Business
GMV Minerals Inc. Reports Multiple High-Grade Assay Results in Drilling Program--1.237 gpt Gold over 18 Meters
Vancouver, British Columbia--(Newsfile Corp. - August 7, 2019) - GMV Minerals Inc. (TSXV: GM...
About this update from Gmv Minerals Inc
[{"type":"text","content":"GMV Minerals Inc. Reports Multiple High-Grade Assay Results in Drilling Program--1.237 gpt Gold over 18 MetersVancouver, British Columbia--(Newsfile Corp. - August 7, 2019) - GMV Minerals Inc. (TSXV: GMV) (the \"Company\" or \"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. HoleFrom (m)To (m)Intercept (m)Gold (gpt)MHRC 19-1677031.216MHRC 19-2616760.672MHRC 19-319219530.265MHRC 19-331432060.323MHRC 19-411912890.816MHRC 19-417117761.163MHRC 19-4207219121.187MHRC 19-423523830.605MHRC 19-8738290.650MHRC 19-888101120.318MHRC 19-810410730.217MHRC 19-819219530.326MHRC 19-8201219181.237MHRC 19-8235250150.323MHRC 19-825625930.330 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 pay...