VANCOUVER, BRITISH COLUMBIA--(Marketwired - Oct. 18, 2016) -
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES
GMV Minerals Inc. (the "Company" or "GMV") (TSX VENTURE:GMV) is pleased to announce that it has now received all necessary drill permitting for its fall drill program. The Company intends to commence operations in the next two weeks which is specifically designed to expand mineral resources to the west, east and south of the existing Mexican Hat gold resource. Approximately 15 drill holes, each up to 300m in depth, will test structures as deep as 100m below historical drilling and where a 262 metre mechanical trenching program (see NR July 25, 2016) confirmed surface mineralization 370 metres along strike to the southeast of the established resource.
The Company also announces it has completed its geochemical survey in a highly prospective zone to the south and east of the Mexican Hat gold discovery. These 700+ samples were systematically collected up to one kilometre away from the known resource, significantly extending the Company's potential. Distinctive zones of hematized and altered red-coloured soils were identified along the projected strike of the mineralization. The established resource is constrained to re-altered (hematized) fractures that cross cut Tertiary volcanic rocks. The samples are being shipped to Bureau Veritas Laboratories in Richmond, B.C. for multi-element analysis, and results are expected soon.
The Company has also engaged Arizona-based Zonge International, Inc. ("Zonge") to conduct a geophysical test using robust geophysical methods (audio frequency magnetotellurics) which will be utilized to identify potential future drill targets. This is designed to identify weakly conductive units (fractured rocks with associated alteration) to depths of 300m to 600m. This is of particular importance as, to date, all known mineralization is either exposed at surface or is within 100m depth of exposed structures. Such structures were easily identified by VLF-EM surveys completed in the past, but VLF-EM cannot penetrate overburden covered areas. This geophysical program may identify these types of structures in areas of limited or no exposure, such as those identified in the recently completed geochemical survey.
Zonge will have a field crew onsite within two weeks.
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.