VANCOUVER, BRITISH COLUMBIA–(Marketwired – July 12, 2017) – GMV Minerals Inc. (the “Company” or “GMV”) (TSX VENTURE:GMV) is pleased to announce that its reverse circulation (RC) drill program is now underway at its Mexican Hat Gold property in S.E. Arizona.
The Company’s fourteen-hole RC program is specifically designed to expand mineral resources to the south and to the east of the existing Mexican Hat gold resource. This phase is a continuation of three holes completed a few weeks ago. Two of these holes identified mineralization to the west and to a maximum depth of 120m. One hole tested the northeastern extent to depth. The core drilling encountered multiple intercepts (eight) above our cut-off grade (0.20 gpt) with the eastern most hole intersecting good gold grades to the end of the hole at 354 meters total depth. Significant intersections included (MHC 17-6) 6.9m grading 0.48 gpt gold and (MHC 17-8) 5.0m grading 0.78 gpt gold.
Mr. Ian Klassen, President of GMV, commented “It is highly encouraging as we continue to intersect good grades and widths outside of the established resource in all three of the most recent core holes completed. Moreover, it is significant that MHC 17-8, our northeastern drill hole encountered good grades and widths to its deepest extent (354m), which is 72m below the deepest Mineral Resource in this area, and the western holes encountered two new zones north of our northern-most resource blocks. These two new targets will be followed up to assess whether these intersections correlate with intersections noted on surface and in other drill holes.”
The current drill program will consist of step-out drill holes and test along strike of the known mineralization, as well as to the southeast where our last drill program identified significant gold mineralization {67.1m grading 0.64 gpt gold as part of a larger interval of 106.7m reporting 0.44 gpt gold (GMV 2016-11) from the southeastern most testing of the 120° striking H2 Zone}. The most common trend to the mineralization strikes 60° (+/-) for at least five zones with an additional four zones potentially occurring to the east. This program will target up to six holes in this area and will test down to a depth of 300m to explore mineralization below historical drilling of 200m from surface.
In addition, the Company reports that it has commissioned Cooper Aerial Surveys Co. to complete a detailed topographic and othophotographic survey over the expanded property in preparation of a comprehensive exploration program and for the preparation of base maps for engineering work required for a Mining Plan of Operation.
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.
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.
