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A sector that was once racing to build new supply has been closing mines and deferring projects as low prices bite into the cost curve.
The Hernandez Hill target is believed to have potential to host an epithermal precious metal deposit
GMV Minerals (TSXV: GMV) announced that it is about to kick off an induced polarization survey over 1.9 square kilometres of its 100% controlled Mexican Hat gold deposit in southeastern Arizona.
According to GMV, the survey will cover the prospective epithermal target at Hernandez Hill as well as the eastern portion of the pit-constrained resource after a positive preliminary economic assessment.
“Both targets were identified by an AMT survey and will be better refined by this IP survey,” the Vancouver-based miner said in a media statement. “Hernandez Hill is believed to have excellent potential to host an epithermal precious metal deposit because of the exposed silicification and very elevated pathfinder elements (Hg, Sb, As, Au), whereas the Mexican Hat mineralization is structurally-hosted with alteration minerals including hematite, biotite, chlorite, and carbonate and extensions of this could also be traced using IP techniques.”
GMV reported that recent drilling has extended the higher-grade mineralization down-dip of the pit, and suggest a shallower dip to the zone in this area. Thus, the survey may open up substantial areas for drill-testing south of the pit.
