GMV Minerals Inc. (TSX-V: GMV) has announced that its fixed wing airborne magnetic and gamma-ray spectrometry survey is nearing completion.
To date, over 18,000 line kilometres of data have been collected on three of the five planned survey blocks. The Aurora Back, Puruni-Mara and Waini River blocks are complete and operations are now underway on the Oko claims block. The Five Stars-Matthews Ridge claims will be flown last with all airborne operations expected to be completed this month.
The Company is awaiting data for the Aurora Back and Waini River block areas but initial results in the Puruni-Mara area are extremely encouraging. A preliminary process of Texture and Phase Analysis has resulted in the delineation of significant structures with correlations to known Au producers. This reasoning is based on the understanding that gold mineralization is known to occur near major crustal breaks manifesting as large-scale shear zones, which in turn act as conduits for mineralizing fluids. Mineralization occurs in regions of structural complexity adjacent to the shear zones. The most prospective areas are those where inferred structural complexity occurs adjacent to the regions of magnetic discontinuity.
Several 'strong areas of interest' have been identified from this process. The ground magnetic and 3D pole-pole IP/Resistivity data indicates a very strong concurrence of high magnetic intensity with low resistivity and high chargeability, mainly located in an East-West trend. The large ground magnetic high anomaly is perfectly centered with the IP and Resistivity responses.
Jose Arce, CEO of Arce Geofísicos (one of South America's largest geophysical services companies) remarked "This survey has produced superb results for GMV Minerals. In this deposit type, the pyrite (possible copper) may be gold bearing and the background resistivities are very high which allows these responses to be easily detected down to 300m depth in an area of 700m by 400m at the surface. Moreover, its noteworthy that the anomalies are still open to the East and West of the currently finished survey area".
Preliminary 3D modeling indicates a surface chargeable mass which may be the tropical weathering Laterite/Saprolite clay profile and a deeper chargeable unit at ~120 metres, which is associated to a low resistivity interest zone, which is in clear contrast with the hosting rocks. The low resistivity response may be related to stronger fracturing and alteration of the rocks, which is usually favourable for mineralization emplacements. This deeper area is the target horizon to be tested by drilling from 120 to over 300 metres.
Diamond drilling will commence later in the month. The Company's first camp is situated within 500 metres of the first drilling targets. This area has had extensive alluvial mining with most of the valley bottoms worked in the last few years leaving tailings and gravel only with no forest cover. There are many minor roads in the area used for logging and testing for alluvial gold and the main access road for the entire area crosses the target. The camp is built in the local style and is suitable for continued first stage operations. Presently, the camp has approximately 40 workers. The ground crews are line cutting, geochemically sampling and expanding the camp facilities as well as continuing to improve road access.
The first of two drills purchased by the Company has now arrived in Georgetown. The shipment has pre-cleared Customs Papers and will be moved directly from the wharf to the drill site once released. A permanent office with accommodations is presently being established in Georgetown.
The 2011 geophysics program is under the supervision of Christopher (Kit) Campbell, P. Geo., a Qualified Person under NI 43-101.
In addition, subject to regulatory approval and pursuant to the Company's stock option plan, GMV announces that it has granted a total of 150,000 incentive stock options to employees and consultants of the company. The options are exercisable at a price of 65 cents per share for a five-year period.
Source: GMV Minerals Inc.