October 13, 2016 – Vancouver, British Columbia – Gainey Capital Corp. (TSXV: GNC) (OTC PINK: GNYPF) (“Gainey” or the “Company”) is pleased to announce the continuation of the Company’s Phase 1 drilling program of an additional three holes at the ‘La Higuerita Gold-Silver mineralized zone’ (“La Higuerita”) located in the Sierra Madre Occidental Trend in Western Mexico.
La Higuerita is a part of Gainey’s 100% owned, 187 km2 El Colomo Gold-Silver project that hosts 21 highly prospective, gold-silver mineralized zones located within the Sierra Madre Golden Belt, Mexico. The Company is currently in the process of drill testing at La Higuerita which has encountered the following surface samples, located in Table 1 below, that appear on the Gainey news release disseminated on October 06, 2015:
Surface Sample Highlights:
Table 1 – La Higuerita Length: 1,000 Meters, Width: 80 Meters
Width (meters) | Au g/t | Ag g/t |
0.40 | 33.30 | 1,550.00 |
1.00 | 20.00 | 895.00 |
2.00 | 3.20 | 147.00 |
0.50 | 1.54 | 491.00 |
Gainey recently announced the drilling results from the ‘La Nueva Victoria mineralized zone’ which can be seen in Table’s 2 and 3 below:
Table 2 – Hole DHEC160001 from La Nueva Victoria Zone (released September 29, 2016):
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.
Table 3 – Holes DHEC160002/3 from La Nueva Victoria Zone (released October 04, 2016):
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.
Rafael Gallardo, Senior Geologist of Minera Cascabel S.A. de C.V., who is leading the drill program, commented, “The target of ‘La Higuerita mineralized zone’ host the same characteristics of mineralization and alteration as was encountered at the La Nueva Victoria target and all three zones are part of the Golden Corridor. These two targets have strong potential to find veins of high grade values hosted in felsic dykes and permeable lithic tuff. We are very excited to drill these two additional targets.”
David Coburn, CEO of Gainey, commented, “we are very encouraged by the success and drill results that have been encountered at the near-surface, La Nueva Victoria mineralized zone. As we continue to move forward with our Phase 1 drilling program on La Higuerita, we are most encouraged by the fact that the Company’s El Colomo Project hosts a further 19, drill-ready, prospective gold-silver mineralized zones that Gainey plans on drill-testing in the near future.”
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.
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 atwww.gaineycapital.com or from [email protected].
ON BEHALF OF THE BOARD OF DIRECTORS,
“David Coburn”
David Coburn, Chief Executive Officer
For information, please contact the Company:
Phone: 480-347-8904
E-mail: [email protected]
Website:www.gaineycapital.com
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.
Original Article: http://www.gaineycapital.com/8-news/85-gainey-continues-to-drill-new-zones-at-la-higuerita-within-the-el-colomo-gold-silver-project-in-mexico.html
