GMV Minerals Inc. is pleased to announce that a field crew is scheduled to commence a program of geochemical and geophysical surveys intended to further define known extensions of the Mexican Hat gold discovery.
The Company will focus its work on the relatively flat, but extensive soil covered areas to the south and east of the Mexican Hat's existing resource. Earlier this year, reconnaissance surface samples gathered for assay contained anomalous gold values. These samples were collected a distance of over one kilometre from the known resource, dramatically extending the Company's exploration potential. Historical ground magnetometer and VLF-EM surveys identified anomalies coincident with the known mineralization. Extensions of these and parallel anomalies can be identified for hundreds of metres from the magnetic surveys. VLF-EM surveys have been inconclusive in covered areas, so more robust geophysical methods (CSAMT or CSEM) will be utilized to identify potential drill targets.
In addition, the Company confirms that the required drill permit applications have been submitted and a drill contract has been fully negotiated. The drill schedule is designed to expand mineral resources to the west, east and south of the existing Mexican Hat resource. Drill holes up to 300m in depth will test structures 100m below historical drilling. 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 towards drilling conducted by a previous operator. The Mexican Hat currently has an Inferred Mineral Resource of 531,400 ounces of gold contained in 23.5 million tonnes grading 0.70 gpt (see NR March 2, 2015).
Ian Klassen, GMV's CEO commented that "As the first company to control the entire Mexican Hat project area, we're excited to have a continuous set of geological indicators that express a massive extension possibility due to the discovery of soils containing hematite, altered and gold bearing rocks including latite at over one kilometre away from the initial Mexican Hat resource. We look forward to the results of these technical surveys and the continuing expansion of our gold resource."