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GMV Minerals Inc
Summary
| Project: | Mexican Hat | |
|---|---|---|
| Deposit: | Mexican Hat | |
| Location: | United States | |
| Commodities: | Gold | |
| Date: | 2/27/2017 | |
| Report Code: | NI43-101 | |
| Report Type: | Exploration/Drilling Update | |
| Project Stage: | Pursuing Resource Increase/Upgrade | |
| Report details: | 27-2-2017: GMV Minerals Inc announces an Exploration/Drilling Update report for its Mexican Hat deposit at the Mexican Hat project. Drilling results incl. 76.2m @ 0.58g/t Au from 6.1m. GMV Minerals Inc. (the “Company” or “GMV”) (TSX-V: GMV) is pleased to | |
| Resources: | (Resource, Inf.): 23.452Mt @ 0.7g/t Au for 531400oz Au contained | |
| CP/QP: | [Overall Report]: Dr D.R. Webb (Not stated) | |
| ABSTRACT: | GMV Minerals Inc. (the “Company” or “GMV”) (TSX-V: 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. Ian Klassen, GMV’s CEO stated “This is an exceptional intersection, in terms of thickness, for Mexican Hat. It was drilled at azimuth 270o (due west) and is bracketed to the east and west by RC holes GMV 2016-1 and -3 which had been drilled at azimuth 180o (due south) testing to see if the north-dipping 120o 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. | |
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