GMV Minerals Announces Completion of 16 Diamond Drill Holes on the Mexican Hat Gold Project in SE Arizona - Drill Assays Pending with ~1500 Samples Submitted to Date
GMV advances its Mexican Hat project, though pending assay results continue to delay near-term catalysts for the development.
GMV Minerals Inc. (GMV) has reported operational progress on its 2026 infill drilling program at the Mexican Hat Gold Project in southeastern Arizona. Sixteen diamond drill holes are complete, with the 17th currently underway, totaling 3,250 meters drilled across 540 meters of strike length. Approximately 1,500 samples have been logged, prepped, and submitted to the assay lab, with assay status currently a mix of pending, partial, and complete.
The release reiterates the September 2025 Preliminary Economic Assessment (PEA), which showed a base-case pre-tax internal rate of return (IRR) of 66.1% and a pre-tax net present value (NPV) of US$390.2 million at a gold price of $2,500/oz. Drilling objectives remain focused on confirming grade distribution, potentially upgrading the Inferred Mineral Resource, and collecting geotechnical data for open pit modeling.
GMV Minerals Inc. (GMV) has released a routine update confirming that its drilling program is proceeding according to schedule. The company’s progress aligns with its previously announced plan to drill approximately 7,000 meters across 25 to 35 holes.
The update confirms execution is on schedule but provides no new assay data or resource changes. The market had already priced in the drilling commencement in April 2026.
GMV Minerals Inc. is a junior exploration and development company focused on the 100% owned Mexican Hat Gold Project in Cochise County, SE Arizona. The project is a low-sulphidation, structurally controlled epithermal gold deposit.
The 2025 PEA outlines a 10-year open-pit mine life producing approximately 60,000 ounces of gold annually via a conventional heap-leach pad. Base-case economics at $2,500/oz gold show a pre-tax IRR of 66.1%, a pre-tax NPV of US$390.2 million, and a rapid 1.53-year payback period.
The current NI 43-101 Inferred Mineral Resource stands at 36.73 million tonnes grading 0.58 g/t gold, containing 688,000 ounces.