Gainey (TSX:
$GNC.V; OTCQX:
GNYPF)
Intersects Further Near-Surface Mineralization of 34.2 Meters of 2.39 g/t Au Eq
at La Nueva Victoria, Mexico
October 04, 2016 – Vancouver, British Columbia – (Investorideas.com
Newswire) Gainey Capital Corp. (TSXV: GNC; OTCQX: GNYPF) (“Gainey”
or the “Company”) is pleased to announce assay results from the second and
third holes of the Company’s 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
mineralization encountered in hole DHEC160002 (“Hole 2”) commenced at 19.40
meters from surface for 72.20 meters of
0.41 g/t Au and 20.21 g/t Ag (0.69 g/t Au Eq) and for hole DHEC160003
(“Hole 3”) commenced at 10.50 meters from surface for 34.20 meters of 1.19 g/t Au and 86.57 g/t Ag (2.39 g/t Au Eq).
Table 1 – Holes DHEC160002/3 from
the La Nueva Victoria Zone at El Colomo:
|
HOLE
ID
|
FROM(m)
|
TO(m)
|
Width(m)
|
Au_g/t
|
Ag_g/t
|
Au_Equivalent*
|
|
DHEC160002
|
19.40
|
91.60
|
72.20
|
0.41
|
20.21
|
0.69
|
|
Including
|
57.00
|
73.20
|
16.20
|
0.74
|
28.88
|
1.14
|
|
DHEC160003
|
10.50
|
44.70
|
34.20
|
1.19
|
86.57
|
2.39
|
|
Including
|
10.50
|
14.00
|
3.50
|
4.32
|
438
|
10.39
|
|
And
|
27.10
|
44.70
|
17.60
|
1.29
|
37.06
|
2.29
|
*Au Equivalent calculated using a
price of $1,300 US/oz for gold and $18 US/oz for silver.
Holes 2 and 3 targeted the center of the silicified vein breccia
zone, consisting of gray quartz veining and permeable lithic tuff. Hole 2 was
targeted at -80° below, the previously released, hole DHEC160001 and Hole 3 was
targeted to intersect this zone to the northwest, by approximately 28 meters.
Hole 1 intercepted over 70 meters of
1.14 g/t Au Eq (please see the Company’s news release dated September 28th,
2016).
Rafael Gallardo, Senior Geologist of Minera
Cascabel S.A. de C.V., who is leading the drill program, commented, “the
results encountered from drill holes 2 and 3 show that Au-Ag mineralization is
being encountered near surface and the mineralized structure is open at depth
and along strike at La Nueva Victoria.”
David Coburn,
CEO of Gainey, commented, “we are encouraged by the further success of the
drill program at the La Nueva Victoria zone. This is one of 21 surface
mineralized zones that we have identified in the 3 km by 1 km area of the El
Colomo Project referred to as the “Golden Corridor” and we are looking forward
to progressing through our drill testing of these zones to evaluate their
mineralization potential”.
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).
97% of this 18,766-hectare project has not been
explored using modern concepts & technology. All 21 mineralized zones
identified to date are located in the central portion of the property and
within a 1.5 km radius of each other.
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
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