VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jan. 17, 2017) - GMV Minerals Inc. (the "Company" or "GMV") (TSX VENTURE:GMV) is pleased to announce that, after an extensive review of historical geophysics, drill data and recent fieldwork, it has filed to acquire numerous additional exploration permits which encompass a porphyry target adjoining the Mexican Hat deposit to the north. The porphyry forms part of an 800m by 1600m elliptical domain of consistent yet elevated magnetics and is open to the northwest. The target is surrounded by an up to 800m wide "noisy" zone of concentric magnetic highs and lows referred to as the Epithermal Zone. The broad Epithermal Zone encompasses the Hernandez Hill discovery. No other outcrop exposure exists north of the Hernandez Hill Zone.
The Company believes that the geophysical evidence of a porphyry and related epithermal mineralization identifies a new and exciting target that may hold district-scale significance. In 1990, (pre-dating the current geophysical results) Placer Dome (USA) drilled an east-west line of ten vertical RC holes, 2.3 km north of the Mexican Hat deposit, each spaced 150m apart to test the depth of cover as part of a program to maintain its Arizona State Exploration License. Reporting on the drill program does not include drill logs but does include results from several five foot samples from each hole. This area, north of the Mexican Hat deposit is a relatively flat featureless area covered by alluvium (sands and gravels).
Two adjacent holes in the Epithermal Zone intersected economically significant gold mineralization in every 1.52m (five foot) sample collected. In MH90-161, seven samples collected between 13.7 m and 54.9m assayed between 0.20 gpt and 1.51 gpt, averaging 0.64 gpt gold. The adjacent hole, MH90-162 located 150 m to the east had six samples collected between 13.7m and 54.9m that assayed between 0.27 gpt and 0.89 gpt, averaging 0.53 gpt gold. A third hole located 150m farther east intersected anomalous but low gold values. All drill holes within the Epithermal Zone intersected elevated gold pathfinder elements (Hg, As, Sb, Ag). The fence of holes crossed what the Company now recognizes as the eastern portion of a porphyry and the Epithermal Zone.
Ian Klassen, GMV Minerals' CEO commented "We've long suspected Mexican Hat derived from a larger mineralized system but didn't know if it was detached from it or the rest of the system perhaps eroded away. Recent discoveries by GMV's technical team at Hernandez Hill include large areas of silica flooding with pathfinder elements indicating the top of an epithermal system. That was another piece of the puzzle. This new discovery of an intrusive body and nearby epithermal gold mineralization in the northern flats completes the picture with the first direct evidence of the heat engine that may have driven the entire system. This opens up a target area an order of magnitude larger than the existing Mexican Hat resource area. We're very excited to now be exploring this larger area, seeking larger discoveries in addition to expanding the known resource."
In 2011, Geotronics Consulting Inc. completed a ground geophysical survey consisting of magnetics and VLF EM over the entire property. In this report, David G. Mark (2011) recognized that the "donut-shaped" magnetic highs in this area "is probably reflecting an intrusion", and noted that "epithermal gold deposits, such as that of the Mexican Hat, often occur around porphyry copper deposits".
The recent geochemical program (2016) that led to the discovery of the Hernandez Hill epithermal system (silicification, volatile gold pathfinder elements (Hg, Sb, As, Tl, Ag) is now linked to the gold zone drilled by Placer Dome (USA) (1990) and the large geophysical target characteristic of a shallow porphyry system (2011). This provides for over 4 square km of target area identified by the historic magnetic data (the 800m wide magnetically noisy zone with historic gold intercepts, silicification and pathfinder geochemistry), plus extensions now covered by the new exploration permits. An expanded program of geophysical and geochemical surveying is underway to assist in targeting drilling, which is currently being permitted.
In addition, GMV is pleased to announce that it has shipped 761 rock, core and RC drill samples and 919 soil samples to the assay lab (Bureau Veritas Commodities Canada Ltd.), in the current Mexican Hat exploration program and has shipped an additional 183 RC samples within the last week. The Company has received all of the core samples from the resampling program on the balance of a previous operator's 2011 drill holes and is in the process of compiling this data for release as soon as the QA/QC is completed. The Company anticipates receiving initial results from its current RC drill program in approximately 14 days and then continuing over the next few months.
** Disclaimer: The Place Dome (USA) results are historic in nature and pre-date NI 43-101 compliance. No records exist on any QA/QC program and thus the results cannot be validated. They are believed to be valid, but are only being presented in support of the exploration program being conducted. They can not to be used for any resource or reserve estimation.
Dr. D.R. Webb, Ph.D., P.Geol., 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.