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GMV Minerals Options Daisy Creek Lithium Project in North Central Nevada and Announces Unit Offering
Vancouver, British Columbia--(Newsfile Corp. - May 16, 2023) - GMV Minerals Inc. (TSXV: GMV) (O...
About this update from Gmv Minerals Inc
[{"type":"text","content":"GMV Minerals Options Daisy Creek Lithium Project in North Central Nevada and Announces Unit OfferingVancouver, British Columbia--(Newsfile Corp. - May 16, 2023) - GMV Minerals Inc. (TSXV: GMV) (OTCQB: GMVMF) (the \"Company\" or \"GMV\") is pleased to announce that it has entered into an option agreement dated May 15, 2023 (the \"Option Agreement\") with Western Property Holdings, LLC (the \"Optionor\") for the exclusive option to acquire (the \"Option\") the Daisy Creek Property, Nevada, consisting of 82 lode mining claims comprising 1,694.12 acres (the \"Daisy Creek Lithium Property\").The Daisy Creek Lithium Property is located in Lander County in north central Nevada. The claims are located near several operating gold mines and access to power, water and paved highways are nearby. The area was prospected by several oil and mining companies for uranium in the early 1970s, staked by Phillips Uranium (\"Phillips\") in 1977, and drilled in the 1980s, when well-known Nevada geologist Clancy Wendt (\"Wendt\") was employed by Phillips. Drilling by Phillips did not identify uranium but, instead, lithium in at least two drill holes with Li values up to 2% in clay-altered volcanic tuffs. In a letter dated February 26, 2023, provided by Wendt, he states, \"The company underwent substantial analysis of the occurrence to determine the source of lithium. All drill additive, oils, and greases used by the driller were sampled and tested with no lithium noted. Drill water was sampled and analyzed and likewise returned no lithium. The company noted that the lithium was likely contained in hectorite, a lithium-bearing clay mineral found in altered volcanic tuffs.\" **Note: These are historical results and have not been subjected to QA/QC standards as required by NI 43-101. They are believed to be accurate and are reported for historical purposes only.The project geology has been described by Stewart and McKee (1977) in the NBM Bulletin 8, \"The Geology and Mineral Deposits of Lander County, Nevada\". The Mountains are dominantly composed of the Tuff of early Miocene age (23.6 - 24.5 My). This unit is a crystal-rich ash-flow tuff up to 3,000 feet thick. The formation covers about 200 square miles and has not been recognized outside of the Daisy Creek area Mountains. Within this volcanic complex, a graben or collapse-type structure has been devel...