Vancouver, British Columbia–(Newsfile Corp. – July 17, 2018) – GMV Minerals Inc. (TSXV: GMV) (the “Company” or “GMV”) is pleased to announce that it is in receipt of an updated Mineral Resource Estimate (“MRE”) prepared by Tetra Tech Canada Inc. (Tetra Tech), Dr. D.R. Webb, Ph.D., P.Geo., P.Eng., and Mr. John Fox, P.Eng., on its 100% controlled Mexican Hat gold property located in S.E. Arizona.
The Inferred MRE of 32,876,000 tonnes grading 0.616 gpt gold at a 0.2 gpt cut-off, contains 651,000 ounces of gold, which is a 22% increase of contained ounces from the previous MRE (Webb, 2015).
The MRE is reported as a pit constrained resource completed using Whittle software optimization. Whittle software was used to determine and optimise the economics of open pit mining projects. Its unique capabilities enabled the Company to analyse pit designs in the context of physical, economic and mining constraints according to specific mining, metallurgical and other costs relative to the grade, gold price, recovery as well as other revenue inputs. This allows for the determination of what portion of a larger block model might be reasonably recoverable. The pit constrained results are presented in the table below.
The pit constrained figures are used to meet the CIM Best Practices definition of reasonable prospects for economic extraction realistically reflecting the location, deposit scale, continuity, assumed mining method, metallurgical processes, costs and reasonable long-term metal prices appropriate for the deposit.
The Mineral Resource Estimate benefits from exceptionally high average metallurgical recoveries of 89.9%, and a favourable geometry of the resource underlying Mexican Hat Mountain. No clay issues have been identified in any of the leach tests that have been completed. The limits of the resource have not been delimited to the south, east, and depth where further work is recommended to define the size of the deposit.
Ian Klassen, GMV’s President commented, “We are very pleased to receive a report that adds an additional 120 thousand ounces of gold constrained to a model pit to our Inferred Mineral Resource. This has come from an additional 23 drill holes, or just a 12% increase in the drilling. This works out to less than US$10 per ounce added.”
|Classification||Au Cut-off (g/t)||Au Grade (g/t)||Tonnes||GOLD OZ.||STRIP RATIO|
- The Mineral Resource Estimate has been constrained to a preliminary optimized pit shell, using the following parameters: SG = 2.57 gm/cc based on testwork, mining costs = $1.50/tonne, mining recovery =98%, mining dilution = 2%, process cost = $3.25 per tonne, G&A = $0.55 per tonne, gold price = $1,300 per troy ounce, throughput at 15,000 tpd., discount rate = 7%. Top cut at 32 gpt.
- Conforms to NI 43-101, Companion Policy 43-101CP, and the CIM Definition Standards for Mineral Resources and Mineral Reserves. Inferred Resources have been estimated from geological evidence and limited sampling and must be treated with a lower level of confidence than Measured and Indicated Resources.
- All numbers are rounded. Overall numbers may not be exact due to rounding.
- There are no known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.
Ian Klassen, President
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
For further information please contact:
GMV Minerals Inc.
Tel: (604) 899-0106
Email: [email protected]
This news release may contain forward-looking statements based on assumptions and judgments of management of the Company regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. The Company disclaims any intention or obligation to revise or update such statements except as may be required by law.
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