final assays from its recent eleven hole drill program at its 100% controlled Mexican Hat gold deposit located in SE Arizona.
The 2019 spring drill program focused specifically on drill testing areas within the pit model produced by IMC (Independent Mining Consultants, Inc.) in the autumn of 2018. Due to the absence of drill holes in certain areas of the proposed pit, these areas were classified as waste tonnage and GMV management determined that this assumption should be tested. Please see the chart below.
Mr. Ian Klassen, CEO commented, “I am pleased to report that our recent drill program designed to test certain waste areas within the proposed pit has been a success. For example, we are delighted that a step out drill hole in this program (MHRC19-01) was successful in confirming economically significant mineralization in the second pit located to the southeast. Currently, the GMV exploration team is assessing future drill targets which will be designed to increase the conceived pit life by several years of production”.
The Mexican Hat economic model published December 19, 2018 uses a 0.2 GPT gold cutoff.
| Hole | From (m) | To (m) | Intercept (m) | Gold (gpt) |
|---|---|---|---|---|
| MHRC 19-5 | 0.0 | 3.0 | 3.0 | 0.35 |
| MHRC 19-5 | 67.1 | 73.2 | 6.1 | 0.30 |
| MHRC 19-5 | 88.4 | 103.6 | 15.2 | 0.61 |
| MHRC 19-5 | 109.7 | 112.8 | 3.0 | 0.31 |
| MHRC 19-5 | 125.0 | 128.0 | 3.0 | 0.31 |
| MHRC 19-5 | 158.5 | 161.5 | 3.0 | 0.27 |
| MHRC 19-5 | 176.8 | 179.8 | 3.0 | 3.09 |
| MHRC 19-5 | 189.0 | 192.0 | 3.0 | 0.74 |
| MHRC 19-5 | 216.4 | 219.5 | 3.0 | 0.28 |
| MHRC 19-5 | 240.8 | 262.1 | 21.3 | 0.42 |
| MHRC 19-6 | 0.0 | 12.2 | 12.2 | 0.51 |
| MHRC 19-6 | 57.9 | 61.0 | 3.0 | 1.00 |
| MHRC 19-6 | 88.4 | 97.5 | 9.1 | 0.61 |
| MHRC 19-6 | 103.6 | 128.0 | 24.4 | 0.85 |
| MHRC 19-6 | 134.1 | 152.4 | 18.3 | 0.33 |
| MHRC 19-6 | 176.8 | 222.5 | 45.7 | 0.61 |
| MHRC 19-6 | 268.2 | 271.3 | 3.0 | 1.00 |
| MHRC 19-6 | 298.7 | 300.2 | 1.5 | 0.24 |
| MHRC 19-9 | 158.5 | 164.6 | 6.1 | 0.44 |
| MHRC 19-9 | 176.8 | 182.9 | 6.1 | 0.44 |
| MHRC 19-9 | 204.2 | 253.0 | 48.8 | 0.42 |
| MHRC 19-9 | 274.3 | 277.4 | 3.0 | 0.28 |
| MHRC 19-9 | 280.4 | 283.5 | 3.0 | 0.23 |
| MHRC 19-9 | 301.8 | 304.8 | 3.0 | 0.75 |
| MHRC 19-10 | 18.3 | 24.4 | 6.1 | 0.51 |
| MHRC 19-10 | 33.5 | 64.0 | 30.5 | 1.47 |
| MHRC 19-10 | 115.8 | 134.1 | 18.3 | 0.30 |
| MHRC 19-10 | 176.8 | 179.8 | 3.0 | 0.25 |
| MHRC 19-11 | 0.0 | 3.0 | 3.0 | 0.27 |
| MHRC 19-11 | 9.1 | 15.2 | 6.1 | 0.49 |
| MHRC 19-11 | 51.8 | 54.9 | 3.0 | 0.20 |
| MHRC 19-11 | 70.1 | 79.2 | 9.1 | 0.85 |
| MHRC 19-11 | 121.9 | 137.2 | 15.2 | 0.88 |
| MHRC 19-11 | 149.4 | 155.4 | 6.1 | 0.29 |
The drill results of the first five holes had been previously reported are tabled below.
| Hole | From (m) | To (m) | Intercept (m) | Gold (gpt) |
|---|---|---|---|---|
| MHRC 19-1 | 67 | 70 | 3 | 1.216 |
| MHRC 19-2 | 61 | 67 | 6 | 0.672 |
| MHRC 19-3 | 192 | 195 | 3 | 0.265 |
| MHRC 19-3 | 314 | 320 | 6 | 0.323 |
| MHRC 19-4 | 119 | 128 | 9 | 0.816 |
| MHRC 19-4 | 171 | 177 | 6 | 1.163 |
| MHRC 19-4 | 207 | 219 | 12 | 1.187 |
| MHRC 19-4 | 235 | 238 | 3 | 0.605 |
| MHRC 19-8 | 73 | 82 | 9 | 0.650 |
| MHRC 19-8 | 88 | 101 | 12 | 0.318 |
| MHRC 19-8 | 104 | 107 | 3 | 0.217 |
| MHRC 19-8 | 192 | 195 | 3 | 0.326 |
| MHRC 19-8 | 201 | 219 | 18 | 1.237 |
| MHRC 19-8 | 235 | 250 | 15 | 0.323 |
| MHRC 19-8 | 256 | 259 | 3 | 0.330 |
Drill hole details are shown below.
| HOLE_ID | LOCATIONX | LOCATIONY | LOCATIONZ | LENGTH | AZIMUTH | DIP |
|---|---|---|---|---|---|---|
| MHRC 19-1 | 613,637.00 | 3,518,706.00 | 1,412.20 | 230 | 200 | -70 |
| MHRC 19-2 | 613,252.00 | 3,519,288.00 | 1,427.50 | 350 | 180 | -60 |
| MHRC 19-3 | 612,780.40 | 3,519,479.30 | 1,524.00 | 350 | 140 | -70 |
| MHRC 19-4 | 612,780.40 | 3,519,476.00 | 1,524.00 | 350 | 200 | -70 |
| MHRC 19-5 | 613,000.00 | 3,519,361.00 | 1,458.80 | 350 | 180 | -60 |
| MHRC 19-6 | 612,879.10 | 3,519,268.20 | 1,515.60 | 300 | 290 | -75 |
| MHRC 19-7 | 613,386.00 | 3,519,004.00 | 1,450.20 | 250 | 170 | -55 |
| MHRC 19-8 | 613,019.00 | 3,519,202.00 | 1,456.70 | 300 | 200 | -88 |
| MHRC 19-9 | 612,773.00 | 3,519,423.00 | 1,533.80 | 320 | 150 | -65 |
| MHRC 19-10 | 612,837.00 | 3,519,129.00 | 1,522.30 | 200 | 220 | -70 |
| MHRC 19-11 | 612,837.00 | 3,519,129.00 | 1,522.30 | 250 | 170 | -75 |
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 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. The Company recently updated its inferred mineral resource to 32,876,000 tonnes grading 0.616 g/t gold at a 0.2 g/t cut-off, containing 651,000 ounces of gold.
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.
Ian Klassen
Tel: (604) 899-0106
Email: info@gmvminerals.com
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES —
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.