VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 1, 2016) - GMV Minerals Inc. (the "Company" or "GMV") (TSX VENTURE:GMV) is pleased to announce that its drill program is proceeding on schedule with completion of the first four holes on the Mexican Hat gold property. An additional ten drill holes are planned. The drill program has been designed to increase resources, primarily consisting of step outs along strike and to depth of known mineralization. The Company has initially targeted the extension of the southeast trending H2 Zone, the southern-most mineralized zone that has been traced for 600 metres along strike.
The Company is pleased to confirm that all four holes drilled thus far, have encountered the targeted H2 Zone, including steps outs of up to 500 meters southeast of the current resource. All drill holes completed to date have encountered multiple structural zones with intense hematization. At Mexican Hat, hematized zones carry the gold within the Company's current resource, however, these new intercepts require lab assay to confirm that they are also mineralized with gold. One of the drill holes was extended 100 meters into the footwall of the H2 Zone where it encountered multiple zones of hematite alteration over total widths of 80 meters. This is interpreted to be a new zone encountering sedimentary rocks of the underlying Bisbee Group. Bisbee Group rocks are known to host significant mineralization in the district but until now had not been encountered on the Mexican Hat property. The Company is very pleased with the identification of additional exploration targets.
In conjunction with the drill program, a test geophysical survey consisting of two 500 meter lines across a portion of the known mineralization utilizing AMT techniques has been completed. This method was selected to trace resistivity profiles correlating with structural zones cross-cutting the host rocks. The test has shown that the structures can be traced to depths greater than 650 meters, and additional, unknown structures have been identified. A full survey covering an expanded area is being planned.
Dr. D.R. Webb, B.A.Sc., M.Sc., Ph.D., P.Geo. 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 1980s to early 1990s. 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.