GAINEY ACQUIRES LAS MARGARITAS OPTION
March 27, 2019
Vancouver, BC - Gainey Capital Corp. (TSXV: GNC) (OTC: GNYPF) (“Gainey” or the “Company”) is pleased to announce that the Company has received final approval from the TSX Venture Exchange (“TSXV”) regarding the option agreement that Gainey entered into with First Mining Gold Corp (“First Mining”) to acquire the Las Margaritas property (“Las Margaritas”) in Durango, Mexico from First Mining, as originally announced August 2, 2018. The NI 43-101 Technical Report on Las Margaritas, as authored by David Dupre/QP and John Wilson/QP, has received final acceptance by the TSXV.
Las Margaritas comprises two mineral concessions encompassing a total of 500 hectares located within El Colomo’s overall claim package owned by Gainey, approximately 140 kilometres to the southeast of Mazatlan. The property is currently owned by First Mining and Gainey is now required to pay First Mining the equivalent $75,000 in shares, and $12,000 in cash with the TSXV approval and spend $250,000 in exploration costs on Las Margaritas for each of the following four years.
Prior surface work on Las Margaritas by the Servicio Geologico Mexicano (Mexican Geological Survey) and First Mining identified a vein system extending for at least 1,500 metres along strike and averaging approximately one metre in width. Numerous prospect pits occur along the structure where gambusinos (Mexican prospectors) have worked the vein for high grade gold. With no evidence of prior drilling on the claims, Las Margaritas represents a grassroots, high grade gold target, most likely of underground configuration.
David Coburn, Gainey Capital CEO commented: “The approval by the TSXV now allows us to move forward to advancing and exploring Las Margaritas, which appears to be the epicenter and most interesting part of the El Colomo district. The property is seven kilometres north of the Golden Zone and brings great excitement to our technical team”.
About Gainey Capital Corp.
Gainey is a gold and silver exploration, development, and ore processing company exploring an aggregate of 14,000+ 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. Additional information on Gainey, 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
E-mail: info@gaineycapital.com
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.