GMV Minerals ($0.46 +35.3% Vol: 244,800)
Shares Outstanding: 32,456,956
GMV is developing its flagship Mexican Hat gold resource in Arizona. The project currently hosts 23.4 million tonnes grading 0.7 g/t for a resource of 531,400 ounces, open in all directions and at depth. An open pit heap leach scenario is assumed for a mine plan. GMV has spent the year bulk sampling and trenching prospective zones on the property, both of which have yielded encouraging results – including recoveries of up to 98.2% Au in a large scale column leach metallurgical test. A drill program was initiated on November 18th, designed to test a resource expansion at depth (up to 300m, compared to previously drilled 200m), as well as west, east and south of the deposit. The first four holes encountered the targeted zone (including step-outs of 500m from current resource), as well as identified a new drill priority which could potentially add significantly to the project value. This new discovery encountered “Bisbee group rocks”, which are known to host significant mineralization in the district but, until now, had not been encountered on the Mexican Hat property. Drilling continues.
Tower Resources (TWR, $0.175 +16.7% Vol: 406,500)
Shares Outstanding: 65,613,308
Tower holds interest in three large exploration projects in B.C.’s “Golden Triangle” district. Following a successful raise of $1.2 million at 0.08/share (Sept 30), the company initiated reconnaissance and exploration work at all three projects, including an ongoing drill program on it’s “Rabbit North” property. Results from the recently completed 11 hole program are imminent. On the “More Creek” project, the company expects to soon report results from their recent site visit, which included reconnaissance and grab sample program. Finally, investors can also expect an update from recent mapping and sampling programs conducted on the “Nechako” project, located 30 km from New Gold’s 8.2 million ounce (Gold) Blackwater deposit.