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GMV Minerals (TSXV:GMV, OTCQB:GMVMF) is a well-established junior gold development company that shifted its focus knowing that current lithium production simply cannot keep up with soaring demand, unless there is an exponential increase in available supply.
GMV intends to explore the Daisy Creek lithium project, located in Lander County, Nevada, to assess its potential for expansion prior to development. Daisy Creek was first identified as a rich potential source of lithium in the 1980s after high-grade lithium was noted to have been likely contained in lithium-bearing clay found in altered volcanic tuffs. Geologists staked claims in the area after seeing similarities between the geology of Daisy Creek and Lithium America’s significant Thacker Pass discovery.
The Daisy Creek Lithium project was initially targeted for uranium by multiple oil and mining companies in the late 1970s and early 1980s, the project instead proved rich in lithium, displaying values of up to 2 percent in clay-altered volcanic tuffs, which geologists noted was likely hectorite-based.
Company Highlights
- GMV Minerals is a junior gold development company with a recently added claim block focusing on lithium.
- Driven by investor interest and market conditions, the company entered into an agreement to obtain 100-percent ownership of the highly prospective Daisy Creek lithium project.
- GMV also maintains 100-percent ownership of the Mexican Hat gold project, notable for its estimated 10-year mine life, low capex and a pre-tax $153-million NPV using a US$1,600 per oz base case.
- Mexican Hat hosts an inferred 688,000 ounces of gold, excellent metallurgical results and a low strip ratio.
- Both Daisy Creek and Mexican Hat are situated in safe, mining-friendly jurisdictions with readily available and experienced service providers. Each asset is also situated in close proximity to existing infrastructure, further reducing initial capex.
- GMV is also noteworthy for its tightly-held share structure, with 24 percent of shares held by management and advisors.
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GMC:CC
Exploration Update
Highlights
- Mobilisation of crews for detailed geophysical survey over the identified 10km antimony corridor at Yallalong.
- Heritage clearance confirmed over two priority antimony drill targets, Discovery and Central, in preparation for drilling to commence.
- Drilling to focus on extending the existing high-grade antimony mineralisation along strike and at depth over the Discovery target.
- Heritage surveys over next 2 priority antimony targets planned for early December.
- Drill site preparation underway at the large Byro REE & Li project in readiness for metallurgical core drilling to commence mid-November.
Yallalong Antimony
The Yallalong project is located ~ 220km to the northeast of the port town of Geraldton in Western Australia and comprises two granted Exploration Licences, E70/5051 (100% owned) with an exploration area of 63.4km2 and E09/2823 (100% owned) with an exploration area of 94km2.
The antimony (Sb) mineralisation identified at Yallalong appears to occur within a 10km north- south striking mineralised corridor that is interpreted to be related to a structural corridor between the Darling and Woodrarung faults. (Refer ASX announcement 17 September 2024)
Octava will begin detailed gravity and seismic surveys over the identified antimony corridor at Yallalong. Teams will mobilise on ground in the coming days. The geophysical surveys will provide details on the key structures such as shears & faults which act as conduits to mineralising fluids. It will also provide better understanding of the key lithological boundaries.
Figures 1 Outcrop at the Discovery Prospect, Yallalong Project
POW applications covering the 4 priority antimony targets have been approved. These approvals cover the exploration and planned drilling of the antimony targets at the Yallalong Project.
The two priority targets, Discovery and Central, have confirmed heritage clearance, clearing the path for drilling to commence. Heritage surveys covering the No.4 and North targets are expected to be completed by early December in preparation for drilling early in the new year.
The drilling at the Discovery target will focus on extending the previously intersected high-grade antimony mineralisation, both along strike and at depth, with the aim of outlining an antimony resource. Drilling at the Central target will test anomalous antimony at surface, as no drilling has been carried out previously.
Byro
The Byro Project is located on the Byro Plains of the Gascoyne Region, Western Australia, 220 km south-east of Carnarvon and 650 km north of Perth. The Byro project is prospective for rare earths (REE’s), lithium and base metals. (Refer ASX announcement 24 January 2024)
Previous GSWA regional soil sampling and RC drilling has recorded wide areas and large intercepts of anomalous REE, Li & other elements including V and Zn. Previous work identifies an area of mineralisation occurring over more than 30km in strike length and 15km in width. See Figure 2.
Click here for the full ASX Release
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