GMV Minerals Advances with Diamond Drilling at Mexican Hat Gold Project

GMV Minerals Inc., based in Vancouver, reports significant progress in its drilling efforts at the Mexican Hat Gold project in southeast Arizona. The company has completed 16 diamond drill holes with over 3,250 meters drilled. Currently, GMV is working on the 17th hole, covering a 540-meter strike length at depths reaching 340 meters. Approximately 1,500 samples have been submitted for assays, with many results still pending.

The drilling aims to confirm approximately 90% of the project's mineralization, with the hope of upgrading the Inferred Mineral Resource classification. This initiative is part of a strategic plan following a 2025 Preliminary Economic Assessment (PEA), which showed a promising Internal Rate of Return (IRR) of 66.1%, increasing significantly under higher gold prices.

The project targets an average production of 60,000 ounces annually over a 10-year mine life, leveraging heap leach techniques. The overall capital requirement (Capex) is estimated at approximately USD 90 million, considering a potential pricing upswing in the gold market.