GMV Minerals Inc. discovers strong gold anomaly 2.6 km long by 0.6 km wide
VANCOUVER, Oct. 18, 2012 /CNW/ - GMV Minerals Inc. (the "Company" or "GMV") (TSXV: GMV) is pleased to announce that it has successfully outlined a strong gold geochemical anomaly on its A-16 Prospecting License ("PL") which lies adjacent to and directly south of Guyana Goldfields Inc.'s Aurora deposit.
During the past few months multiple crews of geological professionals and a field staff of approximately 20 have mapped, sampled and hand augered 2,441 samples on the A-16 PL. The geochemical sampling by hand augers was done at 50-metre intervals on E-W lines spaced 100 metres apart N-S. The grid was concentrated on structural trends and granite-greenstone contacts defined by geophysical data. In-fill auger sampling at 25 metres helped define two principal and several secondary targets within the gold anomaly. Recently, the gold anomaly has been extended further south and east based on hand auger assays results, which have just been received
The Company has also completed a 45-hole Trado (a small portable mechanical auger) grid around the highest priority drill target as defined by the hand auger sampling with holes set at 25 metres along four E-W lines spaced 50 metres apart N-S. This Trado program is designed to more reliably test the anomaly at depth to reduce sampling inaccuracies due to alluvial gold and surficial weathering influences. It is expected that this deeper sampling will define the drill target if results are as encouraging as the shallow auger sampling has indicated. Core drilling if warranted, will follow as soon as possible after assays have been received. The majority of the Trado holes (36) were drilled to a depth of 7 metres, with the remaining being completed between 3-6 metres depending on ground conditions and water table.
Structural, magnetic, and radiometric (U, Th, K) data on A-16 defined by airborne and follow-up geophysical surveys [see Press Release dated March 1, 2012] indicated potential for gold mineralization on A-16. Located just north of A-16, the Aurora deposit is aligned to the northwest and situated at the distal end of a regional scale potassic alteration zone, which extends southeast onto A-16. Potassic alteration within Guyana is often associated with gold mineralization. Alluvial gold has been recovered in numerous historic dredging operations on A-16 and active alluvial mining is being conducted very near the area being Trado sampled by GMV geologists.
The gold anomaly trends northwest-southeast and is open-ended to the southeast and east with the most recent assays extending the trend. At present, sampling has indicated an anomaly 2.6 kms long by 0.6 km, or 2.0 km2 within an area of interpreted structural complexity as defined by the airborne geophysical survey. The limits of the anomaly are defined by samples collected at 50-metre intervals on lines spaced 100-metres apart which include 686 assayed auger samples, 235 (34%) of which have Au values above detection limits. Detection limits within the data set is defined as any value greater than 0.005 ppm Au by 30-gram fire assay analysis. The anomalous Au values cross-varied terrains including ridges, flats, low-lying and swampy areas. There are several large and small areas of alluvial dredge tailings within the anomaly including the largest at 0.05 km2 located near the GMV camp on A-16. Selected pulp samples have been re-submitted for assay using a smaller sieve size to see if that may assist in defining the targets. In-fill sampling at 25 metres by 25 metres spacing has further defined gold targets within the greater anomaly. Results from the Trado sampling will be used to locate final drill pad locations.
In-fill geochemical grid sampling has defined several targets within the greater gold anomaly including a primary one located approximately 1 kms south-east from the GMV camp. In addition to anomalous gold, elevated Mo, Fe and S, indicative of an acidic intrusive body showing a sulphide response, define this target. Acidic granitic rocks with numerous quartz veins have been mapped on the surface and correlate well with the gold target. The anomalous gold values are associated with elevated Ca, K, Na, P, Sr, Ni, and Mg. Trado in-fill sampling at 25-metre intervals over the peak anomaly has been completed to further define drill targets. The Trado auger holes, which average 7 metres in depth, were drilled as deep as possible at each location. Two samples were collected from the top metre of each hole (top 50 cm and bottom 50 cm), with the bottom 50 cm of each subsequent metre being sampled. A total of 337 samples have been submitted to Acme Analytical labs in Georgetown and results are expected in November. It will take several weeks to mobilize the drill and establish a trail into the proposed sites and during that period Trado sampling will be ongoing.
Cash on Hand
Presently, the Company has a cash balance of approximately $2 million in addition to marketable securities of approximately $250,000.
This news release has been prepared and approved by Robert (Bob) Lunceford, a geologist with more than 25 years of experience and a Qualified Person as defined under 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 900 sq. miles. The Company is conducting a variety of advanced exploration programs during 2012.
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.
SOURCE: GMV Minerals Inc.For further information:
GMV Minerals Inc.
Tel: (604) 899-0106