GMV Minerals (TSXV: GMV) this morning announced that it has received the go-ahead for its previously announced drill program at its Mexican Hat gold project in south eastern Arizona. The current program is reportedly 100% funded.
The company has now received the required drill permits from both the state of Arizona and the Bureau of Land Management to proceed with the planned 3,050 metre drill campaign. Furthermore, the company has engaged a drill contractor for the program, with drilling set to begin in early July.
The program is to focus on probably extensions of the mineralized structure that hosts and controls the Mexican Hat project. Currently, the company has planned a total of eight drill holes, with holes ranging from 100 metres to 900 metres away from the previously drilled resource. The program ahs the potential to expand the footprint of the deposit by up to 70% in terms of strike.
“There are not a lot of gold projects like Mexican Hat in the southwestern United States and we are very eager to resume drilling on the project this summer. We will be immediately focused on expansion of the resource with drilling to test the structures to the southeast and the potential to the north.”Ian Klassen, CEO of GMV Minerals
GMV Minerals last traded at $0.33 on the TSX Venture.
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