GMV Minerals Inc. Announces Planning of Phase Two Drill Program
Vancouver, British Columbia--(Newsfile Corp. - December 3, 2021) - GMV Minerals Inc. (TSXV: GMV) (OTCQB: GMVMF) (the "Company" or "GMV") is pleased to announce that the Company has received all assays from its phase I 2021 summer drill program.
The objective was to follow the project's prime controlling structure located primarily to the southeast of the open pit design defined in the Company's Preliminary Economic Assessment. Confirmation of the economic presence of gold, or lack thereof, was the intention of the program. GMV can now confirm that the proposed site for the future heap leach facilities and waste dump will be acceptable in their current positions adjacent to the proposed pit.
Phase II will twin at least thirty shallow holes drilled by past operators (approximately 90% completed by Placer Dome USA). This wide diameter diamond drill program intends to refine the internal boundaries of the mineralization and provide geomechanical parameters which cannot be obtained from reverse circulation drilling.
The results from this work will:
- Upgrade the mineral resource to higher categories within the Measure, Indicated and Inferred resources classification.
- Provide geotechnical support for engineering designs on the pit.
- Provide opportunities to confirm hydrogeological properties of the rock.
- Provide samples for environmental testing to characterize both the ore and waste materials for permitting requirements.
The second phase of the drilling will be completed in parallel with hydrogeological and atmospheric testing being conducted by SRK Consulting (U.S.) Inc. and WestLand Engineering & Environmental Services, Inc.
Ian Klassen, CEO states, "The first phase work helped define the eastern and northern extents of the Mexican Hat Deposit. The upgrading of the geological, resource and engineering model will move the Company towards the development of the Mexican Hat Deposit."
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 Property, located in Cochise County, Arizona, USA. 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. GMV. Recently updated its National Instrument inferred mineral resource to 36,733,000 tonnes grading 0.58 g/t gold at a 0.2 g/t cut-off, containing 688,000 ounces of gold.
ON BEHALF OF THE BOARD OF DIRECTORS
Ian Klassen, President
For further information please contact:
GMV Minerals Inc.
Tel: (604) 899-0106
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company's filings with Canadian securities regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
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.
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