GMV Minerals Inc. announces drilling update
November 3, 2011 12:50 PM
Source
VANCOUVER, Nov. 3, 2011 /CNW/ - GMV Minerals Inc. (the "Company" or "GMV") (TSX-V: GMV) today announces that assays from the first 8 diamond drilling holes have not yet intercepted mineralization warranting follow-up, delineation drilling. However, intense silica flooding of the drilled rock as well as the presence of associated favorable silica-pyrite alteration with elevated trace mineral values indicative of a mineralized hydrothermal system was discovered on the property, thereby validating the ground and airborne geophysical methods. The Company is currently conducting additional drilling and has several other holes pending assay values. Drilling is presently concentrated one kilometer west of the original holes which tested a resistivity high with a conductive core. At present Hole 13 is at an approximate depth of 75 meters and a second drill is completing Hole 12; both rigs are operating on double shifts.
Located just south of the Peter's Mine property of Guyana Goldfields Ltd. (TSX-"GUY"), the focus of GMV's next drill program is a significant anomaly identified by the 33,000+ line km airborne magnetic-radiometric survey. The Peters Mine produced approximately 41,000 ounces gold during the early 1900s and has been the focus of historic and more recent exploration including seven drill holes completed by the GGMC in 1968, and 61 drill holes completed by Guyana Goldfields Ltd. to 1998. Gold mineralization occurs within dilational parallel and cross-cutting veins and stockwork zones, and in saprolite (weathered rock) at the contact of greenstones and intrusive rocks.
To the south of the GMV drill target is a newly discovered vein system now being investigated by Arrowhead Gold Corp. (TSXv-"AWH"). Samples in excess of 10's of ounces of gold have been collected from quartz veins by Arrowhead geologists. The GMV drill target is located along a regionally significant north-south trending fault and deformation zone which is believed to be the controlling structure between quartz veins on the Peters Mine to the north and the Arrowhead Gold property to the south. GMV drilling is planned to test for both vein-type and more volumetrically significant bulk tonnage mineralization related to foliation-parallel veining. Initial geophysical interpretation of the GMV target indicates that the compelling anomaly fits well with the regional structural picture. The target area which has been the site of historic mining, is presently being actively mined for alluvial gold with reported high values common.
This news release has been reviewed and approved by Robert A. Lunceford, MSc, CPG, a Qualified Person as defined by NI 43-101.
About GMV Minerals Inc.
GMV Minerals Inc. is a junior exploration company focused on the discovery of gold assets in Guyana, South America where it holds mineral rights to nearly 1000 sq. miles. The Company is conducting a variety of advanced exploration programs during 2011.
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 or has in any way passed upon the merits of the transaction and has neither approved nor disproved the contents of this press release.
For further information:
GMV Minerals Inc.
Douglas Perkins-VP, Exploration
Tel: (781) 710-0617
Email: douglasaperkins@gmail.com
Ian Klassen
Tel: (604) 899-0106
www.gmvminerals.com
Email: klassen@gmvminerals.com
November 3, 2011 12:50 PM
Source
VANCOUVER, Nov. 3, 2011 /CNW/ - GMV Minerals Inc. (the "Company" or "GMV") (TSX-V: GMV) today announces that assays from the first 8 diamond drilling holes have not yet intercepted mineralization warranting follow-up, delineation drilling. However, intense silica flooding of the drilled rock as well as the presence of associated favorable silica-pyrite alteration with elevated trace mineral values indicative of a mineralized hydrothermal system was discovered on the property, thereby validating the ground and airborne geophysical methods. The Company is currently conducting additional drilling and has several other holes pending assay values. Drilling is presently concentrated one kilometer west of the original holes which tested a resistivity high with a conductive core. At present Hole 13 is at an approximate depth of 75 meters and a second drill is completing Hole 12; both rigs are operating on double shifts.
Located just south of the Peter's Mine property of Guyana Goldfields Ltd. (TSX-"GUY"), the focus of GMV's next drill program is a significant anomaly identified by the 33,000+ line km airborne magnetic-radiometric survey. The Peters Mine produced approximately 41,000 ounces gold during the early 1900s and has been the focus of historic and more recent exploration including seven drill holes completed by the GGMC in 1968, and 61 drill holes completed by Guyana Goldfields Ltd. to 1998. Gold mineralization occurs within dilational parallel and cross-cutting veins and stockwork zones, and in saprolite (weathered rock) at the contact of greenstones and intrusive rocks.
To the south of the GMV drill target is a newly discovered vein system now being investigated by Arrowhead Gold Corp. (TSXv-"AWH"). Samples in excess of 10's of ounces of gold have been collected from quartz veins by Arrowhead geologists. The GMV drill target is located along a regionally significant north-south trending fault and deformation zone which is believed to be the controlling structure between quartz veins on the Peters Mine to the north and the Arrowhead Gold property to the south. GMV drilling is planned to test for both vein-type and more volumetrically significant bulk tonnage mineralization related to foliation-parallel veining. Initial geophysical interpretation of the GMV target indicates that the compelling anomaly fits well with the regional structural picture. The target area which has been the site of historic mining, is presently being actively mined for alluvial gold with reported high values common.
This news release has been reviewed and approved by Robert A. Lunceford, MSc, CPG, a Qualified Person as defined by NI 43-101.
About GMV Minerals Inc.
GMV Minerals Inc. is a junior exploration company focused on the discovery of gold assets in Guyana, South America where it holds mineral rights to nearly 1000 sq. miles. The Company is conducting a variety of advanced exploration programs during 2011.
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 or has in any way passed upon the merits of the transaction and has neither approved nor disproved the contents of this press release.
For further information:
GMV Minerals Inc.
Douglas Perkins-VP, Exploration
Tel: (781) 710-0617
Email: douglasaperkins@gmail.com
Ian Klassen
Tel: (604) 899-0106
www.gmvminerals.com
Email: klassen@gmvminerals.com