VANCOUVER, BC / ACCESSWIRE / April 7, 2015 / Gainey Capital Corp. (TSXV: GNC) (OTCQX: GNYPF) ("Gainey" or the "Company") is pleased to announce the initial results from its ongoing surface sampling program at its 100% owned El Colomo property located in the Sierra Madre Occidental Trend in Western Mexico. Analytical results received from the first 23 stream sediment samples and 3 rock chip-channel samples include strongly anomalous results. These samples were taken by IMDEX/Cascabel and were analyzed by ALS Minerals.
Gainey’s exploration team found a new high-grade vein structure during their sampling work. This structure is located 700 meters north, and on-strike of known mineralization in the “Golden Corridor” (Nueva Victoria – La Higuerita – Las Minitas areas), and may be the northern extension of the Golden Corridor. Analytical results from the structure include 24.5 g/t gold and 1,300 g/t silver. This new vein is hosted by an auto-brecciated rhyolitic dike. These dikes are common features in low-sulfidation systems and are found throughout Gainey’s El Colomo property, up to several kilometres long and up to 60 meters or more in width.
Larry Segerstrom, Director and Qualified Person of Gainey Capital, commented, “El Colomo shares key geologic features with some multi-million ounce gold-silver districts in Mexico’s Sierra Madre Occidental such as Dolores (Pan American Silver Corp.) and Ocampo (Minera Frisco, formerly AuRico Gold Inc.) in Chihuahua including multiple felsic intrusive events as well as styles of mineralization. The gold-silver mineralization observed in these felsic dikes, as well as their abundance and size, suggests a potential for numerous, undiscovered high-grade vein structures including the possibility of large volumes of low-grade, bulk tonnage mineralization on the property. Sampling has barely begun and we expect a number of previously undocumented mineralized zones and extensions of known zones to be found during this initial phase of our exploration program.”
Stream sediment samples also returned a number of anomalous results, including one with 1.97 g/t gold and 4.30 g/t silver, which are very high concentrations for this type of sample and indicate the nearby presence of mineralization. The 23 stream sediment samples taken are the first of 288 planned samples representing 9% of the El Colomo concession, as the sampling is ongoing.
Rafael Gallardo, Senior Geologist of Minera Cascabel that led the recent work, commented, “El Colomo is one of the properties with the highest potential I've seen in my 31 years of exploration. I'm excited to see our soon to be defined drill campaign test these prospective targets in the coming months.”
David Coburn, CEO of Gainey Capital commented, “The excellent results obtained from these first rock and stream sediment samples taken by our team indicate, and indeed, confirm, the high potential that the El Colomo project has for hosting a district-scale, low-sulfidation epithermal gold-silver deposit. This baseline work, along with the historical work completed by Asarco LLC (drill hole C-1, which intercepted 7.5 meters of 13.64 g/t gold and 899 g/t silver (31.6 g/t AuEq)), is integral to defining the first set of drill targets to be initiated shortly.”
El Colomo Project
El Colomo is a highly prospective 18,766-hectare property with district-scale potential in a multi-million ounce gold and silver district. High-grade and bulk tonnage targets have already been identified through prior exploration and there are very strong indications of continuity between La Higuerita, La Nueva Victoria and Las Minitas (at least 2 km in strike length).
Qualified Person
Larry Segerstrom, P.Geo, a Qualified Person as defined by National Instrument 43-101, reviewed and approves the content of this release.
About Gainey Capital Corp.
Gainey Capital is a gold and silver exploration, development and ore processing company exploring an aggregate of 18,766 hectares strategically located in the gold/silver-rich Sierra Madre Occidental Trend in western Mexico. The company's Mill, located on its El Colomo property, is capable of processing up to 300 tons of ore per day and the company has the capability, including permitting, to upgrade to 600 tons per day with 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 [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.
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