VANCOUVER, BRITISH COLUMBIA–(Marketwired – March 28, 2017) – GMV Minerals Inc. (the “Company” or “GMV”) (TSX VENTURE:GMV) is pleased to announce the final results of its fifteen hole drill program on its wholly-owned Mexican Hat Property. All holes are step out holes outside of established resources and were designed to expand the known mineralization to the southeast and northeast.
Drillholes GMV 2016-1 to 6 and 11 tested the H2 Zone and drillholes GMV 2016-7 to 10 and GMV 2016-12 to 15 tested the 060° striking AN, A, B, C, and D zones plus the VF zone. Headline intersections include 0.92 gpt over 33.5 m (22.5 m true) in the H Zone from GMV 2016-11, 0.74 gpt over 21.3 m (15.4 m true) in the A Zone from GMV 2016-8, 2.03 gpt over 9.1 m (6.4 m true) in the AN Zone from GMV 2016-9 and 0.56 gpt over 21.3 m (true width) in the VF Zone from GMV 2016-14.
Ian Klassen, President and CEO reports, “These step outs are material in expanding the known zones by up to 400 m to the southeast (H Zone) and up to 120 m deeper in some zones (B-Zone) which is to elevation 1,250m, or 322 m below the mineralization exposed at Mexican Hat peak at 1,572 metres.
Additional drilling is being planned to follow-up on these extensions as the Company tries to determine the limits of the mineralization. The drill program testing the northeast extensions of the 060° trending zones are expected to add resource ounces by converting what had been assumed to be waste into mineralized tonnage.”
Four of seven drill holes into the H2 Zone successfully intersected economically significant grades over material widths, and three of the holes intersected a hanging wall zone.
| RC Hole | From | To | Length | Gold | True thickness | Zone | Details | |||||||
| GMV 2016-1 | 15.2 | 18.3 | 3 | 0.59 | unknown | New | New | |||||||
| GMV 2016-1 | 54.9 | 61 | 6.1 | 0.29 | 5 | H HW | New | |||||||
| GMV 2016-2 | 70.1 | 79.2 | 9.1 | 0.89 | 7.9 | H HW | New | |||||||
| GMV 2016-2 | 112.8 | 115.8 | 3 | 0.23 | 2.2 | H | 224 m step out | |||||||
| GMV 2016-4 | 30.5 | 36.6 | 6.1 | 0.40 | 5.5 | H HW | New | |||||||
| GMV 2016-5 | 64 | 67.1 | 3 | 0.34 | 2.5 | H | 116 m step out | |||||||
| GMV 2016-11 | 9.1 | 82.3 | 73.2 | 0.60 | 49 | H | H | |||||||
| GMV 2016-11 | 15.2 | 48.8 | 33.5 | 0.92 | 22.5 | H | Included | |||||||
| GMV 2016-11 | 164.6 | 167.6 | 3 | 0.20 | 2.2 | H FW | New |
| Drillholes GMV 2016-3 and 6 did not reach the H Zone. |
The H2 Zone can now be traced for 1,300 m along strike, and is open to the northwest and southeast as well as to depth, and there is evidence of parallel zones in the hanging wall of the zone.
Five of the eight drill holes testing the AN, A, B, C, D, and VF Zones intersected significant mineralization. Due to the stacked nature of the mineralization, each drill hole encountered multiple intercepts, the results of which are shown in the table below. Three new zones, denoted the N, AB and CD Zones, have been created because of new intersections in this program and other, previously uncorrelated intersections.
| RC Hole | From (m) | To (m) |
Length (m) |
Gold (gpt) |
True Width (m) | Zone | Details | |||||||
| GMV 2016-7 | 57.9 | 67.1 | 9.1 | 0.65 | 5.8 | N | New | |||||||
| GMV 2016-7 | 103.6 | 106.7 | 3 | 0.21 | 2.1 | New | ||||||||
| GMV 2016-7 | 115.8 | 121.9 | 6.1 | 0.39 | 4.3 | AN | 58m below and NE of nearest hole | |||||||
| GMV 2016-7 | 137.2 | 140.2 | 3.0 | 0.23 | 2.7 | |||||||||
| GMV 2016-7 | 152.4 | 155.4 | 3 | 0.45 | 2.1 | New | ||||||||
| GMV 2016-7 | 167.6 | 179.8 | 12.2 | 0.20 | 8.5 | A | 75m below and NE of nearest hole | |||||||
| GMV 2016-7 | 185.9 | 195.1 | 9.1 | 0.23 | 6.4 | |||||||||
| GMV 2016-7 | 222.5 | 225.6 | 3 | 0.25 | 2.1 | |||||||||
| GMV 2016-8 | 152.4 | 176.8 | 24.4 | 0.69 | 17.5 | A | 42 m below and NE of nearest hole | |||||||
| GMV 2016-8 | 152.4 | 173.7 | 21.3 | 0.74 | 15.4 | A | Included | |||||||
| GMV 2016-8 | 201.2 | 204.2 | 3 | 0.66 | 2.1 | New | ||||||||
| GMV 2016-8 | 210.3 | 213.4 | 3 | 0.21 | 2.1 | AB | 87 m below nearest hole New |
|||||||
| GMV 2016-8 | 222.5 | 228.6 | 6.1 | 0.60 | 4.3 | |||||||||
| GMV 2016-8 | 268.2 | 277.4 | 9.1 | 0.34 | 6.4 | B | 120 m below nearest hole | |||||||
| GMV 2016-9 | 121.9 | 131.1 | 9.1 | 2.03 | 6.4 | AN | 48m NE of 2016-7 | |||||||
| GMV 2016-9 | 146.3 | 149.4 | 3 | 0.37 | 2.1 | A | 46 m NE of 2016-7 | |||||||
| GMV 2016-9 | 167.6 | 170.7 | 3 | 0.27 | 2.1 | |||||||||
| GMV 2016-9 | 192 | 195.1 | 3 | 0.53 | 2.1 | |||||||||
| GMV 2016-9 | 237.7 | 246.9 | 9.1 | 0.48 | 6.4 | AB | New | |||||||
| GMV 2016-14 | 9.1 | 30.5 | 21.3 | 0.44 | 15 | B | Near existing hole | |||||||
| GMV 2016-14 | 73.2 | 79.2 | 6.1 | 0.21 | 4.2 | New | ||||||||
| GMV 2016-14 | 243.8 | 283.5 | 39.6 | 0.38 | 39.6 | VF | 75 m N and below nearest hole | |||||||
| GMV 2016-14 | 243.8 | 265.2 | 21.3 | 0.56 | 21.3 | VF | Included | |||||||
| GMV 2016-15 | 6.1 | 9.1 | 3 | 0.20 | 2.1 | B | 23m NE of nearest hole | |||||||
| GMV 2016-15 | 12.2 | 15.2 | 3 | 0.20 | 2.1 | |||||||||
| GMV 2016-15 | 18.3 | 21.3 | 3 | 0.28 | 2.1 | |||||||||
| GMV 2016-15 | 51.8 | 57.9 | 6.1 | 0.23 | 4.3 | |||||||||
| GMV 2016-15 | 268.2 | 271.3 | 3 | 0.30 | 3.0 | VF | 90 m N of 2016-14 |
GMV 2016-10, did not intersect significant mineralization where the N, AN, A, AB Zones were expected, and GMV 2016-12, and 13 did not intersect significant mineralization northeast of the AN, A, AB, B, C, and CD Zones.
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.
