GMV Minerals Announces Drilling Update
Rhea-AI Summary
GMV Minerals (OTCQB:GMVMF) reports drilling is advancing at its 100%-owned Mexican Hat gold project in Arizona, now on the 10th diamond drill hole totaling 1,996 m. All holes have intersected mineralization, with 20–25 holes planned. A 2025 PEA outlines a 10-year, 597,841-ounce operation, with a base-case pre-tax NPV of US$390.2 million, 66.1% IRR, and US$89.997 million capex at US$2,500/oz gold, while emphasizing the preliminary nature of inferred resources.
AI-generated analysis. Not financial advice.
Positive
- 10 diamond drill holes completed totaling 1,996 m to date
- All holes drilled so far have intersected mineralization
- Planned 20–25 holes totaling up to 4,925 m
- Base-case pre-tax NPV of US$390.2M at 5% discount
- Base-case pre-tax IRR of 66.1% with 1.53-year payback
- 10-year mine life with 597,841 ounces total gold production
- Capex estimated at US$89.997M including US$15.4M contingency
- Low life-of-mine strip ratio estimated at 2.05
- Price sensitivity at US$4,000/oz shows US$1.055B pre-tax NPV
Negative
- PEA relies on Inferred Mineral Resources without demonstrated economic viability
- Mine plan described as preliminary and subject to further detailed work
- Additional drilling and technical studies required before any production decision
- No certainty Mexican Hat will be developed or PEA economics realized
News Market Reaction – GMVMF
On the day this news was published, GMVMF declined 0.17%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Drilling 10th Hole at the Mexican Hat Gold Project
VANCOUVER, BC / ACCESS Newswire / June 1, 2026 / GMV Minerals Inc. (the "Company" or "GMV") (TSXV:GMV)(OTCQB:GMVMF) is pleased to announce that drilling is proceeding well. The Company is now drilling its 10th diamond drill hole on its wholly-owned Mexican Hat Deposit in Cochise County, Arizona, totalling 1,996 m to date. These have been completed over 430m of strike length.
As anticipated, all holes drilled to date have intersected mineralization. A total of 20-25 drill holes are currently planned (up to 4,925 m) with some drill hole additions or reductions possible as determined during the program. Recoveries have been very good. Assays will be reported as they are received, verified, and approved for release by the QP.
A total of 599 samples (from the first 5 holes) have been submitted for analysis to SGS USA Inc. in Tempe Arizona, an independent qualified laboratory. Samples are submitted in batches of >100 samples +/- as logging is completed with results being returned from the lab as they come available. All samples are tested for gold by fire assay with automatic overlimits applied to samples exceeding 10 gpt gold. Additional testing for selected samples to confirm geochemical trends is determined by the logging crew together with selected SG analyses. Certified blanks and standards with field duplicates are submitted at predetermined intervals, and these together with laboratory blanks, standards and duplicate analyses are examined to confirm QA/QC.
This drilling will test approximately
2025 PEA Highlights:
The Company filed the PEA (as defined below) on September 8, 2025, which included that following highlights:
The Base Case generates a pre-tax Internal Rate of Return ("IRR") of
66.1% (after-tax50.2% ) and a pre-tax net present value ("NPV") at a5% discount rate of US$390.2 million (after-tax US$268.3 million ) with a 1.53-year payback (1.82 year after-tax) of invested capital using a US$2,500 per ounce gold price.Based on price sensitivity analysis at a more current price range of US
$4,000 per ounce of gold, the project returns a pre-tax IRR of134.2% (after-tax104.2% ) and a pre-tax NPV at a5% discount rate of US$1.055 billion (after-tax US$744.4 million ).Base Case mine life of 10 years with total production of 597,841 ounces, averaging approximately 60,000 ounces per year.
Crushed mineralized material will be conveyor stacked at a rate of approximately 10,000 tonnes/day on a conventional heap leach pad.
Capex: US
$89,997,000 (including US$15.4 million contingency).Low LOM Strip Ratio of 2.05
Engineering design analysis indicates the potential to increase pit size and contained ounces with increased gold prices.
Technical Report and Qualified Persons
The technical report entitled "Updated Preliminary Economic Assessment, Mexican Hat Project" (the "PEA"), with an effective date of August 8, 2025 was prepared by the following Qualified Persons (as defined under NI 43-101), all of whom are independent of the Company:
Mr. Brian Olson, Q.P., Samuel Engineering, Inc. (Metallurgical Test Work and Recovery, Process Plant and Process Operating Costs)
Mr. Steven Pozder, P.E., Samuel Engineering, Inc. (Project Economics and Infrastructure)
Dr. Dave Webb, Ph.D., P.Eng., P.Geo., DRW Geological Consultants Ltd. (Mineral Resource Estimate, Mineral Reserve Estimate, Property Description and Location, Accessibility, Climate, Local Resource, Infrastructure and Physiography, History, Geological Setting and Mineralization, Deposit Types, Exploration, Drilling, Sample Preparation, Analysis and Security, Data Verification).
Mr. Thomas L. Dyer, P.E., RESPEC LLC. (Mine Design, Production Schedule, Capital and Operating Costs)
Mr. Francisco J. Barrios, P.E., BBA Consultants International LP (Pad Design and Loading)
Ms. Dawn Garcia, CPG, PG, Stantec Consulting Services Inc. (Environmental)
Technical Information and Cautionary Note Regarding Inferred Mineral Resources
The mine plan evaluated in the PEA is preliminary in nature and includes Inferred Mineral Resources, as defined by NI 43-101 that are considered too speculative geologically to have the economic considerations applied to them that would enable them to be converted to Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. Additional drilling and technical studies will need to be completed in order to fully assess its viability. There is no certainty that a production decision will be made to develop the Mexican Hat Project or that the economic results described in the PEA will be realized. Mine design and mining schedules, metallurgical flow sheets and process plant designs will require additional detailed work and economic analysis and internal studies to ensure satisfactory operational conditions and decisions regarding future targeted production. Key assumptions, qualifications and estimates to the results of the PEA are contained in the PEA.
About GMV Minerals Inc.
GMV Minerals Inc. is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its
Dr. D.R. Webb, Ph.D., P.Geo., P.Eng. is the Q.P. for this release within the meaning of NI 43-101 and has reviewed the technical content of this release and has approved its content.
ON BEHALF OF THE BOARD OF DIRECTORS
________________________________________
Ian Klassen, President
For further information please contact:
GMV Minerals Inc.
Ian Klassen
Tel: (604) 899-0106
Email: Klassen@gmvminerals.com
Cautionary Statement Regarding Forward-Looking Information
This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Forward-looking information contained in this news release include, but are not limited to, statements or information with respect to: the engagement of Machai, including the services to be provided and the grant of options to Machai, the anticipated drilling program on the Mexican Hat Project, including timing thereof, the results of the PEA, including the IRR and NPV, life of mine and production, capital expenditures, cost estimates; and the mine plan, future plans; mineral resources; and future gold prices. Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company's filings with Canadian securities regulators. Assumptions upon which forward-looking information contained in this news release is based, without limitation, include: ability to obtain approval of the TSXV, the services to be provided by Machai, results of the drill program on the Mexican Hat Project and future exploration; gold prices; accuracy of the results of the PEA, including key assumptions and methods used to determine mineral resources and the results of the PEA; the ability to obtain required permits and approvals; the ability to execute future plans; exchange rates; ability to obtain funding; and changes in regulatory or community environment. Risks, and uncertainties include: results of further drilling and exploration; risks related to mineral tenure, permits and approvals; risks related to the execution of future plans; changes in gold price and exchange rates; risks related to obtaining financing; foreign country risks; regulatory risks and liabilities; and those risks and uncertainties as further described in the Company's filings with Canadian securities regulators which can be found on SEDAR+ at www.sedarplus.ca under the Company's profile. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.
Cautionary Note to U.S. Investors
The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms in this report, such as "Measured," "Indicated," "Inferred," and "Resources," that the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC.
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.
SOURCE: GMV Minerals, Inc.
View the original press release on ACCESS Newswire