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GMV Minerals Completes First Three Holes in Expansion Drilling Program at Mexican Hat Gold Project
VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 23, 2017) - GMV Minerals Inc. (the "Company" or "GMV") (TSX VENTURE:GMV) is pleased to announce that it has now
About this update from Gmv Minerals Inc
[{"type":"text","content":"VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 23, 2017) - GMV Minerals Inc. (the \"Company\" or \"GMV\") (TSX VENTURE:GMV) is pleased to announce that it has now completed three diamond drill holes at its Mexican Hat Gold Project, located in Cochise County, Arizona, USA. These drill holes were designed to test extensions of known gold zones as well as areas where new zones were suspected to occur. All drill holes intersected multiple fractured and hematite altered volcanic rocks, similar in character to the known mineralization. Limonite is reported to occur in some of the zones. Drill Hole Location Zones Intersected MHC 17-6 75m west of MH deposit N, AN, H2, plus 3 new zones MHC 17-7 50m deeper of nearest holes on west-side of MH. N, AN, H2 plus 3 new zones MHC 17-8 90m north and 70m deeper of nearest holes on east-side of MH. N, AN, A, AB plus 3 new zones Intersections range from 2 meters to greater than 40 meters in core length which represents true widths of 90% to 100%. Assays are now pending for all three drill holes. It is unknown at this time if the three new zones intersected in the three drill holes correlate to each other or not. However, each of the three new zones in each drill hole are north of the N Zone and not included in the current resource. All drill holes terminated in finely-grained sedimentary rocks interpreted as correlative to the Cretaceous-aged Bisbee Group which is shown to be dipping shallowly to the east. The drilling is being conducted in an effort to find the outer limits to the north and west of the known gold resource which is being modeled as a low cost open pit heap leach type of deposit. This model is highly successful in many deposits around the world as is evidenced by the following chart: For ease of reference, the Company has plotted the Mexican Hat's average recovered grade (average head grade of 0.70 gpt gold x 92% indicated recovery representing 0.64 gpt recovered gold) for comparison purposes against 31 other such planned or operating mines known today (re: Joe Mazumdar, 2015). The Mexican Hat deposit ranks 7th in terms of recovered grade in the comparative chart which, in addition, exceeds 15 of the 17 operating mines considered by the author of this report. Six of the seven deposits in the table with grades exceeding Mexican Hat were developed by companies that were subsequently t...