VANCOUVER, June 16, 2011 /CNW/ - GMV Minerals Inc. (the "Company" or "GMV") (TSX-V: GMV) is pleased to announce that it now has two drills turning on its initial gold target in Guyana, South America.
The initial drill program consists of 25 vertical holes each to a depth of 200-300 metres intersecting a very strong well defined geophysical anomaly which has a sharply defined northern boundary. The ZEV showing is initially being drilled along an east-west axis on approximately 400 metre hole spacing. The north - south axis will be drilled on 200 + metre hole spacing which will extend well into the surrounding rock units. The first holes are centered on the strongest anomalous showings and the follow up holes infill the pattern necessary to delineate the structure into the adjacent altered zone on the north and south sides. The core is logged and cut on site and is shipped to the Acme assay prep lab in Georgetown and then forwarded for processing at Acme Labs. The first assay results are expected mid to late July depending on the lab volume.
The 2011 3D IP geophysical survey has reached 138 km and ground crews are preparing to extend the survey to include a newly identified area of geological interest. Ground geophysics has extended the ZEV anomaly (that is being tested by drilling with nearly 49 line km more completed) for a total of 138 line km of 3D IP. The ZEV anomaly has been extended east and west and has been more fully defined with more drilling targets. There are two distinct anomalies thus far - the first and main anomaly is arch shaped and has a width ranging from 200-300 m and spans approximately 3 km. A second intersecting anomalous feature is 200-300 meters wide and extends 800 meters. The IP crew will continue operations on other areas of interest while this area is being drill tested. Preparations are underway to examine, via a 3D pole-pole IP survey, a second anomalous area identified by the airborne survey located to the south west of the present survey. This area is also in a known gold producing area bordering the Puruni River, which is one of the most productive alluvial gold rivers in Guyana. The testing will be centered over a north-east trending structure indicative of a structural shear off the contact with main rock units. This camp is presently under construction with lines being cut shortly thereafter.
The fixed wing airborne magnetic and gamma-ray spectrometry survey is now complete with a 33,692 line km survey accepted and final lines being tabulated. All data is currently being interpreted and refined results are expected over the next three to five weeks. This survey constitutes the largest non government airborne survey ever conducted in Guyana. The processing of the gamma-ray spectrometry and the derived radioelement ratios is underway. The Puruni area spectrometry data will be processed first with results expected by the first week of July.
Geochemical samples taken on the ground geophysical survey sites are being sent in for assay. These samples provide a framework to identify the rock units and alteration as well as the mineralization potential of the area. Some assays have been received and are being plotted and used to define the mineralization. More samples are due to be delivered to the lab at the end of the week with ICP analysis expected in 3-4 weeks.
This news release has been reviewed and approved by Christopher (Kit) Campbell, P. Geo., a Qualified Person 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 1000 sq. miles. The Company currently has approximately C$7.0M in treasury and 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.
