GMV Minerals Inc.

Company Data | Introduction | Projects in Hand | Management
News Update | Chinese

Company Data

Introduction

GMV Minerals is a publicly traded exploration company focused on developing its 100%-owned Mexican Hat Project in S.E. Arizona, United States. The Project was initially explored by Placer Dome (USA) in the late 1980s to early 1990s. GMV is focused on developing this asset and realizing the full mineral potential of the property through near-term gold production. The Company's NI 43-101 resource estimate (inferred) is 36,733,000 tonnes grading 0.58 gram per tonne gold at a 0.2 g/t cut-off, containing 688,000 ounces of gold.

In May, GMV Minerals entered into an option to earn a 100% interest in the previously drilled high-grade Daisy Creek Lithium project in north-central Nevada where results were recorded as high as 20,000 ppm Li.

Investment Highlights

GMV is on the Path to Arizona’s Next Gold Mine & Advancing the Daisy Creek High-Grade Lithium Project in Nevada

• High Quality Gold Asset
• Focused on developing the 100% owned Mexican Hat Gold Project in Cochise County, S.E. Arizona
• Positive Preliminary Economic Assessment (PEA)
• November 2020: Reports 10-year mine life, low Capital Expenditures (CAPEX) & very strong Net Present Value (NPV)
• Developing Ounces-in-the-Ground
• Mexican Hat: USD$153 million NPV 5% from 52,520 oz/yr for 10 years (Pre-tax and at USD$1,600/oz price)
• Project Advancement
• Conversion Drilling Early 2024: (from Inferred to Measured &Indicated) 35-38 drill hole program including 7,000 metres of drilling to twin holes previously explored by Placer Dome USA
• High Quality Lithium Asset
• Exploring the previously drilled high-grade Daisy Creek Lithium Project in Lander County, Nevada
• Safe, Mining Friendly Jurisdictions
• Arizona and Nevada are mining-friendly jurisdiction with readily available and experienced service providers

Projects in Hand

Mexican Hat Project, Cochise County, Arizona

Project Overview

• Located in Cochise County, Arizona – 72 miles ESE of Tucson
• Good access and close proximity to infrastructure
• The Project spans ~5,000 acres, forming one of the most promising gold development opportunities in the western USA
• GMV has a 100% interest
• Extensive past exploration by Placer Dome (USA)
• The Project is a low sulphidation, structurally controlled epithermal gold deposit
• Primary mineralization consists of oxides with gold in a metasomatic assemblage of carbonate, epidote, chlorite & minor silica along fractures & fault zones within a tilted conformable package of Tertiary rock
• All rocks are oxidized to at least 200m with minor weakly oxidized rocks report 95% gold recoveries
• Mexican Hat contains an Inferred Mineral Resource of 688,000 ounces of gold (36,733,000 tonnes grading 0.58 g/t Au). Mineralization is open in three directions and at depth
• 149 trenches, 158 reverse circulation and rotary drill holes and 45 diamond drill holes have been completed on the property since 1989
• 11 reverse circulation drill holes completed in 2019 incorporated into a new resource estimate

PEA Summary

• Current mine life of 10 years with a 1-year preproduction period – OPEN TO EXPANSION
• Life of mine (LOM) head grade of 0.58 g/t gold
• Low LOM Strip Ratio of 1.87
• Average Annual Gold Production of 52,250 ounces
• Base case: USD$1,600 oz gold
• Pre-tax Internal Rate of Return (IRR)-39.4%; Payback-2.8 years
• Pre-tax NPV (-5% discounted): USD$153 million
• CAPEX: USD$67M (including $12M contingency)
• Estimated cash cost of production: $951 per ounce

Daisy Creek Lithium Project, Nevada

In May 2023, GMV entered into a 3 year option agreement to earn a 100% interest in the Daisy Creek lithium project is located in Lander County, north-central Nevada. On August 16, 2023, GMV announced that it has staked 83 additional lode claims adjacent to its land position at the Daisy Creek Lithium project. The Company now controls or owns a total of 165 lode claims covering 3,408 acres. The claims are located near several operating gold mines and access to power, water and paved highways is nearby.

The area was prospected by several oil and mining companies for uranium in the early 1970s, staked by Phillips Uranium in 1977, and drilled in the 1980s when two well known-Nevada geologists were employed by Philips. Drilling by Phillips identified bonanza grade lithium in at least two drill holes with values up to 2% in clay-altered volcanic tuffs.

The Company noted that the lithium was likely contained in hectorite, a lithium-bearing clay mineral found in altered volcanic tuffs. Years later these two geologists staked claims that covered the lithium-rich drill holes (now controlled by GMV). Their staking occurred after they began to note the similarities between what they saw at Daisy Creek and Lithium America’s burgeoning Thacker Pass discovery located in the McDermitt Caldera of Nevada.

GMV will conduct a series of geophysical surveys in Q4 2023 and expects to drill in 2024.

Management

Management, Directors, and Advisors

Ian Klassen, B.A. (Hons), President & CEO, Director

Mr. Klassen has over 30 years of experience in public company management, public relations, government affairs and entrepreneurialism. He has extensive experience in public company administration, finance, government/legislative policy, media relationship strategies and project management. Mr. Klassen is the President of a North American mineral exploration company and sits on the Board of Directors of several private and public companies.

Michele Pillon, Chief Financial Officer

Ms. Pillon is an accountant with several years experience in the junior mining exploration sector. Since 1988, Ms. Pillon has been providing accounting and regulatory assistance to public and private companies.

Dr. D. R. Webb, B.A.Sc. (Eng.), M.Sc., Ph.D., P.Geo., Acting Project Manager

Dr. Webb served as president and director of Tyhee Gold Corp. where he and his team developed a high-grade gold deposit into production, Mongolia's first hard rock gold mine. Dr. Webb sits on the board of Lake Victoria Mining Company Inc. and Metallis Resources Inc., several private corporations, and is on the Advisory Council for the Centre of Training Excellence in Mining. As a consultant, he coauthored the qualifying report on Fortune Minerals' Nico Deposit.

Alistair MacLennan, Chairman

Mr. MacLennan has been working in the junior resources sector (oil/gas/minerals), in various capacities, for over forty years.

Douglas A. Perkins, B.Sc., FGAC, Independent Director

Carl Hale, P.Geo., Independent Director

Robert Coltura, Independent Director

Advisors

Dr. Roger Newell, Ph.D. (former Chief Geologist, Newmont Mining)

Joel Schneyer, M.S., M.A., B.A. (Managing Partner, Minerals & Mining-Capstone Headwaters)

Please refer to GMV's website www.gmvminerals.com for complete biographies.

News Update

On September 26, 2024, GMV Minerals Inc., pursuant to its news release dated Sept. 10, 2024, has completed its initial drill program on the Daisy project, located in Lander county, Nevada.

The company drilled five targets with 643 metres (2,109 feet) of reverse-circulation and tricone drilling. All holes intercepted various claystone horizons and claystone with felsic ash to lapilli tuffs with a distinctive trend toward more abundant claystone in the central portions of the caldera. Abundant alteration was noted in some drill holes with both oxidized and sulphide-bearing horizons observed.

A total of 221 samples have been submitted to ALS Global for analysis in Elko, Nev., including 10 certified reference standards. The results will be released once they have been received and checked. No lost-time accidents occurred, and all disturbed sites were graded and reseeded with the recommended seed mix.

On September 10, 2024, GMV Minerals Inc. has begun drilling at its Daisy Creek lithium-uranium project in Lander county, Nevada. The company has engaged Nevada-based Harris Exploration Drilling and Associates Inc. to commence its initial drill program at the Daisy Creek project. Harris Exploration has decades of successful drill exploration experience spanning across the Americas on all types of projects.

Ian Klassen, president, remarked, "We are pleased to be drill testing the Daisy Creek project and to be doing so with Harris Exploration, a highly reputable and experienced company that is very familiar with this type of geology."

The company's initial reverse circulation drill program will be approximately six holes from six different set-ups totalling approximately 3,500 feet. The program is designed to test the most prospective lithium targets, as defined by the most recent geophysical fieldwork and historical information.

On July 24, 2024, GMV Minerals Inc. has continues to be highly encouraged by its primary core project, known as the Mexican Hat gold deposit, located in southeastern Arizona. The company's preliminary economic assessment (PEA) reports 36.7 million tonnes grading 0.58 gram per tonne gold in a 688,000-ounce inferred mineral resource. An open pit with a 1.87:1 strip ratio was modelled to extract 32.6 million tonnes of this deposit recovering 525,000 ounces of gold over a 10-year mine life. This is a low-capital-cost operation, with a total cost of $67.8-million (U.S.), which includes $12-million (U.S.) in contingency and $13-million (U.S.) in sustaining capital. Heap leach testing demonstrates an exceptional recovery of 88 per cent of the gold from a two-stage crushing circuit.

A drill program will twin approximately 35 shallow holes drilled by past operators (approximately 90 per cent completed by Placer Dome USA). This wide-diameter diamond drill program intends to refine the internal boundaries of the mineralization and provide geomechanical parameters that cannot be obtained from reverse circulation drilling. The result from this work is expected to:

• Upgrade the mineral resource to higher categories within the measured, indicated and inferred resource classification;
• Provide geotechnical data for engineering designs geared to maximize the pit slope and potentially increase recoverable gold ounces;
• Provide opportunities to confirm hydrogeological properties of the rock;
• Provide samples for environmental testing to characterize both the ore and waste materials for permitting requirements.

In addition, this phase of the drilling will be completed in parallel with a resumption of hydrogeological and atmospheric testing being conducted by SRK Consulting (U.S.) Inc. and Westland Engineering & Environmental Services Inc. This work will enable the company to identify pertinent data to allow for the company to advance the project toward production.

The company also confirms that it has received the approval of the notice of intent (NOI) for the company's Daisy Creek project in Lander county, Nevada.

On May 06, 2024, The TSX Venture Exchange has consented to the extension of the expiry date of the following warrants.

Private placement

Number of warrants: 4.5 million

Original expiry date of warrants: June 24, 2024

New expiry date of warrants: June 24, 2025

Exercise price of warrants: 16 cents

These warrants were issued pursuant to a private placement of 4.5 million shares with 4.5 million share purchase warrants attached, which was accepted for filing by the exchange effective June 24, 2022.

On May 03, 2024, GMV Minerals Inc. has filed permitting documentation with the Bureau of Land Management (BLM) for GMV's Daisy Creek lithium/uranium project in Lander county, Nevada.

The notice of intent (NOI) covers a six-hole drill program up to a total depth of 3,000 feet and focuses on the most prospective lithium targets as defined by recent geophysical work. Upon approval and receipt of permits, GMV is targeting to drill its Daisy Creek project in June/July, 2024, and will provide further updates as new information comes available.

On April 24, 2024, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement.

Number of shares: 2,706,667 shares

Purchase price: 15 cents per share

Warrants: 2,706,667 share purchase warrants to purchase 2,706,667 shares

Warrant exercise price: 25 cents for a two-year period

Number of placees: four places

On April 19, 2024, GMV Minerals Inc. has closed a non-brokered private placement with the issuance of 2,706,667 units at a price of 15 cents per unit for gross proceeds of $406,000 with all securities issued having a four-month hold period which expires on Aug. 20, 2024. The private placement remains subject to obtaining final approval of the TSX Venture Exchange.

The net proceeds of the offering will be used to advance exploration activities at the company's 100-per-cent-controlled Mexican Hat gold property located in southeast Arizona, advance exploration at the Daisy Creek lithium project, as well as for general working capital.

On April 15, 2024, The TSX Venture Exchange has accepted for filing documentation with respect to a non-brokered private placement.

Number of shares: 2,009,000 shares

Purchase price: 15 cents per share

Warrants: 1,004,500 share purchase warrants to purchase one million shares

Warrant exercise price: 25 cents for a one-year period

Number of placees: 17 placees

Total existing insider involvement: 80,000 (one insider)

On April 12, 2024, GMV Minerals Inc. has closed the second and final tranche of its non-brokered private placement. The second tranche raised gross proceeds of $80,250 from the issuance of 535,000 units at a price of 15 cents per unit. The total private placement raised $301,350 in gross proceeds with the issuance of 2,009,000 units.

The net proceeds of the offering will be used to advance exploration activities at the company's 100-per-cent-controlled Mexican Hat gold property, located in southeast Arizona, advance exploration at the Daisy Creek lithium project as well as for general working capital.

On April 05, 2024, GMV Minerals Inc. has closed the first tranche of a non-brokered private placement. The first tranche raised gross proceeds of $221,100 from the issuance of 1,474,000 units at a price of 15 cents per unit. The total private placement will raise up to $300,000 in gross proceeds with the issuance of up to two million units.

The net proceeds of the offering will be used to advance exploration activities at the company's 100-per-cent-controlled Mexican Hat gold property located in southeastern Arizona, advance exploration at the Daisy Creek lithium project as well as for general working capital.

On March 21, 2024, GMV Minerals Inc. has reached a mutual agreement with Western Property Holdings LLC (WPH), as optionor, to amend the Option Agreement dated May 15, 2023 between the Company, as optionee, and WPH (the "Option Agreement") for the Company's option to acquire a 100% interest in the Daisy Creek Project, Nevada, on the terms which were previously announced on May 16, 2023, as follows:

1. The first cash option payment due on or before June 12, 2024 has been reduced from US$100,000 to US$10,000, and the parties have agreed to defer payment of the balance until June 12, 2026 (now US$190,000 in total);
2. The first share installment due on or before June 12, 2024 has been reduced from 1 million common shares to 500,000 common shares of the Company, and the parties have agreed to defer issuance of the balance until June 12, 2026 (now 4 million common shares in total); and
3. The parties have agreed to defer the minimum work requirements of US$250,000 due on or before June 12, 2024 until June 12, 2026 (now US$750,000 in total).

The Company has doubled its land position at the Daisy Creek Lithium Project, and these revisions were made to allow additional time for the Company to complete on-going exploration work to evaluate the potential of the properties.

Ian Klassen, President & CEO, commented, "We would like to sincerely thank Western Property Holdings for their continued support over this past year. Given market conditions, the reduction in near term cash and share payments is a timely and valuable step to advancing the Daisy project. I thank the project optionors for their market sensitivity and the additional flexibility that this deferral provides the Company."

In addition, the Company announces that subject to TSX Venture Exchange approval, it has granted incentive stock options to various directors, officers and consultants to purchase up to 1,650,000 common shares exercisable at a price of $0.15 per share for a period of five years.

On November 29, 2023, GMV Minerals Inc. has received the completed geophysical survey from Precision GeoSurveys Inc. of Langley, B.C., on its Daisy Creek project in Lander county, Nevada.

The survey was designed to outline the northern portion of the Daisy Creek caldera where Phillips Uranium's historic drill results returned very impressive high-grade lithium values while testing uranium targets within the basin fill. GMV's current survey included high-resolution radiometric and magnetic measurements across its entire claim package.

There are 13 discrete magnetic anomalies identified within the Daisy Creek basin, most of which have associated radiometric anomalies. These are interpreted to define in-basin and basin margin faults with focused hydrothermal activity. There are surface disturbances consistent with trenches and/or drill pads at some of these geophysical anomalies and are very likely where Phillips Uranium focused its efforts. The current claystone model in Nevada invokes a closed basin, often defined by a collapsed tertiary caldera. The high evaporation rates during this time increased the lithium concentration in the basin. This may be further increased in hydrothermal fluids influxes such that clays forming and settling over time fill the basin with elevated lithium concentrations. Associated elements include boron and may include uranium.

Ian Klassen, chief executive officer, remarked: "We are very pleased with the results of this survey. We know that high-grade lithium assays (up to 20,000 ppm [parts per million] Li) came from a uranium exploration program, and that the airborne survey was flown in a systematic low-level grid pattern using 150-metre line spacing at a planned flight height of 40 metres has identified a number of these targets. The company's exploration team has recommended we initiate ground truthing of these geophysical anomalies and cross-referencing with the evidence of surface disturbances prior to drilling. This is a meaningful next step that gets us closer to an upcoming drill program."

On October 10, 2023, GMV Minerals Inc. has contracted Precision GeoSurveys Inc. of Langley, B.C., to perform a helicopter-borne high-resolution magnetic and radiometric survey at its Daisy Creek project in Lander county, Nevada.

Ian Klassen, chief executive officer, remarked: "We are very pleased to be working with Precision, a Canadian and global leader in airborne geophysics. The airborne survey, expected to start in the next two weeks, will be flown in a systematic low-level grid pattern using 150-metre line spacing at a planned constant flight height of 40 m. The high-resolution magnetic and radiometric survey will be another important instrument used by GMV's exploration team to map the geometry of the caldera basin in detail, as well as the radiometric response of the exposed rocks to determine what the previous owner Phillips Uranium was targeting when they drilled the high-grade lithium target in the 1980s. The survey will provide uniform, low-ground-clearance magnetic and radiometric data coverage of the Daisy Creek project at higher resolution than existing surveys that cover only parts of the property."

August 16, 2023, GMV Minerals Doubles Its Land Position at the Daisy Creek Lithium Project in North Central Nevada

June 8, 2023, GMV Minerals Inc. Closes $1,401,381 Non-Brokered Financing

https://gmvminerals.com/news/2023/gmv-minerals-inc-closes-non-brokered-financing/

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