Permits Received For Next Phase Of Step-Out Drilling At Mexican Hat Project

VANCOUVER - GMV Minerals Inc. has received all the necessary drill permits from the State of Arizona and the Bureau of Land Management to proceed with its next phase of step-out drilling at its 100% owned Mexican Hat gold project located in SE Arizona. The Company is 100% funded for this drill program. NASCO Industrial Services and Supply has been engaged to drill up to 9000 feet of diamond drill core on the Company's Mexican Hat gold project. The Company expects the drilling program to commence in early July 2021.

In consultation with technical advisors, including DRW Geological Consultants Ltd., RESPEC, Tetra-TechCanada, and IMDEX Inc., three areas of the Mexican Hat mineral resource were found to contain probable extensions of the principal mineralized structure that hosts and controls the Mexican Hat gold deposit. These areas are defined geophysically and possess geochemically anomalous soils that are enriched in gold and gold pathfinder elements. Eight drill holes are designed to test these targets with up to 3,050 m of total drilling. This expansion exploration phase will include testing the principal mineralized structure from 100 m to 900 m away from previously drilled Mineral Resources, potentially increasing the footprint of the deposit by 70% in strike.

The principal controlling structure has been drilled from surface where it dips 59o to a depth of 250 m below surface where the dip appears to have flattened to 24o. Additional drilling to the north will test to see if the structure continues to flatten. The five highest-grade composites within this structure average 37.6 gpt gold over 3 m lengths demonstrating that there are some higher-grade domains that can be identified. The subsidiary structures that appear as splays off of this principal structure (Zones 1 to 6 inclusive) extend up to 220 m into the hanging wall and contain 67.5% of the total tonnage of the deposit. The Company is also aware of the potential to extend these splays above the principal controlling structure into relatively shallow depths.

Ian Klassen, CEO, said, "There are not a lot of gold projects like Mexican Hat in the southwestern United States and we are very eager to resume drilling on the project this summer. We will be immediately focused on expansion of the resource with drilling to test the structures to the southeast and the potential to the north."