GMV Minerals (TSXV: GMV) announced this morning that is has planned an expansion drill program for its flagship Mexican Hat project located in Cochise County, Arizona. Upon the completion of permitting, two further drill programs are to take place on the property.
The targeted area for the expansion program consists of three separate areas that have been found to contain probable extensions of the main mineralized structure on the property. Eight drill holes totaling 3,050 metres have been planned for the program, with drilling to occur between 100 metres to 900 metres away from the main structure.
The current structure on the property has been delineated following the drilling of 124 holes on the property, of which 117 contained significant gold mineralization. The zone is presently open to the west of the deposit, with the western-most holes having intersected 0.66 g/t over 3.0 metres and 0.66 g/t gold over 6.1 metres. If successful, the planned program could increase the footprint of the deposit by up to 70%.
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Drilling is also planned north of the current deposit, with the five largest drill assays having been found in this region, where mineralization has been as high as 37.6 g/t gold over 3.0 metres.
The company is currently awaiting drill permits for the property, after which the firm will commence its drill program.
GMV Minerals last traded at $0.28 on the TSX Venture.
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