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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  GMV Minerals Inc    GMV   CA3620M15016

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GMV Minerals Inc. : Completes Summer Expansion Drilling Program and Prepares to Incorporate its 2016 - 2017 Drill Results into an Updated NI#43101

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09/28/2017 | 11:03am CEST

Release date- 27092017 - VANCOUVER, BC - GMV Minerals Inc. (the 'Company' or 'GMV') (TSX-V: GMV) is pleased to announce that it has completed drilling on the extensions of the known mineralization previously encountered at the Mexican Hat gold deposit in S.E. Arizona.

The Company's fourteen-hole RC program was specifically designed to expand mineral resources to the south and to the east of the existing Mexican Hat gold resource.

The drill program consisted of step-out drill holes to test along strike of the known 1200 striking mineralized H2 Zone. The Company directed the exploration to the southeast where the 2016 winter program encountered GMV 2016-11 which yielded 67.1 meters of 0.64 gpt/gold as part of a larger interval of 106.7 meters of 0.44 gpt/gold (350 feet). The H2 Zone, confirmed by drilling, is now 1.3 kilometers in length. A scissor hole was drilled to the east to confirm the northeast dip of the H2 mineralization in the area where GMV 2016-11 (drilled to the west) recovered a broad zone of mineralization. Two additional holes stepped out 50 m each to the south. The most common trend of the Mexican Hat mineralization is 600 (+/-) which contains five zones confirmed with an additional four zones indicated. A step-out of 150 meters to the east of all previous drilling was conducted by drilling six RC holes to a depth of 300 meters which is 100 meters deeper than previous Mexican Hat exploration.

All drill holes encountered multiple intercepts of hematized and/or limonitized volcanic rocks that are typically associated with gold mineralization. Samples were collected throughout the drilling program and were submitted to Bureau Veritas labs together with certified standards and blanks. These results will be released as they are received and the QA/QC work is confirmed.

The drill rig has now been moved 1.9 kilometers to the north of Mexican Hat to test a gold-bearing target identified by Placer Dome (USA) ('Placer') in a fence of 10 shallow RC holes drilled to determine the depth of overburden. Placer had intersected significant gold mineralization in 3 contiguous holes, but did not drill below a depth of 87m. These three holes are 150 meters apart and have now been twinned. Samples have been collected and submitted to Bureau Veritas together with certified standards and blanks. These results will be disclosed once received.

The Company has completed additional soil sampling to extend coverage over its 4,800-acre package of mineral tenures. The majority of the 547 samples were located north of Mexican Hat, to help define geochemical trends in areas where geophysical anomalies indicate potential Mexican Hat-style mineralization as well as potential porphyry style mineralization.

Mr. Ian Klassen, President of GMV remarked 'It is very encouraging to continue to intersect hematite-altered volcanic rocks, typically associated with mineralization at Mexican Hat, well beyond the previous limits of mineralization. We drilled across the strike of the 600 zone in five of our holes where we intersected multiple zones of the alteration characteristic of mineralized zones. A further three holes focused on the 120 degree striking H2 Zone at its current southeastern limits. One hole was designed to confirm the orientation of the zone and the final two were step-outs to the south. All intersected substantial altered volcanic rocks. Assays will determine to what extent these holes, in addition to the 17 holes drilled in 2016, will contribute to expanding resources as we update our Mexican Hat resource calculation later in 2017'.

In a more reconnaissance-style program, the drilling being completed to the north of the Mexican Hat will determine the nature and extent of mineralization identified by Placer Dome (USA) in the past.

Arizona hosts significant copper gold mineralization associated with 40 to 80 million year old intrusions, including deposits in the vicinity of Mexican Hat in the Gleeson-Courtland District and elsewhere. The Mexican Hat deposit however is hosted in volcanic rocks considered to be much younger than this, and therefor would be situated on top of the older porphyry copper mineralization. Determining what types of rocks are found north of Mexican Hat is critical in determining what type of mineralization occurs in this area.

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.

Contact:

Ian Klassen

Tel: (604) 899-0106

Email: [email protected]

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.

(c) 2017 Electronic News Publishing -, source ENP Newswire

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GMV Minerals Inc Technical Analysis Chart | GMV | CA3620M15016 | 4-Traders
Managers
NameTitle
Ian McCulloch Klassen President, Chief Executive Officer & Director
Alistair M. R. MacLennan Chairman
Michele Pillon Chief Financial Officer & Secretary
Douglas Alexander Perkins Independent Director
Carl D. Hale Independent Director
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