Arizona's Mexican Hat Gold Project Secures Drilling Permits for Major Exploration Campaign

GMV Minerals Inc. (TSXV:GMV, OTCQB:GMVMF), the Vancouver-based precious metals developer, has obtained authorization from the Bureau of Land Management to advance its exploration initiative at the Mexican Hat property in Cochise County, Southeastern Arizona. Subject to completing required reclamation bonding procedures, the company is now cleared to begin its next phase of diamond core drilling on the 100% owned asset.

Drilling Program Parameters and Timeline

Harris Exploration Drilling will execute an approximately 7,300-meter campaign consisting of 35 diamond drill holes across the property. The exploration effort is slated to commence in early spring 2026, with technical oversight provided by DRW Geological Consultants Ltd., RESPEC, and associated advisors. The drilling pattern is designed at 100-meter intervals across the full 1,200-meter length of the deposit, extending to depths 100 meters below the modeled open pit floor. This methodical approach aims to validate grade distribution across different zones and refine resource categorization.

The structural analysis of the Mexican Hat gold deposit reveals a principal controlling structure dipping at 59 degrees from surface to approximately 250 meters depth, where it appears to flatten to 24 degrees. Secondary mineralized zones (designated Zones 1 through 6) branch from this main structure into the hanging wall to distances reaching 220 meters. Geomechanical measurements collected during drilling will contribute to pit optimization modeling.

Economic Fundamentals from 2025 PEA

The preliminary economic assessment, filed in September 2025 and prepared by independent qualified persons, demonstrates compelling project economics. Using a base case gold price assumption of US$2,500 per ounce, the project generates pre-tax returns of 66.1% IRR (50.2% after-tax) alongside pre-tax NPV of US$390.2 million (US$268.3 million after-tax) at a 5% discount rate, with capital recovery within 1.53 years pre-tax.

Significantly, at current market pricing near US$4,000 per ounce, the valuation metrics expand dramatically to 134.2% pre-tax IRR (104.2% after-tax) and US$1.055 billion pre-tax NPV (US$744.4 million after-tax). The mine plan incorporates a 10-year operational life producing approximately 597,841 total gold ounces at an average annual rate near 60,000 ounces.

The operation contemplates conveyor-stacked heap leaching at approximately 10,000 tonnes daily throughput, with initial capex estimated at US$89,997,000 including contingency provisions. The project maintains a favorable 2.05 life-of-mine strip ratio, with engineering studies suggesting pit expansion potential as gold prices increase.

Resource Foundation and Project Context

The underlying resource estimate, effective August 8, 2025, encompasses 36.73 million tonnes grading 0.58 g/t gold (0.2 g/t cutoff), representing approximately 688,000 gold ounces classified as Inferred under NI 43-101 guidelines. The Mexican Hat property was initially explored by Placer Dome during the late 1980s through early 1990s period.

Ian Klassen, CEO, stated: “Receiving approval to proceed with this drilling initiative represents a significant step for our shareholders. Building on robust historical results and the comprehensive PEA analysis, GMV is prepared to execute a substantial exploration program that will further validate our resource at the Mexican Hat gold project.”

Technical and Regulatory Framework

The PEA was developed by six independent qualified persons addressing specialized disciplines including metallurgy, process engineering, resource estimation, mine design, geotechnical engineering, and environmental assessment. As Inferred Resources carry inherent geological uncertainty, the study acknowledges that additional exploration and engineering work will be necessary to assess full project viability and support any future development decision. Forward-looking projections depend upon assumptions regarding drilling outcomes, gold market conditions, permitting continuity, and operational execution capabilities.