14:30:39 EDT Fri 03 May 2024
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GMV Minerals Inc (3)
Symbol GMV
Shares Issued 86,355,029
Close 2023-11-29 C$ 0.295
Market Cap C$ 25,474,734
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GMV Minerals upbeat about Daisy Creek survey results

2023-11-29 09:54 ET - News Release

Mr. Ian Klassen reports

GMV MINERALS RECEIVES HELICOPTER-BORNE HIGH RESOLUTION MAGNETIC AND RADIOMETRIC SURVEY RESULTS ---MULTIPLE PRIORITY TARGETS IDENTIFIED AT ITS DAISY CREEK LITHIUM PROJECT

GMV Minerals Inc. has received the completed geophysical survey from Precision GeoSurveys Inc. of Langley, B.C., on its Daisy Creek project in Lander county, Nevada.

The survey was designed to outline the northern portion of the Daisy Creek caldera where Phillips Uranium's historic drill results returned very impressive high-grade lithium values while testing uranium targets within the basin fill. GMV's current survey included high-resolution radiometric and magnetic measurements across its entire claim package.

There are 13 discrete magnetic anomalies identified within the Daisy Creek basin, most of which have associated radiometric anomalies. These are interpreted to define in-basin and basin margin faults with focused hydrothermal activity. There are surface disturbances consistent with trenches and/or drill pads at some of these geophysical anomalies and are very likely where Phillips Uranium focused its efforts. The current claystone model in Nevada invokes a closed basin, often defined by a collapsed tertiary caldera. The high evaporation rates during this time increased the lithium concentration in the basin. This may be further increased in hydrothermal fluids influxes such that clays forming and settling over time fill the basin with elevated lithium concentrations. Associated elements include boron and may include uranium.

Ian Klassen, chief executive officer, remarked: "We are very pleased with the results of this survey. We know that high-grade lithium assays (up to 20,000 ppm [parts per million] Li) came from a uranium exploration program, and that the airborne survey was flown in a systematic low-level grid pattern using 150-metre line spacing at a planned flight height of 40 metres has identified a number of these targets. The company's exploration team has recommended we initiate ground truthing of these geophysical anomalies and cross-referencing with the evidence of surface disturbances prior to drilling. This is a meaningful next step that gets us closer to an upcoming drill program."

Dr. D.R. Webb, PhD, PGeo, PEng, is the qualified person for this release within the meaning of National Instrument 43-101 and has reviewed the technical content of this release and has approved its content.

About GMV Minerals Inc.

GMV Minerals is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100-per-cent-owned subsidiary, has a 100-per-cent interest in a mining property lease commonly referred to as the Mexican Hat property, located in Cochise county, Arizona, United States. The project was initially explored by Placer Dome (USA) in the late 1980s to early 1990s. GMV is focused on developing the asset and realizing the full mineral potential of the property through near-term gold production. The company's NI 43-101 resource estimate (inferred) is 36,733,000 tonnes grading 0.58 gram per tonne gold at a 0.2 g/t cut-off, containing 688,000 ounces of gold. In 2023, GMV acquired a total of 165 lode claims covering 4,800 hectares in Lander county, Nevada, where it is exploring highly prospective claims for lithium.

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