GMV Minerals Inc. (TSX-V: GMV) is pleased to announce that the Company has now completed its current eleven hole drill program at its 100% controlled Mexican Hat gold deposit located in SE Arizona.
The 2019 spring drill program focused specifically on drill testing areas within the pit model produced by IMC (Independent Mining Consultants, Inc.) in the autumn of 2018. Due to the absence of drill holes in certain areas of the proposed pit, these areas were classified as waste tonnage and GMV’s management determined that this assumption should be tested.
The drill results of the first five holes are tabled below. Hole 19-7 intersected no significant values and therefore was not included in the chart. All mineralized intercepts will be used in the next resource estimate and should convert the former waste blocks into a mineral resource currently contained within the pit model (December 2018 PEA). Management is optimistic that this phase of drilling will add to its mineral resource. The Mexican Hat economic model uses a 0.2 g/t gold cutoff. All blanks and standards have returned acceptable results.
|Hole||From (m)||To (m)||Intercept (m)||Gold (gpt)|
Mr. Ian Klassen, Company CEO reports “Our focus was to extend the known mineralization into areas of the pit model where there was limited-to-no historical drilling. All holes tested the northerly extent of the known mineralization and five of the six drill holes intersected significant mineralization. The December 2018 GMV PEA employed a base case of US$1300 per ounce of gold. It should be noted that the current price of approximately US$1,480 is very reassuring for GMV shareholders. At a US$1,430 per ounce gold price (10% increase), the base case economic analysis of the Mexican Hat Project indicates an NPV at 5% discount rate of US$122.1 million and an after-tax IRR of 41.7% with a payback at 1.7 years.
The Company’s current issued and outstanding share structure is at 42,726,206 and fully diluted is 54,156,206.
Table 1-7: Sensitivity Analysis After-Tax ($M) from “Mexican Hat Project, NI 43-101 Technical Report, Preliminary Economic Assessment prepared for GMV Minerals Inc., with an effective date of December 6, 2018 and issue date of December 18, 2018”.
|NPV @ 5%||IRR%||Payback (yrs)|
The additional drill results will be released after they have been received and verified.
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 project, 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. The Company recently updated its inferred mineral resource to 32,876,000 tonnes grading 0.616 g/t gold at a 0.2 g/t cut-off, containing 651,000 ounces of gold.
Cameco (TSX: CCO) (NYSE: CCJ) reported its consolidated financial... READ MORE
ValOre Metals Corp. (TSX‐V: VO) (OTC: KVLQF) (Frankfurt: KEQ0) ... READ MORE
Golden Tag Resources Ltd. (TSX-V: GOG) (OTCQB: GTAGF) has success... READ MORE
Atico Mining Corporation (TSX-V: ATY) (OTC: ATCMF) is pleased to ... READ MORE
Falco Resources Ltd. (TSX-V:FPC) is pleased to announce that it h... READ MORE