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Thursday, September 29, 2016

Gainey (TSX: $GNC.V; OTCQX: GNYPF) Intersects Near-Surface Mineralization Over 70 Meters of 1.14 g/t Au Eq at La Nueva Victoria, Mexico

Gainey (TSX: $GNC.V; OTCQX: GNYPF) Intersects Near-Surface Mineralization Over 70 Meters of 1.14 g/t Au Eq at La Nueva Victoria, Mexico



 
September 29, 2016 – Vancouver, British Columbia - Gainey Capital Corp. (TSXV: GNC; OTCQX: GNYPF) (“Gainey” or the “Company”) is pleased to announce assay results from the first hole of the Company’s ongoing, Phase 1 drill program at the near surface, La Nueva Victoria Mineralized Zone (“La Nueva Victoria”) of the El Colomo property in Sierra Madre Golden Belt, Mexico. The mineralized interval commences at 5.15 meters from surface for 70.85 meters of 0.65 g/t Au and 35.31 g/t Ag (1.14 g/t Au Eq), please see Table 1 below for more details:

Table 1 – New drill results from the La Nueva Victoria Zone at El Colomo:

HOLE ID
FROM
TO
Width
Au_g/t
Ag_g/t
Au_Equivalent*
DHEC160001
5.15
76.00
70.85
0.65
35.31
1.14
Including
5.15
44.8
39.65
0.79
43.86
1.39
and
60.50
76.00
15.50
0.73
38.54
1.27
*Au Equivalent calculated using a price of $1,300 US/oz for gold and $18 US/oz for silver.

Hole 1 targeted the center of the silicified vein breccia zone, consisting of grey quartz veining and permeable lithic tuff, of the La Victoria structure at a dip of -60 degrees. Two additional holes targeting this zone are currently being processed, and the results are anticipated shortly.

Rafael Gallardo, Senior Geologist of Minera Cascabel S.A. de C.V., who is leading the drill program, commented, “the results that we have received for the first drill hole are very encouraging and I look forward to the results from the other two holes designed to target this zone. The near-surface Au-Ag mineralization we have encountered is typical of epithermal low-sulphidation type deposits found in the area.”

David Coburn, CEO of Gainey, commented, “the maiden drill results on La Nueva Victoria confirm our model for sub-surface mineralization following up on our initial detailed sampling program. Further drilling along trend and at depth has the potential to see this zone expand significantly and, in addition to future drilling at La Higuerita and El Arrayan, have the potential to support the discovery of an under-explored gold-silver mineralized system.”

El Colomo Property
El Colomo is a highly prospective, 187 km2 property with district-scale gold-silver potential located within the ‘Golden Corridor’ in Sierra Madre, Mexico. High-grade and bulk tonnage targets have already been identified through prior exploration and there are strong indications of continuity between La Higuerita, La Nueva Victoria and El Arrayan (at least 2 km in strike length). Please refer to Figure 1 on page 2 of this release for a map showing the extent of the El Colomo property.

97% of this 18,766-hectare project has not been explored using modern concepts & technology. All 20 mineralized zones identified to date are located in the central portion of the property and within a 1.5 km radius of each other.

Figure 1 – Full Extent of the El Colomo Property



Qualified Person
David Hladky, P. Geo. is the Qualified Person with respect to NI 43-101 at El Colomo.

La Nueva Victoria Drilling and Assay QA/QC
All drill core from this release is drilled at HQ diameter and is split into equal halves near site. All samples are assayed using standard 33 element ICP and 50 gram fire assay with atomic absorption finish by ALS in Vancouver, Canada.

QA/QC programs using internal standard samples, field and lab duplicates and blanks, indicate good accuracy and precision in a large majority of standards assayed. As the mapped mineralized corridors strike N-S, the drill holes were designed to have azimuths perpendicular or as close to perpendicular to the strike as the permitted pad would allow. As this is the first drill program by Gainey at El Colomo, the dip of the main structure is not entirely known but is believed to dip steeply to the west based on mapping and historical work, and thus the intercept is estimated to represent 50-60% of the true width.  No intercept was reported that averaged less than 0.4 g/t Au and/or 10.0 g/t Ag and no intercept had more than five consecutive meters of less than 0.2 g/t Au and/or 10 g/t Ag, or began or ended with values less than 0.2 g/t Au and/or 10 g/t Ag.


About Gainey Capital Corp.
Gainey Capital is a gold and silver exploration, development and mineral processing company exploring an aggregate of 187-km2 strategically located in the gold/silver-rich Sierra Madre Occidental Trend in western Mexico. The company’s processing center, located outside of Huajicori, in Nayarit, Mexico, is capable of processing up to 300 tons of mineralized material per day and the company has the capability to upgrade to 600 tons per day with a low capital expenditure.  Additional information on Gainey Capital, its current operations and its vision is available on the Company’s website at www.gaineycapital.com or from info@gaineycapital.com.


ON BEHALF OF THE BOARD OF DIRECTORS

    “David Coburn”
David Coburn, Chief Executive Officer

For information, please contact the Company:
Phone: 480-347-8904    

FORWARD LOOKING STATEMENTS: This press release may contain forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or that events or conditions “will”, “would”, “may”, “could” or “should” occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company’s management on the date such statements were made. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.
           
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) has reviewed or accepts responsibility for the adequacy or accuracy of this Release.

Visit this company: www.gaineycapital.com

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