GMV Minerals Options Daisy Creek Lithium Project in North Central Nevada and Announces Unit Offering

GMV Minerals Options Daisy Creek Lithium Project in North Central Nevada and Announces Unit Offering

GMV Minerals Inc. (TSXV: GMV) (OTCQB: GMVMF) (the "Company" or "GMV") is pleased to announce that it has entered into an option agreement dated May 15, 2023 (the "Option Agreement") with Western Property Holdings, LLC (the "Optionor") for the exclusive option to acquire (the "Option") the Daisy Creek Property, Nevada, consisting of 82 lode mining claims comprising 1,694.12 acres (the "Daisy Creek Lithium Property").

The Daisy Creek Lithium Property is located in Lander County in north central Nevada. The claims are located near several operating gold mines and access to power, water and paved highways are nearby. The area was prospected by several oil and mining companies for uranium in the early 1970s, staked by Phillips Uranium ("Phillips") in 1977, and drilled in the 1980s, when well-known Nevada geologist Clancy Wendt ("Wendt") was employed by Phillips.

Drilling by Phillips did not identify uranium but, instead, lithium in at least two drill holes with Li values up to 2% in clay-altered volcanic tuffs. In a letter dated February 26, 2023, provided by Wendt, he states, "The company underwent substantial analysis of the occurrence to determine the source of lithium. All drill additive, oils, and greases used by the driller were sampled and tested with no lithium noted. Drill water was sampled and analyzed and likewise returned no lithium. The company noted that the lithium was likely contained in hectorite, a lithium-bearing clay mineral found in altered volcanic tuffs." **Note: These are historical results and have not been subjected to QA/QC standards as required by NI 43-101. They are believed to be accurate and are reported for historical purposes only.

The project geology has been described by Stewart and McKee (1977) in the NBM Bulletin 8, "The Geology and Mineral Deposits of Lander County, Nevada". The Mountains are dominantly composed of the Tuff of early Miocene age (23.6 - 24.5 My). This unit is a crystal-rich ash-flow tuff up to 3,000 feet thick. The formation covers about 200 square miles and has not been recognized outside of the Daisy Creek area Mountains. Within this volcanic complex, a graben or collapse-type structure has been developed, possibly related to the retreat of magma, i.e., apical graben. Since the initial collapse, the basin has incrementally filled with an unknown thickness of epiclastic rocks, mostly finely laminated tuffs which are the likely host to anomalous lithium values. The limits of this NW-trending, structurally controlled graben is defined by the Mountain Tuff and range from steep (fault) to shallow (unconformable). The Basin that hosts the Daisy Creek project covers about 18 square miles and is mostly composed of fissile, finely laminated sediments. i.e., mudstone and claystone, and tuffs. The basin is characterized by its low relief flanked by steeper topography held up by the volcanic tuffs. Several small drainages transect the basin and provide detailed views of the basin stratigraphy. A pronounced hill in the basin is capped by a Quaternary basalt flow.

Ian Klassen, President commented, "We are delighted to add another high value property to the Company. We see the Daisy Creek project as a remarkable addition to the Company's highly promising Mexican Hat gold property located in SE Arizona. Recognizing Wendt as a renowned geologist in Nevada, we are very excited to continue field activities on the Daisy where he noted the similarities between what he saw at Daisy Creek and Lithium America's burgeoning Thacker Pass discovery located in the McDermitt Caldera of Nevada. The opportunity to advance a property that has reported Li values of up to 20,000 ppm is enticing to say the least".

In order to exercise the Option, the Company must (with all payments and share issuances being optional pursuant to the Option Agreement):

  1. Pay to the Optionor up to US$350,000 of which $50,000 has been paid, together with three further annual instalments of $100,000 on each anniversary of the date of acceptance of the Option Agreement by the TSX Venture Exchange (the "Approval Date"); and

  2. Issue to the Optionor up to 6,500,000 common shares of the Company in the following annual instalments:

    • 1.0 million shares forthwith after the Approval Date;
    • a further 1.0 million shares on or before the first anniversary of the Approval Date;
    • a further 1.0 million shares on or before the second anniversary of the Approval Date; and
    • the final 3.5 million shares on or before the third anniversary of the Approval Date; and

  3. Complete at least US$1.25 million in exploration and development expenditures on the Daisy Creek Lithium Property ("Expenditures") in minimum annual Expenditures of:

    1. the first US$250,000 in Expenditures on or before the first anniversary of the Approval Date;
    2. a further US$500,000 in Expenditures on or before the second anniversary of the Approval Date; and
    3. the final US$500,000 in Expenditures on or before the third anniversary of the Approval Date.

As additional consideration, upon exercise of the Option the Company will grant to the Optionor a 3.0% net smelter returns royalty (the "NSR") payable upon commencement of commercial production, and the Company may reduce the NSR by one-third (to a 2.0% NSR) upon the payment of US$1.0 million to the Optionor at any time prior to the commencement of commercial production.

Also, the Company announces, subject to approval from the TSX Venture Exchange, a non-brokered private placement of up to 10,000,000 Units (the "Units"). The private placement offering (the "Offering") will be at $0.14 (CAD) per Unit to raise gross proceeds of up to $1,400,000, and will consist of one common share in the capital of the Company (a "Common Share") and one full share purchase warrant (a "Warrant").

Each Warrant will be exercisable at $0.22 (CAD) to purchase an additional Common Share for a period of up to 24 months following the Closing Date.

The net proceeds of the Offering will be used to advance exploration activities at the Company's 100% controlled Mexican Hat gold property located in S.E. Arizona, advance exploration at the Daisy Creek Lithium project, as well as for general working capital. Finder's fees may be paid on the Offering pursuant to the policies of the TSX Venture Exchange.

Dr. D.R. Webb, Ph.D., P.Geo., P.Eng. is the Q.P. for this release within the meaning of NI 43-101 and has reviewed the technical content of this release and has approved its content.

About GMV Minerals Inc.

GMV Minerals Inc. is a publicly traded exploration company focused on developing precious metal assets in Arizona. GMV, through its 100% owned subsidiary, has a 100% interest in a Mining Property Lease commonly referred to as the Mexican Hat Property, located in Cochise County, Arizona, USA. The project was initially explored by Placer Dome (USA) in the late 1980's to early 1990's. GMV is focused on developing the 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 g/t gold at a 0.2 g/t cut-off, containing 688,000 ounces of gold.

Cautionary Statement Regarding Forward-Looking Information

This news release includes certain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements include estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Forward-looking statements may be identified by such terms as "believes", "anticipates", "expects", "estimates", "may", "could", "would", "will", or "plan". Since forward-looking statements are based on assumptions and address future events and conditions, by their very nature they involve inherent risks and uncertainties as described in the Company's filings with Canadian securities regulators. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, other than as required by law.

ON BEHALF OF THE BOARD OF DIRECTORS

________________________________________
Ian Klassen, President

For further information please contact:

GMV Minerals Inc.
Ian Klassen
Tel: (604) 899-0106
Email: info@gmvminerals.com
www.gmvminerals.com

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/166234

News Provided by Newsfile via QuoteMedia

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GMV Minerals Inc. Intersects Two Thick Lithium Claystone Horizons Testing 1,250 Hectares at Daisy Creek Project in Lander County, Nevada

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GMV Minerals Inc. (the "Company" or "GMV") (TSXV:GMV)(OTCQB:GMVMF) is pleased to announce that preliminary results from the four drill holes completed on the Daisy Property are very encouraging with a thickening in the claystone horizons and increasing in the grade towards the south. The southern-most hole, DC24-1 intersected three distinct claystone horizons totaling 48.7 m of lithium enrichment starting 76.2 m down hole

All holes were 5.5-inch RC holes drilled vertically.

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GMV Minerals Inc. (the "Company" or "GMV") (TSXV:GMV)(OTCQB:GMVMF) is pleased to announce the following update

The Company continues to be highly encouraged by its primary core project known as the Mexican Hat gold deposit located in SE Arizona. The Company's Preliminary Economic Assessment" PEA" reports 36.7 million tonnes grading 0.58 gpt gold in a 688,000 ounce Inferred Mineral Resource. An open pit with a 1.87:1 strip ratio was modeled 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, total cost of US$67.8 million, which includes US$12 million in contingency and US$13 million in sustaining capital. Heap leach testing demonstrates an exceptional recovery of 88% of the gold from a two-stage crushing circuit.

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GMV Minerals Inc. Files Notice of Intent to Drill Daisy Creek Project in Lander County, Nevada

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GMV Minerals Inc. (the "Company" or "GMV") (TSXV:GMV)(OTCQB:GMVMF) is pleased to announce that it has filed permitting documentation with the Bureau of Land Management (BLM) for GMV's Daisy Creek lithiumuranium project in Lander County, Nevada

The Notice of Intent (NOI) covers a six hole drill program up to a total depth of 3000 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.

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After taking the helm of her father’s iron ore mining firm Hancock Prospecting in 1993, Rinehart embarked upon a diversification strategy that has vastly expanded her resource empire. Today, Australia’s richest person has investments in many of the world’s most strategic commodities such as lithium, rare earths, copper, potash and natural gas.

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SQM REPORTS EARNINGS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2024

Highlights


  • SQM reported total revenues for the nine months ended September 30, 2024 of US$3,455.0 million compared to total revenues of  US$6,155.9 million for the same period last year.

  • Net loss (1),(2) for the nine months ended September 30, 2024 of (US$524.5) million or (US$1.84) per share, compared to net income (2) of  US$1,809.5 million or US$6.33 per share for the same period last year.

  • Solid sales volumes in lithium, iodine, and fertilizer businesses.

  • SPN and Potassium businesses posted healthy growth showing market recovery.

  • Slight increase in iodine prices, due to strong market demand and limited supply.

  • First lithium sales from the SQM International lithium division.

SQM will hold a conference call to discuss these results on Wednesday, November 20, 2024 at 10:00am ET (12:00pm Chile time).

Participant Dial-In (Toll Free): 1-844-282-4852

Participant International Dial-In: 1-412-317-5626

Webcast: https://event.choruscall.com/mediaframe/webcast.html?webcastid=xdNdTppQ

SANTIAGO, Chile , Nov. 20, 2024 /PRNewswire/ -- Sociedad Química y Minera de Chile S.A. (SQM) (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A) reported today net loss ( [1] ),(2)   for the nine months ended September 30, 2024 , of (US$524.5) million or (US$1.84) per share, compared to US$1,809.5 million or US$6.33 per share reported for the same period last year.

(PRNewsfoto/Sociedad Quimica y Minera de Chile, S.A. (SQM))

Gross profit (3) reached US$1,033.3 million (29.9% of revenues) for the nine months ended September 30, 2024 , lower than US$2,674.3 million (43.4% of revenues) recorded for the nine months ended September 30, 2023 . Revenues totaled US$3,455.0 million for the nine months ended September 30, 2024 , representing a decrease of 43.9% compared to US$6,155.9 million reported for the nine months ended September 30, 2023 .

The Company also announced net income for the third quarter of 2024 of US$131.4 million or US$0.46 per share, a decrease of 72.6% compared to US$479.4 million or US$1.68 per share for the third quarter of 2023. Gross profit for the third quarter of 2024 reached US$280.8 million , 62.7% lower than the US$753.6 million reported for the third quarter of 2023. Revenues totaled US$1,076.9 million for the third quarter of 2024, a decrease of 41.5% compared to US$1,840.3 million for the third quarter of 2023.

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He continued, "Iodine demand continued to be strong, leading to an increase in our sales volumes and revenues compared to last year. Prices continued to move up slightly quarter over quarter since the beginning of this year and we have used part of our inventories to answer market needs."

Mr. Ramos further stated, "In lithium, we reported sales volumes of more than 51 thousand metric tons of lithium products, an 18% growth year-on-year, demonstrating strong demand in the market. As anticipated, prices during the third quarter continued their downward trend, with average realized prices 24% lower than the second quarter this year. Although demand continues to grow at a strong pace, mainly driven by strong EV sales growth in China , we continue to see the prices pressured by an oversupply that persists despite the curtailment announcement we have seen over the past few weeks."

Mr. Ramos closed by saying, "Our more than 30-year track record in the lithium market has proved that we have a long-term view in this business. Despite current market prices, we strongly believe in the lithium market and its fundamentals which are highly related to the clean energy transition. SQM is in a strong competitive position and well prepared to continue developing our projects in Chile and abroad to harvest the benefits of this transition."

About SQM

SQM is a global company that is listed on the New York Stock Exchange and the Santiago Stock Exchange (NYSE: SQM; Santiago Stock Exchange: SQM-B, SQM-A). SQM develops and produces diverse products for several industries essential for human progress, such as health, nutrition, renewable energy and technology through innovation and technological development. We aim to maintain our leading world position in the lithium, potassium nitrate, iodine and thermo-solar salts markets.

For further information, contact:

Gerardo Illanes / gerardo.illanes@sqm.com
Isabel Bendeck / isabel.bendeck@sqm.com

For media inquiries, contact:

Maria Ignacia Lopez / ignacia.lopez@sqm.com
Pablo Pisani / pablo.pisani@sqm.com

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "anticipate," "plan," "believe," "estimate," "expect," "strategy," "should," "will" and similar references to future periods. Examples of forward-looking statements include, among others, statements we make concerning the completion and implementation of the proposed partnership with Codelco, the development of Salar Futuro Project, Company's capital expenditures, financing sources, Sustainable Development Plan, business and demand outlook, future economic performance, anticipated sales volumes and sales prices, profitability, revenues, expenses, or other financial items, anticipated cost synergies and product or service line growth.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are estimates that reflect the best judgment of SQM management based on currently available information. Because forward-looking statements relate to the future, they involve a number of risks, uncertainties and other factors that are outside of our control and could cause actual results to differ materially from those stated in such statements, including our ability to successfully implement the Sustainable Development Plan. Therefore, you should not rely on any of these forward-looking statements. Readers are referred to the documents filed by SQM with the United States Securities and Exchange Commission, including the most recent annual report on Form 20-F, which identifies other important risk factors that could cause actual results to differ from those contained in the forward-looking statements. All forward-looking statements are based on information available to SQM on the date hereof and SQM assumes no obligation to update such statements, whether as a result of new information, future developments or otherwise, except as required by law.

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