GMV Minerals Inc. (the "Company" or "GMV") is pleased to announce preliminary results for another drill hole from its recently completed reverse circulation drill program designed to extend the known mineralization on its Mexican Hat gold property in S.E. Arizona. As was the case in the previous news releases (See: NR Feb 1 & Feb 21, 2017), this hole is expected to add to the existing resource.
The current NI #43-101 resource was calculated with a 0.2 gpt gold cut-off, so all assays that exceed the cut off are considered material and further support an open pit heap leach extraction model.
The Company wishes to release preliminary results for GMV 2016-11, with
An additional 64-metres of RC chips are still pending. The last four 3-metre samples of the long intersection (to 82.3 metres) ran 0.66, 0.55, 0.19, and 0.68 gpt gold, respectively. The last ten assays between 149.4 metres and 185.9 metres were generally low with one 3-metre sample grading 0.20 gpt and two 3-metre intersections at or near 0.1 gpt. Results for the interval between 82.3 metres and 146.3 metres remains to be reported by the analytical lab.
Ian Klassen, GMV's CEO stated: "This is an exceptional intersection, in terms of thickness, for Mexican Hat. It was drilled at azimuth 270°(due west) and is bracketed to the east and west by RC holes GMV 2016-1 and -3 which had been drilled at azimuth 180°(due south) testing to see if the north-dipping 120°striking H Zone was the only structure in the area. We believe that we have encountered new zones that are better tested with more east to west oriented drill holes. The Company plans to continue testing in this area to better define and expand this new discovery."
The Company also wishes to clarify the sub-heading on its news release issued on Tuesday, February 21, 2017. The sub-heading included a cumulative intersection width and weighted grade calculation. These are used by the Company to assess drill holes where multiple gold bearing zones are encountered. It was inadvertently included in the final release and should have not been reported, or reported as a "cumulative" figure. The tabulated figures presented in that release are correct and can be relied upon. Management regrets the error and wishes to thank those interested parties who have brought it to the attention of the Company.
RC samples were collected using a rotary splitter at the drill, bagged, dried, and shipped by commercial carrier to Inspectorate America Corporation Laboratories in Sparks, Nevada. Certified standards and blanks were inserted into the sample stream prior to shipping, and laboratories standards, blanks and duplicates were analyzed and reported. Samples were prepared using PRP70-250 and analyzed using FA330 (fire assay) and AQ251 (ICP) methods. All gold values are reported from the FA330 results. All standards and duplicates reported acceptable results.
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.