GMV Minerals (TSXV: GMV) this morning provided the market with an update on its ongoing drill program at its flagship Mexican Hat project in Arizona. The company has completed the initial portion of the program, and has now moved the drill to a secondary location to test a magnetic anomaly.
The magnetic anomaly, located to the north of the established resource, is believed to be an extension of the current mineralization known on the property. The anomaly is believed to be the principal controlling structure in the region, with drilling focusing on strong geophysical responses, after having tested magnetic lows.
A total of four holes have already been drilled while testing this principal controlling structure, with the holes totaling 1,262 metres in aggregate. Three of the four holes ended in strongly fractured volcanic rock at depths where the structure was expected to be intersected, with holes forced to be abandoned before reaching the planned depth. The fourth hole however was drilled to the desired depth.
In terms of assays, results from the first hole have been received, however the firm requested a rerun due to inconsistencies found within the samples. A second hole was also received, with anomalous gold values.
The currently ongoing drill program is for a planned 3,000 metres, with the firm looking to drill a total of eight holes in hopes of expanding the current resource on the property.
GMV Minerals last traded at $0.31 on the TSX Venture.
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