VANCOUVER, Oct. 02, 2014 /CNW/ - GMV Minerals Inc.
(the "Company" or "GMV") (TSX‑V: GMV) is pleased to announce
analytical results from a five week mapping and sampling program at
the Company's 100% owned Mexican Hat gold property located in S.E.
Arizona.
The results confirm and expand on the work completed by past
operators, revealing economically significant gold values
distributed over an area 640 m long and 525 m wide in multiple
zones transecting Tertiary volcanic rocks. Individual zones
can be traced discontinuously for over 525 metres and attain true
widths up to 42 m on surface.
Table 1. Selected results from 2014 composite chip
sampling.
Summary
|
|
Length
(m)
|
Grade
(gpt/Au)
|
Trench
|
1
|
24.0
|
1.091
|
And
|
|
4.5
|
1.506
|
Trench
|
3
|
15.0
|
1.200
|
Trench
|
4
|
33.0
|
0.654
|
Including
|
|
21.0
|
0.745
|
Trench
|
5
|
3.5
|
1.039
|
Trench
|
7
|
3.0
|
0.871
|
Trench
|
9
|
24.0
|
1.259
|
Trench
|
10
|
9.0
|
0.777
|
Trench
|
11
|
44.0
|
0.563
|
Including
|
|
11.0
|
1.355
|
Trench
|
12
|
6.5
|
1.098
|
And
|
|
21.0
|
1.255
|
And
|
|
63.0
|
0.661
|
Including
|
|
9.0
|
1.893
|
Trench
|
13
|
24.5
|
1.135
|
Trench
|
14
|
12.0
|
0.806
|
And
|
|
9.0
|
1.185
|
These surface trench results reveal that the gold enriched zones
appear to correlate well in three dimensions. Drill results
from previous operators show down-dip continuity of these zones to
depths of 200 m or more (deepest drillholes). The zones are
open along strike and to depth, and additional subparallel zones
may exist.
A total of 495 samples were collected including 41 field blanks
and 20 field duplicate samples. In addition, 68 standards
were inserted into the sample stream. All samples were
analyzed for 37 elements on 30 gm samples digested in aqua regia
and analyzed using ICP mass spectrometer techniques (Acme
Analytical Laboratories Ltd., AQ 252) and all samples returning
gold values >0.1 gpt were re-analyzed using 30 gm fire assay
with atomic adsorption techniques (Acme Analytical Laboratories
Ltd., FA431). Initial examination of the data shows the
analytical results to be acceptable for the level of work
completed.
Placer Dome reported an estimate of 5,234,000 tonnes grading
0.926 grams per tonne using a 0.345 gpt (0.01 ounce per ton)
cut-off (M. Gray, 1990). This resource is a Historic Resource under
NI 43-101 and is referenced here for completeness. Placer
Dome's estimate was based upon indicator kriging of 18,934 meters
of drilling in 120 RC holes and 17 diamond drill holes. This
historic estimate is not reported in current classifications as
Measured, Indicated or Inferred Resources, however, reserves
(not equivalent to NI 43-101 Proven, Probable, and Possible
Reserves) were estimated from this data using a 45 degree pit, a
0.345 gpt cut-off and a 90% recovery resulting in a 183 meter deep
pit and a 5:1 strip ratio, to yield 3,720,000 tonnes grading 0.960
grams per tonne containing 103,320 ounces of gold. No top-cut was
reported. Roughly 50% more mineralization was believed to fall
within this conceptual pit in sparsely drilled areas between
mineralized domains (Gray, 1990). Subsequent work by others
supports this assertion, however no additional resource work has
been completed.
Ian Klassen, President states
"Our Phase 1 program was designed to test and confirm, to a high
level of certainty, the grades and widths of gold mineralization
previously identified on the Mexican Hat Property, complete
property scale reconnaissance mapping, and detailed mapping of the
individual zones. In the end, we have succeeded in doubling
the strike extent and increasing the width of the zone by 70% over
what had been reported by Placer Dome in 1990. As we investigate
the possibilities of a near surface, heap leach operation, we will
now follow up with a program to assess the grade and tonnage of the
mineralization using 3D modeling techniques, the metallurgy and
geotechnical properties of the rocks, and other engineering
parameters which will commence upon receipt of the final report of
this phase of work".
The resources and reserves reported above are historical
estimates, reported for completeness and are not NI 43-101
compliant mineral resources or reserves estimates. They have been
calculated in industry standard form current as of the time
reported (1990) and there are no concerns as to the sampling,
assaying or resource methodology. GMV is not treating the
historical estimate as current mineral resources or mineral
reserves. No blanks were reported, but duplicate and repeat samples
(10%) are acceptable for this level of work. Further work is needed
to confirm the grade, distribution and metallurgy of the
mineralization to determine and define a NI 43-101 compliant
mineral resources estimate. The Historic Estimates reported here
are not to be considered NI 43-101 Resources or Reserves.
Dr. D.R. Webb, B.A.Sc.
(Engineering), M.Sc. Ph.D., P.Geo. is a qualified person within the
meaning of NI 43-101. Dr. Webb has reviewed and is responsible for
the technical details of this release.
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 historic gold resource, which was initially
explored by Placer Dome (USA) in
the late 1980's to early 1990's. GMV is focused on developing the
asset by confirming the presence of the historic resources and
realizing the full mineral potential of the property through near
term gold production.
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 or has in any way passed upon the merits
of the transaction and has neither approved nor disproved the
contents of this press release.
SOURCE GMV Minerals Inc.